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Fast-rising DevOps startup HashiCorp raises $24M in funding
For a startup that hit the scene in only 2012, HashiCorp Inc. punches above its weight.
The outfit has seen its open-source application management tools downloaded millions of times in the last few years, recently passed the seven-figure quarterly sales mark and today raised an additional $24 million to fuel its growth efforts.
The capital came from three institutional investors that provided HashiCorp’s previous $10 million round in 2014 and Redpoint Ventures LLC, an early Netflix Inc. backer. The startup plans to spend the funds on building out its product lineup, which already includes nearly a dozen different products for automating the work of DevOps teams. Seven are available under a free license, while the rest are commercial offerings that make the startup’s open-source technology available in a form geared towards large organizations.
The latest addition to the roster is a tool called Vault Enterprise that made its debut today alongside HashiCorp’s funding announcement. It layers a graphic interface over the startup’s free security tool of the name that makes it easier for administrators to manage their organizations’ passwords, certificates and other sensitive data.
In addition, the offering can be used as an access points for on-premise hardware security modules to spare developers the hassle of using the often complex native APIs. Today’s cash infusion is intended to help the startup bring more such commercial offerings to market as part of its efforts to make money.
HashiCorp is already working on an enterprise edition of Normad, its cluster manager for containerized applications, and likely has other new projects in the pipe too. Plus, the startup will also need to continue enhancing its existing offerings if it wants to stay ahead of the competition.
The plan appears to be on the right track so far: HashiCorp has landed deals with Cisco Systems Inc., Condé Nast and several other notable companies since launching its first commercial offering nine months ago.
Image via StockSnap
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