Intel Capital, Telstra Ventures and existing investor GV all backed the multi-cloud management software provider in a round led by Altimeter Capital.
US-headquartered application management software provider Upbound secured $60m yesterday in a series B round featuring subsidiaries of internet technology group Alphabet, semiconductor technology producer Intel and telecommunications firm Telstra.
The corporates were represented in the round by GV, Intel Capital and Telstra Ventures respectively, and it was led by technology investment firm Altimeter Capital. The transaction came three years after GV led the company’s $9m series A round.
Upbound has built a unified open source platform called Crossplane which enables organisations to manage their software applications and IT infrastructure from a single place, overseeing multiple clouds at once.
The capital has been earmarked for product development in addition to international growth and the expansion of the company’s support and services.
Bassam Tabbara, founder and chief executive of Upbound, said: “We started Upbound four years ago realising the industry was at a pivotal moment, and that customers more than ever wanted to consume services and deploy abstractions across multiple vendors.
“We see platform engineering teams everywhere building their own internal modern day (cloud application management platform) Heroku. Today’s funding announcement ensures we continue to help them on their journey with innovative products and services.”