CloudCXOsEdge/IoTNews

Platform9 Raises Additional $12.5 Million In Series-D Funding

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Platform9 has closed its Series-D funding with an additional $12.5 million for a total of $37.5 million. This round was led by WRVI Capital, with participation from all existing venture investors including NGP Capital, Mubadala Ventures, Canvas Ventures, Menlo Ventures, and Redpoint Ventures.

According to the company, the additional funding follows accelerated business momentum in fiscal year 2020. Led by Platform9’s Managed Kubernetes product, the company registered 145% YoY growth in ARR, 340% increase in customer base, 363% growth in TCV and 114% net revenue retention of existing customers, showing strong retention and growth within the install base.

Platform9 also reported an NPS (Net Promoter Score) of 71 and a customer satisfaction score of 99% for 2020.

“By 2024, 5G is expected to handle 25% of all mobile traffic, bringing flexibility at the radio layer and democratizing access to ultra-fast connectivity and data-intensive applications,” explained Rohini Chakravarthy, board chair at Platform9 and partner at NGP Capital. “Platform9 is building a critical SaaS platform for Kubernetes that accelerates cloud native 5G.”