Solo.io Raises $11 Million Series A Funding to Help Enterprises Move to Modern Software
December 10, 2018
CAMBRIDGE, Mass. and SEATTLE, Wash., Dec. 10, 2018 (GLOBE NEWSWIRE) — Solo.io, the software company that helps enterprises adopt and operate innovative cloud native technologies, today announced that it has raised $11 million in Series A funding led by Redpoint Ventures, with participation from seed investor True Ventures. Redpoint partner Satish Dharmaraj and True partner Puneet Agarwal have joined the board. Solo.io will use the money to accelerate investment on its open source and enterprise product development, sales and marketing to meet growing market demand for its suite of products.
Today Solo.io formally launched at KubeCon and unveiled its newest product: Gloo Enterprise
Founder Idit Levine started Solo.io with the vision to unify application development in a world in which software dominates but much of that software is aging. She saw that while new applications would start with new approaches, successful enterprises would need a way to continue to get value from existing software investments that coexist with the fast-moving new platforms. Enterprises are becoming multi-modal and need transition paths to move from the old to the new.
“Solo.io makes migrating to cloud native architectures seamless and easy,” said Satish Dharmaraj, partner, Redpoint Ventures. “Founder and CEO Idit Levine is an incredibly impressive technical leader. In the GlooE platform, Levine and her team have created something that helps enterprises realize the business benefits of distributed architectures and open source software without having to rewrite or fork lift the entire existing code base. The scale of that achievement is hard to overstate.”
The Solo.io team has extensive expertise in cloud management, microservices, distributed architectures and open source software. Solo.io’s existing open source tools including UniK, Squash, Sqoop, Gloo and SuperGloo have more than 4,000 stars on GitHub between them.
“Helping enterprises easily adopt innovative technologies without making drastic, painful changes to their existing software portfolio is our goal at Solo.io,” said Idit Levine, founder and CEO of Solo.io. “It helps enterprises focus on the value software brings to their business. Business leaders want to focus on business. They don’t want technology dictating business outcomes.”
Solo.io develops open source and enterprise software that helps enterprises adopt and operate innovative cloud native technologies like microservices, serverless and service mesh. Founded in 2017 in Cambridge, MA, Solo.io is backed by Redpoint Ventures and True Ventures. For more information, visit https://www.solo.io/ or follow @soloio_inc.