Cloud Company Xtium Raises Series A
September 23, 2011
Xtium, a provider of cloud computing services to businesses, raised an $11.5 million Series A round of investment from OpenView Venture Partners. As part of the funding, Scott Maxwell, senior managing director at OpenView, will join the company’s board. Xtium provides such services as disaster recovery and virtual hosting. The deal is the third in the Philadelphia area for Boston-based OpenView within the last month, following its investments in Monetate Inc. and NextDocs Corp…
PRESS RELEASE
Xtium Secures $11.5 Million to Accelerate Growth for its “Limo-Ride” Cloud Services
OpenView Venture Partners bets strong on twin trends of virtualization and cloud services
Valley Forge, PA, USA – September 23, 2011 – Xtium, a leading provider of virtual private cloud service solutions, today announced a $11.5 million Series A round of funding by OpenView Venture Partners. The investment will be used to scale sales and marketing, expand the partnership ecosystem, and accelerate delivery of the company’s flagship virtual private cloud services. Scott Maxwell, Senior Managing Director at OpenView, will join Xtium’s board of directors.
“After evaluating the emerging cloud service provider market, it is very clear that Xtium has the best full-service cloud platform for midmarket companies,” said Maxwell. “Midmarket companies are strapped for budget, time, and technology expertise to take advantage of the advances in virtualization, cloud services, and network management. So Xtium’s ‘limo ride to the cloud’ is the perfect solution for them. We’re eager to enable and participate in Xtium’s future growth.”
Since winning its first managed cloud customer in 2007, Xtium has expanded its portfolio of cloud services to include virtual disaster recovery, virtual hosting, virtual desktop infrastructure, smart connectivity and network/user-experience acceleration. The company has also developed deep relationships with leading technology providers such as VMware, Riverbed, Microsoft, Dell/Equallogic, Juniper, EMC, SAP, Computer Associates and many others.
“Xtium is having another strong growth year and we are excited to continue building for aggressive execution,” said Peter B. Ritz, co-founder and president of Xtium. “Scores of midmarket enterprise customers have chosen Xtium to migrate and manage their cloud and network, as we provide everything they need to plan, migrate, and manage their systems and network at a significantly lower cost and higher service level than their current model.”
Ritz also spoke of how Xtium works to help customers move to the cloud one step at a time. For example, he noted that some customers get started with the company’s cloud disaster recovery service, which helps them build a better understanding of the benefits of the platform.
“This funding will enable us to enhance and expand our customer relationships, further build out our team, and develop additional capabilities that help customers accelerate their transition to the cloud,” said Ritz.