formally announced Monday that it had raised $7 million in additional venture capital with the money coming from existing investors.
On Friday, the company founded by former executives at Red Hat disclosed the financing in an SEC filing.
rPath is an emerging leader in virtualization and cloud computing technology. Through four rounds of funding, rPath has now raised $32.5 money.
The company plans to use the new funding for expansion efforts.
“rPath is uniquely positioned for rapid expansion in the enterprise market, following the rise of agile operations, self-service IT and enterprise cloud initiatives, all of which focus on the goal of making enterprise IT organizations responsive, flexible and low-cost service providers,” said Mike Torto, rPath’s chief executive officer. “We’re very pleased to continue our partnership with North Bridge and General Catalyst as we scale our business in response to demand for new approaches to delivering enterprise IT services with more speed, control and efficiency than ever before.”
North Bridge Venture Partners and General Catalyst Partners led the new round.
“The rise of public cloud services is shining light on what is wrong with enterprise IT today: It’s too slow, costly and inflexible,” said Michael Skok, general partner for North Bridge Venture Partners and an rPath board member. “This is forcing IT to transform through automation and new self-service and elastic approaches to service delivery. rPath is at the heart of this transformation, providing a powerful and differentiated automation solution for making IT agile, flexible and cost-efficient in the age of on-demand IT.”
Added David Orfao, managing director for General Catalyst Partners and also a rPath board member: “We’re very pleased to continue our investment in rPath, which has all of the essential ingredients for building a very successful company: A world-class team; a proven and differentiated product; and a large and growing market opportunity.”
In the filing, rPath disclosed its annual revenues were between $1 million and $5 million.
rPath said it raised the amount of money in had targeted. The minimum investment was $69,835.
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