interCloud raises 10m in series B

 

InterCloud (France), provider of a platform enabling enterprises to connect and take control of multiple cloud-based apps from different service providers, raised €10m in a Series B funding round from existing investors CapHorn Invest and Ventech and new investors Bpifrance, Hi Inov and SNCF Digital Ventures. The funds will be used to finance the development of its cloud delivery and cloud access platforms, expand its activities in Spain and launch its services in Belgium, Luxembourg, Switzerland and UK markets.

From last funding transaction in Mar-2017.

Founded in 2010, InterCloud through its platform connects companies to their cloud service providers. The company does so through its own cloud delivery network, which rents transfer capacity from internet service providers (ISPs). The platform allows organisations to migrate to cloud and provide cloud applications to their users worldwide. InterCloud also addresses the security, performance and flexibility challenges associated with outsourcing resources to the public cloud by allowing clients to choose through which cables and ISPs their data passes.

Headquartered in Paris, InterCloud currently employs 40 people and plans to double its workforce by the end of the year. The company states to have grown at double digit rate from 2015 to 2016. It lists 40 companies as its clients including names such as Correos TelecomCriteo (FRA:CI5A), MonoprixSchneider Electric (EPA:SU), Societe Generale and Veolia (EPA; VIE). It has also signed agreements with major cloud solution providers such as Amazon Web ServicesGoogleMicrosoft AzureSalesforce (NYSE:CRM) and ServiceNow (NYSE: NOW).

According to MarketsandMarkets, the multi cloud management market size is estimated to grow from $939.3m (€881.7m) in 2016 to $3.4bn (€3.2bn) by 2021, at a CAGR of 29.6%. A 2017 Forbes report states that large enterprises are running 75% of their workloads on cloud platforms, with 43% in private cloud and 32% in public cloud. Small and medium businesses run 83% of their workloads on cloud platforms. The report also states that 85% of enterprises have a multi-cloud strategy today, up from 82% in 2016.

Competitors include US-based Cloudbolt, a cloud management platform that enables enterprise IT to operate as a cloud service provider; US-based Google Cloud Interconnect, which lets enterprises connect directly to its data centres; US-based Intercloud Systems (NASDAQ: ICLD), which offers cloud IT and cloud computing network solutions to the enterprise market; US-based RightScale, a cloud computing management solution for managing cloud infrastructure across multiple infrastructure as a service (IaaS) providers; and US-based Scalr, an enterprise-grade cloud management platform which allows enterprises to achieve cost-effective, automated and standardised application deployments across multi-cloud environments.