Joyent Secures Funding From Intel Capital
SAUSALITO, Calif., Nov. 17 /PRNewswire/ -- Joyent, Inc., a pioneer in cloud computing technology, today announced that it received an infusion of funding from Intel Capital. Joyent will use the funding to accelerate its product development, sales & marketing and for increased global expansion.
"Cloud computing technologies play a crucial role in allowing companies to scale their data center infrastructure to meet performance and TCO requirements," said Lisa Lambert, managing director of Intel Capital. "Joyent's approach to flexible and cost-effective cloud control and cloud development set it apart and provides measurable performance advantages versus the competition in this fast growing sector."
Industry analyst Gartner Group recently predicted that the market for cloud computing services will exceed $14 billion by 2014. Revenue growth in cloud computing topped 17% from 2008 to 2009.
"In architecting our solution, we took a unique approach," said Joyent CEO David Young. "Joyent has developed its own data center virtualization technology that creates a flexible multi-tenant cloud. As a result, Joyent's technology delivers more than 70 percent utilization, which is eight times more than industry averages, and produces unprecedented performance, security and savings. That's why we have been growing so strongly and have achieved profitability."
The value of Joyent's solutions is reflected in the industry-leading cost savings reported by its customers.
"By deploying our infrastructure on Joyent, Gilt Groupe spends less than one percent of revenue on its total infrastructure investment," said Mike Bryzek, Founder and Chief Technology Officer, Gilt Groupe. "We know based on Gartner findings that this is more than 70 percent better than the average company."
Joyent's growth can also be attributed to its strong performance metrics and security. In benchmarks published earlier this year, Joyent demonstrated that MySQL runs three times faster and Wordpress handles 20 times more requests per second on Joyent than on Amazon's EC2. Joyent has also readily passed Fortune 500 InfoSec security reviews.
Commenting on the investment, David Young, CEO of Joyent stated, "Cloud computing is experiencing strong growth and market adoption. We are thrilled with Intel Capital's investment. It allows us to build on the success we have generated in the last five years."
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2008, Intel Capital invested about US$1.59 billion in 169 investments with approximately 62 percent of funds (excluding Clearwire) invested outside North America. For more information on Intel Capital and its differentiated advantages, visit www.intelcapital.com.
About Joyent, Inc.
Joyent provides the most comprehensive cloud solution available today. It starts with an enterprise class foundation of virtual appliances deployed in an ecosystem of the highest-grade networking, routing, load balancing and persistent storage. In addition, Joyent offers powerful software to manage your cloud (Cloud Control) and a dynamic software development platform that auto-scales. Joyent's unique architecture and custom OS distribution supports high performance virtualization that produces significant cost-savings, improved performance, data center utilization (70%) and security. Companies running on Joyent have reported saving more than 70% when compared with Gartner's industry averages. Joyent was founded in 2004 and supports thousands of customers worldwide including ABC Disney, CNN, The Gap, Facebook, LinkedIn and Yahoo. For more information, visit www.joyent.com.
SOURCE Joyent, Inc.