Concourse Labs, a company that accelerates enterprise digital transformation through automated cloud governance today emerged from stealth mode announcing $15.2 million in Series A funding.
The round was led by ForgePoint Capital, with existing investors 83North and Capri Ventures participating.
Concourse Labs plans to use the funding to expand sales and marketing efforts, scale operations, and broaden and accelerate product development.
Traditional enterprise governance, risk and compliance approaches cannot work at cloud speed and scale nor deal with the distributed and ephemeral nature of cloud resources. And enterprise complexity presents many obstacles to successful cloud adoption.
This leaves enterprises exposed to data breaches, service outages, fines, and tarnished corporate reputations. Furthermore, legacy methods slow the pace of innovation that enterprises seek when moving to agile development models.
“The move to cloud is essential for enterprises to compete and transform in the modern world”, said Michelle Bailey, Group Vice President, General Manager and Research Fellow at IDC.
“Our data shows us that enterprises struggle to achieve cloud at scale without appropriate investments in governance and management. The typical customer now has about 30% of all applications in a public cloud environment, therefore the need for observability, risk management, and control is essential. Concourse Lab’s unique solution addresses these major enterprise needs. Being able to help enterprise customers accelerate the investments they have made in their digital transformation journey is the key to accelerating cloud success at scale.”
“A new approach is needed to enable enterprises to move to cloud with speed and security,” said Don Duet, CEO and Co-Founder.
“We built Concourse Labs with this mission, to enable digital transformation with confidence. Obtaining a significant amount of funding from industry-leading investors at this time is a testament to the importance of our goals and the strength of our team and solution.”
“Cloud governance has always been a critical enabler for cloud adoption and COVID-19 has pushed companies to undergo a digital transformation and increase their usage of public cloud,” said William Lin, partner at ForgePoint Capital.
“We are excited to partner with a highly experienced team that has a track record in running large businesses and deploying cloud resources at scale with governance, security and speed in mind.”
Don Dixon, Managing Partner with ForgePoint Capital, William Lin, Partner with ForgePoint Capital and Yoram Snir, Partner with 83North, will join the company’s board.