Austin software company Gravitant raises $25 million

Nov 5, 2014
Austin American Statesman

Fast-growing Austin software company Gravitant Inc. said today it has raised $25 million from a pair of Central Texas venture capital firms

The funding is from existing investor S3 Ventures and by new investor Cielo Private Equity, Gravitant said. Lisa Harris, managing partner of Cielo Private Equity, will join the Gravitant board of directors

The investment will be used to expand the company’s sales and marketing and target new customer segments, Gravitant said. Gravitant’s software helps businesses and government agencies make better use of cloud computing

“We are very pleased to see the increased support from additional Austin-based venture capitalists as well as the continued commitment from our existing investors to help us build the next major enterprise software company in Austin,” said Mohammed Farooq, co-founder and CEO of Gravitant

The company was founded in 2004 by Farooq and its team traces its roots to Exterprise Inc., an Austin e-commerce company that was sold to California-based Commerce One in 2001 in a deal valued at $70 million

Farooq left Commerce One to start Gravitant, which he said has an early lead in solving a tough problem: how to make it easier for businesses and government agencies with complex computing requirements to make use of cost-effective cloud computing services offered by a variety of service providers

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