The Center for Innovative Technology (CIT) announced that its CIT GAP Funds invested in DivvyCloud, a McLean-based startup that provides software to help companies optimize their hybrid cloud-based IT infrastructure.
CIT President and CEO Pete Jobse said, ?DivvyCloud provides an innovative answer to a complex problem ? management of hybrid cloud environments - that a growing number of companies face. Solutions like DivvyCloud?s software are what we look for with our CIT GAP Funds investments.?
Companies employing multiple clouds to run online services often find it painful and difficult to manage. DivvyCloud?s software simplifies this management process by providing a unified management interface, simplified cost tracking and integrated system and application monitoring. DivvyCloud helps companies leverage these three key offerings to increase product stability and reduce operational waste, making cloud management more efficient.
DivvyCloud CEO and co-founder Brian Johnson said, ?We will use the investment from CIT GAP Funds for product development and sales. We plan to add engineers and online marketing resources, which will help scale the business.?
CIT GAP Funds is a family of seed- and early-stage investment funds placing near-equity and equity investments in Virginia-based high-growth technology, life science and clean technology companies.
Tom Weithman, VP, CIT Entrepreneur and Managing Director of the CIT GAP Funds, said, ?DivvyCloud provides a valuable service to companies managing multiple clouds for their online services. CIT GAP Funds provides the early-stage funding that companies like DivvyCloud need to grow their businesses.?
Since its 2005 launch, CIT GAP Funds has invested in over 90 companies across the Commonwealth of Virginia, deploying more than $10 million of public funds and attracting over $135 million more in private funding.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been the Commonwealth?s primary driver in developing innovation-based economic development strategies and opportunities. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology startup companies and advanced technology consumers. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Clinic, Johnson & Johnson, General Electric and Alpha Natural Resources.
DivvyCloud software helps companies simplify the orchestration, monitoring and auditing of hybrid cloud-based infrastructure. DivvyCloud was founded by two seasoned engineers with experience managing world-class hybrid cloud environments, which led to the development of its software that helps enterprises leverage private and public cloud technologies. DivvyCloud?s software provides unified management, cost tracking/simulation and integrated auditing capabilities to increase security, increase efficiency, and reduce overhead.
Follow DivvyCloud on Twitter @DivvyCloud and LinkedIn or visit the website at http://www.divvycloud.com