Performance assurance company Turbonomic announced today that it has raised $50 million Series E led by new investor General Atlantic. The equity firm joins existing investors Bain Capital Ventures, Highland Capital, Globespan, and Iconiq.
Since Turbonomic was founded in February 2009, it has undergone five rounds of funding, bringing the company’s total funding to about $120 million, says Turbonomic CEO Ben Nye.
The company claims that its platform for the hybrid cloud lets users automatically manage the performance of any application. The platform’s decision engine matches application performance with infrastructure supply to keep hybrid cloud environments running as efficiently as possible.
“We allow application workloads to pick the infrastructure on which they run,” Nye says. “If a resource is becoming congested it will make a decision about where and when to move.”
The platform provides decision automation for things like initial placement, scheduling, adding or removing CPU, memory or storage, as well as commissioning or decommissioning instances, virtual machines (VMs), or containers. This enables on premises, public, private, or hybrid cloud entities to self-manage application workloads and scale quicker.
Nye claims that the company is still sitting on most of its Series D but took the offer from General Atlantic because part of the deal included former GE CIO Gary Reiner joining its board. Reiner is currently a partner at General Atlantic. The company will use the funding to increase its sales team in the U.S. and in Europe and to add more engineers and professional services personnel.
Turbonomic has customers across all verticals including tech, financial, healthcare, insurance, education, and government. Some of these include NCAA, American Red Cross, Boston College, NASA, GE Capital, Fifth Third Bank, BMO, ACI, PNC, Expedia, Dominos, Coca-Cola, Six Flags, BMC, IBM, AT&T, and Swisscom.
Based in Boston, the performance assurance company has just over 400 employees and expects to add another 150 this year.