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CloudOne Closes $1.7 Million Series B Round of Venture FundingState of Indiana 21st Century Fund Contributes $825,000; Balance From Current Investors (June 25, 2012)
INDIANAPOLIS, IN -- (Marketwire) -- 06/25/12 -- CloudOne (http://www.oncloudone.com), the leader in Software-as-a-Service for IBM Rational software development, today announced it has completed a $1.7 million round of venture funding. Elevate Ventures (http://www.elevateventures.com), through Indiana's 21st Century Fund and the Indiana Angel Network Fund, contributed $825,000 in this Series B round, with an additional $825,000 invested by entrepreneurs and former Indianapolis Colts players Ryan Diem and Jeff Saturday, F. Ronald Seager, former Corporate Executive Vice President Worldwide of Illinois Tool Works, among others. Along with the new funding, CloudOne has added Ryan Pfenninger of Elevate Ventures to its Board of Directors.
The investment allows CloudOne to add engineers and sales representatives to the team, so that the company can help more customers collaborate globally using their cloud-based software development environment. CloudOne customers include such top companies as Panasonic, McDonald's, and Lenovo, who all use IBM Rational tools to create their own enterprise software.
State of Indiana Venture Fund Invests in Small Businesses to Help Grow Jobs
Elevate Ventures is a venture development organization that provides investment and advisory services to early stage Indiana-based companies and co-invests alongside private investors through funds including Indiana's 21st Century Fund. The goal of this $60 million venture fund is to help companies like CloudOne evolve, grow and develop successful entrepreneurial businesses in Indiana. Ultimately through its investments, the Fund aims to create high-paying, skilled Indiana jobs in information technology, life sciences, and advanced manufacturing.
Along with the cash investment from Elevate Ventures, CloudOne will also benefit from the organization's expertise in recruiting talent, business strategy advice, and technology.
"We're very excited to make this investment in CloudOne from our 21st Century Fund," said Steve Hourigan, CEO, Elevate Ventures. "This company is receiving very close to our maximum investment amount and they have demonstrated there is strong interest among large companies for their innovative cloud-based technology solution. We look forward to working with their team to help them grow and succeed."
One of the investors in this Series B round, Ryan Diem, is a Chicago entrepreneur and businessman and former NFL player. He also contributed to the first round of investment in 2010 and will continue to hold a seat on CloudOne's Board of Directors. Another former Indianapolis Colts football player, Jeff Saturday, is an original investor in CloudOne who is also participating in this round.
"It is very gratifying to receive such a significant vote of confidence from Elevate Ventures. We take this commitment from the State very seriously and aim to build our business in this state, helping create a cloud-based technology company that works with customers around the world to deliver a cost-effective solution for Rational software development," said John P. McDonald, CloudOne CEO.
CloudOne has recently signed a deal with Cummins Engine in Columbus, Indiana for development in the cloud and has been named a finalist for IBM's Beacon Award, the highest honor given to IBM's 100,000+ business partners each year.
CloudOne delivers IBM Rational Software-as-a-Service, helping customers save money with a scalable on-demand, cloud-based software development environment. Founded in 2010, CloudOne provides a global collaboration platform with an economical pay-as-you-go model. Customers include McDonald's, University of California, Panasonic and private companies and public government agencies around the world. The company is based in Fishers, Indiana. For more information, visit www.oncloudone.com.
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