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FastScale Technology Secures $6.5 Million in Series A Funding
SUNNYVALE, Calif. --(Business Wire)-- FastScale(TM) Technology, Inc., today announced that it has secured Series A funding of $6.5 million led by ATA Ventures and joined by Leapfrog Ventures and Hunt Ventures. This marks the first institutional round of financing for the company. Hatch Graham of ATA and Pete Sinclair of Leapfrog have joined FastScale's board of directors.
FastScale was founded in early 2006 to address the urgent market need for more dynamic software infrastructure in large Web farms and data centers. The executive team includes top talent from IBM, Sun, Intel, Silicon Graphics, Cadence Design Systems and Scyld Software, with a proven track record of bringing innovative, award-winning products to enterprise markets.
According to recent industry analyst reports, 70% to 80% of IT budgets are typically spent supporting existing applications and infrastructure, with 5% to 10% server utilization the norm. FastScale has designed patent-pending technology to enable users to significantly streamline the management and deployment of server software and better utilize existing infrastructure.
"IT infrastructure continues to become more complex and costly to manage. At the heart of today's server sprawl and poor utilization is ever-expanding, increasingly complex software," said Lynn LeBlanc, CEO of FastScale. "Together with our partners from ATA, Leapfrog and Hunt, our aim is to provide the next generation of software infrastructure that will lower spiraling system administration costs and dramatically simplify data center management."
"Our decision to lead FastScale's Series A round reflects our strong confidence in the management team, their technology vision and the broad market need," said Hatch Graham of ATA Ventures. "We were particularly impressed with the level of customer involvement, even in very early stages of development. FastScale is uniquely positioned to address the complex issue of server sprawl at a fundamental level, and I look forward to working with the team as they focus on revolutionizing the management of software in the data center."
"I resonated immediately with FastScale's elegant technical solution," said Pete Sinclair of Leapfrog Ventures. "We believe their approach to seamless software management and deployment provides a strong edge and will deliver immediate value to their customers."
FastScale will announce general availability of its first product, FastScale Composer(TM), in April 2007.
About FastScale Technology
FastScale Technology delivers a new generation of software virtualization and provisioning solutions for enterprise-class Web farms and data centers. Through its patent-pending technologies, FastScale enables IT organizations to build, manage and deploy complex and dynamic software environments with unparalleled simplicity, flexibility and security while achieving dramatic lifecycle cost savings and server utilization improvement. Headquartered in Sunnyvale, California, FastScale is a privately held company backed by leading Venture Capital firms including ATA Ventures, Leapfrog Ventures and Hunt Ventures. For more information, visit www.fastscale.com.
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