Local technology firm Cloudsmith has secured one of the largest seed funding rounds for an NI tech startup, raising £2.1m.
Belfast-based tech start-up Cloudsmith came onto our radars earlier this year when it secured a significant but undisclosed pre-seed investment round from Techstart Ventures through its Invest NI fund Techstart. The company offers a software-as-a-service business logistics platform for software developers, operators and vendors that helps them manage a product from development to distribution.
The service includes secure code and binary asset repositories, artifact repositories, team management and license governance tools, statistical analysis, and other things that would benefit software development firms. Cloudsmith currently manages millions of artifacts for its global customers, and offers security features such as granular access control and geo-fenced or IP-based access restrictions.
The company has now announced that it's secured a massive £2.1m seed investment round led by Frontline Ventures with co-investors MMC Ventures and Techstart Ventures. The funds will be used to rapidly accelerate the company's R&D on its core offering and improve marketing efforts as it expands globally, focusing on bringing to market the world's first universal artifact caching service that uses an edge caching layer.
Cloudsmith CTO Lee Skillen explained the need for integrated tools like its SaaS offering: "Customer feedback has shown that a single cloud-based platform for managing software artifacts builds collaboration and communication between teams - a critical aspect of the DevOps culture we facilitate."
Steve Collins, Partner at Frontline Ventures commented on the investment: "The guys are building what is in effect a foundational element for the next stage in the evolution of software development and distribution. Protecting developers and businesses from the chaos of public software will be a game changer."
Source: Written based on press release
