It’s only appropriate that, during AWS’ biggest week of the year, a cloud-based software-as-a-service startup closed a sizeable funding round.
DuploCloud, which sells a set of tools to make provisioning apps to public clouds like Google Cloud, Azure and the aforementioned AWS easier, today announced that it raised $32 million in a Series B financing round led by WestBridge Capital and StepStone Group with participation from existing investor Mayfield.
The tranche brings DuploCloud’s total raised to $49.5 million, which CEO Venkat Thiruvengadam says will go toward engineering efforts and the platform’s general growth and expansion.
Thiruvengadam was an early engineer in the Azure org at Microsoft before founding DuploCloud. What caused him to jump ship? Technical inequity in the cloud dev space, he says.
“Inside Amazon and Azure, they manage millions of workloads with about a thousand engineers with the latest and greatest technology for security, scale and availability, while in an average enterprise every 50-odd servers require at least one engineer,” Thiruvengadam told TechCrunch in an email interview. “There’s obviously a gap here.”
DuploCloud attempts to bridge this gap with tools to provision cloud infrastructure. Installed in a customer’s cloud account and accessed via a dedicated portal or API, DuploCloud helps set up cloud services related to networking and security as well as databases (and more), along with compliance controls for all of these.
Our primary competition stems from self-built solutions, whether they’re in-house developer operations teams or professional services firms,” Thiruvengadam said. “We empower developers in the organization to be able to build and operate their own infrastructure. We’re a platform engineering solution that one can buy versus building it themselves and spending millions of dollars over multiple years.”
Evidently, customers identify with DuploCloud’s mission. According to Thiruvengadam, annual recurring revenue has grown 700% since 2021 while DuploCloud’s client base has increased to more than 100 brands.
“We were founded in 2018, but really began to go to market within the past three years,” he added. “This period saw an increased demand for cloud-based solutions and automation tools as businesses sought to maintain operations while transitioning to remote work environments [during the pandemic]. DuploCloud is well-positioned to navigate any slowdown in the tech sector because of our focus on automation and cost efficiency, which are crucial for companies looking to optimize expenses during economic downturns … With our revenue and the venture investment, we now have several years of runway.”
Here’s WestBridge’s Sumir Chadha on why he believes DuploCloud is a wise investment: “Over the past year, DuploCloud has further established itself as a driver of growth and product innovation in the DevOps space. We’ve been impressed with the team’s energy and commitment to helping their customers scale and succeed, and we’re delighted to support the company in the next stage of their growth.”
DuploCloud, headquartered in San Jose, California, has a team of 72 staffers at present, and expects to hire at least 10 more people before the end of the year.