Build Ventures, the Halifax-based venture capital fund, has distributed the following press release:
AirVM Raises $8.0 million in Series A Funding
RHO Canada Ventures, Build Ventures and Wesley Clover Back Growing Cloud Management Company
AirVM, the leading cloud management platform company, today announced it has closed $8.0 million in Series A funding. Led by RHO Canada Ventures, joined by Build Ventures, and current investor Wesley Clover, the Series A financing positions AirVM for continued global growth as they scale to meet the demand for their cloud management platform, AirSembly. The company will also leverage this funding to expand into new regions, new cloud services, and new platform technologies.
“AirVM has grown tremendously in 2015, and as we continue to add new partners, this Series A financing ensures ongoing innovation and growth to meet the demands of the cloud industry,” said Joshua Vautour, CEO and founder of AirVM. “We will continue to build on our momentum as the leading VMware cloud management platform company and expand into new markets.”
With this funding AirVM will strengthen its already deep integration with VMware technologies, expand support for 3rd party public clouds like Amazon Web Services and Microsoft Azure, and integrate with other leading cloud technologies such as OpenStack and Microsoft Hyper-V. To support this growth AirVM will also continue to expand and invest in its sales, support, and engineering teams.
“AirVM solves real problems for its customers in a market that offers the potential for sustained growth,” said Sean Brownlee, Partner of Rho Canada Ventures. “With its strategic relationships and proven products, the company is very well positioned to take advantage of the opportunity.”
“The cloud is the defining technology of our time. AirVM was an early innovator in the cloud market and has quickly emerged as a global player in cloud enablement software,” said Patrick Keefe, General Partner at Build Ventures. “They have a clear vision and the product and team needed to realize it. We look forward to working with them.”
"Josh and his team have worked hard to build the AirVM business", said Terry Matthews, Chairman of Wesley Clover International, founding and ongoing investor in AirVM. "This external investment round is validation that they are on the right track. The AirVM technology solves real business problems, their partner ecosystem continues to grow, and their markets are expanding globally. These are all key achievements we strive for in young companies, and we are pleased with the future prospects this additional funding injection will enable.”
AirVM’s Series A financing comes at a time when they’ve signed one of the world’s largest cloud providers, Rackspace, to a service provider partner agreement, and alongside the announcement of AirSembly 2.0. The latter will be on display at VMworld 2015 in San Francisco from August 31st to September 3rd, at Booth #2047.
About AirVM
AirVM is the world’s leading cloud enablement company. The company’s flagship AirSembly software is an award-winning cloud management platform purpose-built for VMware to make it incredibly simple for service providers to sell, provision, manage, and bill for cloud services, through any type of distribution model. AirVM leads the global industry as the only cloud platform capable of supporting all aspects of cloud business sold through traditional multi-tier distribution as well as direct-to-customer models. Thousands of service providers, resellers and customers have processed millions of transactions through the AirVM platform. AirVM is a privately held company based in Ottawa, Ontario, Canada. Find out more at http://www.airvm.com and follow @AirVM.
About Rho Canada Ventures
Rho Canada Ventures is affiliated with Rho Capital Partners, focusing on early stage investing in Canada’s most innovative technology companies. The Rho Canada Ventures team comprises a unique combination of entrepreneurial, operational and venture investment experience in the United States and Canada. With a combined 80 years of experience, we offer entrepreneurs the expertise to turn Canadian innovators into global leaders. Rho Canada Ventures’ portfolio companies are a diverse group of investments that span new media, mobile applications, wireless infrastructure, semiconductors & materials, and software (including SaaS). For more information, visit http://www.rhocanada.com and follow @rhocanada.
About Build Ventures
Build Ventures backs entrepreneurs with vision and tenacity who are building transformational businesses. Based in Atlantic Canada, Build Ventures manages a $65 million venture capital fund that provides early stage capital to companies primarily in the information technology, clean technology and life sciences sectors. Build Ventures’ experienced team offers its portfolio companies expertise in product development, financing, business development, market intelligence, brand building and HR strategy. Find out more at http://www.buildventures.ca and follow @buildventures.
About Wesley Clover
Wesley Clover International is in the business of building businesses. We have an enviable track record as an investment management firm and holding company, with active interests in a range of Information and Communications Technologies (ICT). Our current portfolio consists of public and private firms focused on next-generation Cloud and SaaS applications, hardware and services for fixed/mobile communications, video collaboration, customer engagement, analytics and more. For more information visit http://www.wesleyclover.com.
