Edge computing company Macrometa, which enables web and cloud native developers to build and run applications across a network of global clouds and data centers, closed on a $7 million seed round of funding.
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The new round was led by DNX Ventures, with participation from existing investors Benhamou Global Ventures, Partech Partners, Fusion Fund, Sway Ventures, Velar Capital and Shasta Ventures. The company raised $900,000 in a pre-seed round when it was founded in 2017, Chetan Venkatesh, co-founder and CEO of Macrometa, told Crunchbase News.
DNX is “a very unique investor, providing deep expertise in infrastructure and a very hands-on approach to helping their portfolios leverage their expansive network of technology limited partners to accelerate distribution and go to market,” Venkatesh said.
“Q Motiwala is someone who understands our space very deeply and comes to Macrometa’s board having helped very ambitious teams and founders find great success,” he added. “He’s been an operator, he’s done startups, and he’s been doing venture investing for a while–all are very additive to our goals and plans.”
Likewise, Motiwala, managing partner at DNX Ventures, said in a written statement that “Macrometa’s approach is compelling and unique,” and “as we look at the next five to 10 years of cloud evolution, it’s clear to us that enterprise developers need a platform like Macrometa to go beyond the constraints, scaling limitations and high cost economics that current cloud architectures impose.”
Macrometa is Venkatesh’s fourth startup in the data and data-related space, Venkatesh said. What makes the company’s offering unique is that traditionally, when a developer builds a cloud-native app, it runs on one cloud in one region. Instead, Macrometa enables apps to run across multiple clouds to be closer to the actual users, he said.
“We had been focused on taking data and distributing it to process in shorter durations,” Venkatesh said. “The idea jumped out at us in 2015, when we saw people adopting the cloud and we wanted to be able to deliver things locally. We started to see early symptoms of the problem, but it took us about three years to get the core technical pieces together.”
After focusing on building the technology and product market fit for the last few years, the new funds will be used to accelerate product rollout and sales of Macrometa’s cloud service, Global Data Network, by the end of the year. In addition, the company will work on scaling, adding more features and capabilities, and expanding its sales and marketing teams.
The company has approximately 30 employees, but expects to double or triple that number by this time next year, Venkatesh said. It also has about a half-dozen enterprise customers and expects to triple revenue and customer growth consistently over the next two to three years.
“Depending on how you slice it, this market is valued at $12 billion, but growing at 50 percent CAGR [compound annual growth rate],” he added. “Customers don’t have clear solutions to apply, they have to build their own. We are democratizing a similar infrastructure that Google uses, but making it so that anyone can run it.”