Plymouth Ventures, the Ann Arbor, MI-based venture capital firm focused primarily on Midwestern companies, led CloudOne’s Series D round, valued at $4.5 million.
CloudOne, based in Indianapolis, brings enterprise applications to the cloud and helps corporations figure out their place in the Internet of Things. The new investment will help the company grow its hybrid cloud platform, which enables companies such as Panasonic and McDonald’s to collaboratively develop, produce, and analyze software andproducts in real time.
Plymouth Ventures partner Jeff Barry says CloudOne first appeared on his radar about a year-and-a-half ago. He saw the company at a showcase in Indiana and liked what it was doing, but he felt it was a little too early. This past July, he was back in Indianapolis, where he bumped into CloudOne’s chief operating officer.
“I asked him how the year went, and he said they basically doubled their revenue,” Barry says. “You hear entrepreneurs say they’ll do this and that, but it rarely ends up that way.”
Today, CloudOne makes almost three times the revenue it did in 2012. Inc. magazine ranked it 533rd in its 2014 list of the nation’s fastest-growing private companies in America. Barry says the company’s management team is mature, and he sees great opportunities ahead.
“Now they just have to execute,” Barry adds. “We’re pretty enthusiastic to make the investment. Midwestern startups are important to us, so it’s good to be in Indianapolis.”
Barry will join CloudOne’s board as part of the investment.
