Cloud Management Provider Upbound Raises $60M in New Funding

Upbound, an enterprise cloud management platform provider founded by open-source industry veteran and Rook co-creator Bassam Tabbara in 2017, has raised $60M in new funding. Upbound is the company behind open-source project Crossplane. The new funding includes a Series B round led by Altimeter Capital with participation from GV, Intel Capital, and Telstra Ventures.

Upbound designed Crossplane in 2018 to provide a Universal Control Plane for the cloud-native community in this new era of cloud computing. Upbound’s product offering has seen 10x quarter-over-quarter recurring revenue growth, fueled by Crossplane adoption and enterprise demand. The money will be used to enhance Upbound’s global go-to-market activities, expedite product development, and extend its services and support capabilities. Upbound has raised $69 million to date.

“We believe that Upbound is distinctly positioned to be the convergence point for cloud infrastructure,” said Ram Woo, Partner at Altimeter Capital. “The Crossplane project they invented builds on the momentum of the cloud-native community, and the company’s remarkable growth is a testament to the Kubernetes-first approach desired by platform engineers. We have been watching Upbound for a while and are excited to partner with Bassam and team.”

Platform teams searching for a cloud-native infrastructure management solution can benefit from Upbound’s Crossplane service. Clients utilize Upbound’s Universal Cloud Platform to turn their internal operations into a full cloud computing platform, simplifying infrastructure administration and providing self-service capabilities to developers.

Open Source Community

Photo Bassam Tabbara, Founder and CEO of Upbound
“We started Upbound four years ago realizing that customers more than ever wanted to consume services and deploy abstractions across multiple vendors,” said Bassam Tabbara, Founder and CEO of Upbound.

Upbound’s Universal Cloud Platform would help simplify infrastructure administration and empower developers with self-service features, making it simple for businesses to turn their internal operations into a full cloud platform. Enterprises may create a single point of management for all their teams, apps, workloads, and suppliers in an era where cloud computing is moving toward deeper horizontal integration.

Upbound-managed cloud infrastructure adheres to an organization’s policy guardrails and is constantly reconciled, simplifying Day 2 operations, completely eliminating configuration drift, and enabling a considerably greater level of automation than previously feasible.

Upbound is being integrated into current software delivery pipelines by enterprise clients, allowing ‘GitOps for everything’ operations. Crossplane and Upbound operate with hundreds of tools and products in the cloud native ecosystem right out of the box. In addition, cloud and infrastructure suppliers are developing their own Crossplane connectors.

“We started Upbound four years ago realizing the industry was at a pivotal moment, and that customers more than ever wanted to consume services and deploy abstractions across multiple vendors,” said Bassam Tabbara, Founder and CEO of Upbound. “We see platform engineering teams everywhere building their own internal modern day Heroku. Today’s funding announcement ensures we continue to help them on their journey with innovative products and services.”

In response to client demand, Upbound recently unveiled a completely self-hosted, self-managed version of its Universal Cloud Platform with stringent security standards. Upbound also continues to support the Crossplane open source community. Next to that, as Upbound continues to be at the forefront of innovation in the field, it recently donated a code generation project to ensure that operators utilizing outdated Infrastructure-as-Code tools may quickly migrate to a contemporary control plane architecture.