Kinvey Raises $5 Million from Avalon Ventures and Atlas Venture
TechStars Alum Launches Its Backend as a Service Platform Out of Beta
CAMBRIDGE, Mass., July 12, 2012 /PRNewswire-iReach/ -- Kinvey, the 2011 TechStars Boston startup that pioneered the Backend as a Service category, has closed $5 million in a new Series-A round of financing, led by Avalon Ventures, with Atlas Venture following on. Kinvey previously raised a $2 million Seed round in August last year.
Apart from its core backend features, Kinvey is solving a very important challenge that no other BaaS or PaaS provider is tackling – the ability to provide unified access to any backend data or feature through its client libraries. "Other cloud platforms lock developers in with only the features they provide. If you want any other feature or data, you're on your own. That's wrong," said Sravish Sridhar, Founder and CEO of Kinvey. "We want to free features and data from any source and make it available to applications in a unified fashion, by addressing the complexity ourselves. Developers can then focus on creating magic with Kinvey services, cloud APIs and legacy data, to deliver fantastic experiences to their users."
With its Service Link architecture, Kinvey is the only Backend as a Service platform that allows developers to easily connect to any third-party cloud service of their choice, like Google Places, Facebook, foursquare and Urban Airship. Mobile development companies and enterprises can also use Kinvey Service Links and libraries to unlock data stuck behind firewalls and silos of legacy backends like Oracle, WebSphere, JBoss and SAP, saving them months of work and hundreds of thousands of dollars in costs.
Today's funding and launch news follows a series of recent integration announcements, including Adobe (PhoneGap), Appcelerator, HP, Urban Airship and VMware (Cloud Foundry). Developers building apps that connect to Kinvey can use any mobile SDK to build their front-end and PaaS vendor to host business logic and custom websites.
"I've seen Kinvey make massive strides in their business this past year. They've given rise to the Backend as a Service category and stayed a step ahead of everyone else," says Brady Bohrmann of Avalon Ventures. "Their innovation doesn't end with their technology. They are even disrupting cloud pricing models with their new Success Pricing, where the thousands of developers using Kinvey pay based on the number of active users they have per app. I can't wait to see how they'll grow this space next."
The company plans to use the funding to grow its team in Cambridge, build more Kinvey Service Links to cloud services and legacy backends, and grow customer adoption through Kinvey's public and private cloud deployments.
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