SOURCE: Akimbi Systems
November 01, 2005 13:30 ET
Akimbi Systems Secures $8 Million in Series B Funding
New Round Underscores Akimbi's Initial Success and Growing Momentum
SAN MATEO, CA -- (MARKET WIRE) -- November 1, 2005 -- Akimbi Systems, a developer of virtual
infrastructure management solutions, today announced it has secured $8
million in Series B funding. Mayfield Fund led the round, with increased
participation from initial investors Hummer Winblad Venture Partners and
Partech International. In response to higher than anticipated market demand
for its solutions, Akimbi will use the capital to accelerate its
go-to-market and product development efforts.
"Virtualization technology is fundamentally altering the economics of
building and operating enterprise data centers, and the software that runs
in them. Akimbi will play an important role in driving this technology into
the mainstream," said Robin Vasan, managing director at Mayfield Fund.
"Akimbi has had an incredibly strong start -- assembling a talented
executive team; delivering a compelling initial product offering;
establishing strong, meaningful industry partnerships; rapidly acquiring
customers; and building revenue momentum. And with the benefit of insight
into their roadmap, we anticipate they will emerge as a leader in the
virtual infrastructure management market."
Launched in September, Akimbi Systems is a provider of virtual
infrastructure management solutions with its initial offerings optimized
for use by software development and test organizations. Akimbi's complex
configuration capture-and-restore (C3R) system, Akimbi Slingshot™, is
purpose built for use by software development and test teams in Global 2000
enterprises and packaged software and systems companies. Akimbi Slingshot
is employed by many of the world's most effective software development
organizations, enabling them to shave months off software development
projects, reduce development and test equipment costs and dramatically
increase the quality of delivered software systems.
"This funding further validates our strategy and growing leadership
position as we leverage virtualization technology from Microsoft and VMware
to deliver solutions that address overwhelming challenges faced by software
development and test organizations," said James Phillips, Akimbi CEO and
co-founder. "Today's announcement is reflective of Akimbi's potential to
capitalize on the outstanding growth projected for the virtualization
industry, and puts Akimbi in a position to accelerate its product and
market development activities."
Akimbi has continued to show momentum since its launch, most recently
announcing an agreement with PlateSpin, under which Akimbi integrated
PlateSpin's OS Portability™ technology into Akimbi Slingshot. This
partnership enables customers to more quickly integrate a C3R solution into
their software development and test processes and infrastructure, resulting
in higher-quality software systems, built more rapidly and at a lower total
cost. Akimbi Slingshot is the only commercial C3R system capable of the
automated movement of complex, multi-machine software configurations across
the physical-virtual infrastructure boundary.
About Akimbi Systems
Akimbi Systems develops virtual infrastructure management solutions
optimized for use by software development and test teams in Global 2000
enterprises and software and system development companies. Akimbi's complex
configuration capture-and-restore (C3R) system, Akimbi Slingshot™,
automates the rapid creation, capture, storage, sharing and restoration of
even the most complex multi-machine software configurations to a shared
pool of servers, enabling organizations to shave months off software
development projects, while reducing development and test equipment costs.
Headquartered in San Mateo, Calif., Akimbi has received funding from Hummer
Winblad Venture Partners, Mayfield Fund, Partech International and Stanford
University. Customers include Cast Iron Systems, Ensim Corporation, Juniper
Networks, Mimosa Systems, Scientific Technologies Corporation, SolidCore
Systems, Teneros, and the University of Waterloo. Strategic partners
include Mercury, Microsoft, PlateSpin and VMware. For more information,
About Mayfield Fund
Mayfield Fund provides "venture capital with impact" and shows leadership
in early-stage venture investing by partnering with exceptional individuals
to create industry-leading companies. Mayfield has deep domain expertise in
consumer Internet technology, communications/mobility and enterprise
software. Since Mayfield's founding in 1969, the firm has invested in more
than 460 high-growth, technology companies, and taken over 100 public. For
more information, please visit www.mayfield.com.
About Hummer Winblad Venture Partners
In 1989, Hummer Winblad Venture Partners was created as the first venture
capital firm focused exclusively on software. As the software industry has
grown from PC software to enterprise computing to Internet applications,
Hummer Winblad has been at the forefront-funding the entrepreneurs and
ideas that helped define these markets. For more information on Hummer
Winblad, visit www.humwin.com.
About Partech International
Founded in 1982, Partech International (www.partechvc.com) is a leading
global venture capital firm with $850M under active management and offices
in the U.S., Europe and Israel. Partech invests exclusively in Information
Technology and the firm's internationally integrated team of investing
partners work together closely to find the most innovative companies
demonstrating high return potential and disruptive technologies in the
Software & Internet, Communications & Components and Healthcare IT sectors.
Partech has a unique 20+ year track record assisting its portfolio
companies to become global market leaders.