Managed Kubernetes provider for private, edge, and hybrid clouds, Platform9, has closed its Series-D funding with an additional $12.5 million for a total of $37.5 million. This funding round was led by WRVI Capital, with participation from all existing venture investors including NGP Capital, Mubadala Ventures, Canvas Ventures, Menlo Ventures, and Redpoint Ventures.
Platform9’s Managed Kubernetes deployments have become a critical part of many large-scale and complex 5G infrastructure roll outs, hybrid cloud containers-as-a-service, and edge use cases in the retail, media, and entertainment market segments.
The additional funding follows accelerated business momentum in fiscal year 2020, with “outstanding” YoY growth led by Platform9’s Managed Kubernetes product:
- 145% growth in ARR (Annual Recurring Revenue)
- 340% increase in customer base
- 363% growth in TCV (Total Contract Value)
- 114% net revenue retention of existing customers, showing strong retention and growth within the install base
Platform9 also reported an NPS (Net Promoter Score) of 71 and a customer satisfaction score of 99% for 2020.
“Kubernetes has become the de-facto standard for building out hybrid and edge applications,” said Sirish Raghuram, co-founder and CEO of Platform9. “However, the journey to cloud native is fraught with complexity: developers need to understand micro-services, platform engineers need to operationalize Kubernetes, and ongoing upkeep of cloud native applications is extremely difficult. We are excited to leverage the new capital to greatly simplify this challenge with our industry leading SaaS Managed Kubernetes product for edge, private, and hybrid cloud deployments.”
“The emergence of the intelligent edge implies that cloud implementations in the future are going to be distributed and not exclusively as hyperscale public clouds,” said Sriram Viswanathan, founding managing partner of WRVI Capital. “Cloud services and container deployments will increasingly need to be closer to where the users consume those services for better latency and user experience. Platform9, which pioneered the architectural approach to managing clouds everywhere, will now be able to offer their solutions to more enterprises through cloud-native computing.”
“By 2024, 5G is expected to handle 25% of all mobile traffic, bringing flexibility at the radio layer and democratizing access to ultra-fast connectivity and data-intensive applications,” said Rohini Chakravarthy, board chair at Platform9 and partner at NGP Capital. “Platform9 is building a critical SaaS platform for Kubernetes that accelerates cloud-native 5G.”