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News Item

Cloud Computing Startup Lands $10M

Company Comes Out of Stealth With Significant 'Up Round' to Innovate and Fuel Growth in Rapidly Expanding Cloud Computing Market

Startup Pavillion at Cloud Expo

CloudShare, formerly IT Structures, announced it has received $10M in series B financing from Sequoia Capital, Gemini Capital, and Charles River Ventures (CRV).

The company plans to use the investment to fund product development and expand its go-to-market capabilities.

CloudShare, a Menlo Park-based startup, has developed what could be revolutionary for solution providers and ISV's selling software or appliances:

A way for organizations to instantly deploy multiple, independent copies of their existing demo or training environments in the cloud. The company says its ability to raise a significant round of funding at a higher valuation than its previous round -- in a down economy -- reflects the stability of the company and the value it provides.

"CloudShare has taken all the necessary steps to solidify its market position and prepare for future growth. We are impressed by the team and track record CloudShare brings to the table, and are immensely pleased to be backing a company that we believe is not only capitalizing on cloud computing, but using it in the right way to benefit business users," said George Zachary, partner at Charles River Ventures.

CloudShare customers, which include such industry leaders as VMware, Cisco, SAP and more, have already delivered over one million VM demo, PoC (proof of concept) and training hours to date, representing over six quarters of consecutive double-digit usage growth for CloudShare. This early success demonstrates the practical, revenue-oriented, immediately useful nature of the CloudShare platform.

"Since founding CloudShare in 2007 we've been focused on developing our technology, with the promise that it will revolutionize the way sales demos and PoCs are conducted. We've officially come out of stealth mode with marquee customers, a proven cloud-based technology platform, and $10M in funding to help build out our vision. We now have all the right assets in place and we look forward to reaping the benefits in 2010 and beyond," said Zvi Guterman, CEO of CloudShare.

More Stories By Yeshim Deniz

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