CloudSphere, a cloud governance start-up launched after a merger between iQuate and HyperGrid, has raised $15m in a funding round led by Atlantic Bridge Capital.
CloudSphere, a cloud governance platform based between Dublin and California, has raised $15m in a round led by Atlantic Bridge Capital.
The company was created in 2020, through a merger between Californian cloud management and governance solutions start-up HyperGrid and Irish agentless discovery and application mapping company iQuate.
By merging the two companies, CloudSphere has created a cloud governance platform that provides enterprise and cloud service provider customers with governance for migration planning, security posture, identity, compliance and cost management across multiple public clouds.
HyperGrid was founded in Los Altos in 2016 by Manoj Nair and Nariman Teymourian, while iQuate was founded in 2002 by Jason Keogh. The two companies have combined their areas of expertise in CloudSphere, which is led by Patrick McNally.
The funding round
CloudSphere’s solution uses application discovery and dependency mapping to build a dataset that groups cloud resources by application.
The start-up believes that this new application-centric vision of cloud governance provides a “significantly improved” approach to cloud migration planning, cloud cost management and cloud security posture management.
McNally said: “Cloud adoption in the enterprise is well underway and promises to be one of the most significant technology shifts in this decade. The market has made it clear that the cloud is the path forward, but there remains a clear need for comprehensive cloud governance.”
The CEO said that combining iQuate and HyperGrid “significantly accelerates” the path for CloudSphere to build the governance solutions needed to support this market transformation.
Along with Atlantic Bridge Capital, there was also backing from private investors that previously funded iQuate, which counts Fortune 500 companies such as DHL, Sky and Volvo among its clients.
Kevin Dillon, managing partner of Atlantic Bridge and executive board chair at CloudSphere, commented: “Public cloud adoption has created a number of compelling opportunities for disruptive innovation, and we see a growing need for cloud governance as organisations mature in their use of the cloud.
“We are thrilled to partner with CloudSphere to help accelerate their ability to bring their application-centric cloud governance innovation to the market.”
Also joining CloudSphere’s board of directors are Greg Nicastro who served as CPO of CloudHealth before it was acquired by VMware, and former vice-president of Microsoft Corporation Joe Macri.