Luminal, a cloud solutions startup, closed a $10 million Series B financing round on Thursday, led by New Enterprise Associates (NEA). The round also saw investments from previous investors Core Capital and Maryland Venture Fund, bringing Luminal's total capital raised to $13.8 million.
Luminal got its start in 2012 building a tool to assist with deployment and operations management of cloud-based apps and services. The product, which is currently a private beta, will eventually be available through Amazon Web Services (AWS).
"This investment led by NEA will allow us to grow our team and expand our beta customer base in advance of general availability of our product," said Josh Stella, founder and CEO of Luminal. "We're building solutions from first principles to tackle hard problems in computing, and the strong support we've received from NEA, Core Capital, Maryland Venture Fund, and our other investors helps make that possible."
According to Harry Weller, general partner at NEA, the product is a cheap, scalable way to manage cloud deployments, while maintaining the efficiency and security required by enterprise companies.
"The complexity of cloud deployments is only increasing with adoption, and there is an escalating need for a cheaper, more scalable way to manage it all," Weller said. "Luminal is developing a radically new approach to cloud architecture that leverages ephemeral components to allow for a higher degree of automation, efficiency and security."
Weller leads NEA's East Coast investments in early stage companies, so he is a strategic partner for Luminal. He has made many investments in enterprise-focused tools, leading to acquisitions by companies such as Oracle, Cisco, and Aether Systems.
As more enterprises move to the cloud, the need for cloud management tools will escalate. According to Gartner research released in October 2013, cloud computing will be the bulk of new IT spending by 2016. Even as businesses transition from private to hybrid cloud deployments, the need for enterprise cloud tools will be paramount.
According to its website, Luminal is currently hiring a software developer, IT manager, and office manager.
Register for the Luminal beta here.