looking for each of these clients to bring in about $1 million each year for the company.
The startup, which first came together about a year ago, has nabbed $1 million in seed funding from Greylock Partners’ Discovery Fund, John Littlechild of HealthCare Ventures, and three other angel investors. CloudTP has been working with clients for a few months and also has a $500,000 line of credit from Silicon Valley Bank and potentially a $3 million debt-based investment from a customer coming through. It’s hoping to bring in enough client work that it won’t need to raise any big institutional funding, says Greendale, who also founded Breakaway Solutions, an Internet enterprise software company that went public in 1999, and worked as a general partner at Kodiak Venture Partners prior to launching CloudTP.
CloudTP’s team is heavy with Cambridge Technology Partners veterans and now has 15 employees, but should hit 40 by the end of February, Greendale says. The firm is also eyeing desktop virtualization as a service later on down the line, he says. “When you have private cloud, it’s natural that you can virtualize,” says Greendale.
As CloudTP implements and builds private cloud systems for particular clients, it will also be developing software that can be applied to future projects, he says. “If we can develop some IP to make that efficient, it’s obviously in everyone’s best interest,” Greendale says.
