Soasta, a provider of cloud-based testing solutions, has raised $6.4 million in Series B funding. Formative Ventures led the round, and was joined by return backers Canaan Partners and The Entrepreneurs’ Fund.
SOASTA, the leading provider of cloud-based testing solutions, today announced the successful close of $6.4 million in Series B funding. New investor, Formative Ventures, a leading early-stage venture capital firm focused on next-generation emerging technologies, led the round with continuing participation from previous investors including Canaan Partners and The Entrepreneurs’ Fund. The new funding will be used to support product enhancements, marketing, and business development efforts to address the growing demand for SOASTA’s web testing solution for Cloud Computing environments.
SOASTA also announced that Clint Chao, co-founder and general partner at Formative Ventures, has been elected to the company’s board, joining Canaan Partners and The Entrepreneurs’ Fund.
“We’re always on the lookout for promising companies that provide a critical missing link that can serve as a catalyst for market growth,” said Clint Chao, general partner, Formative Ventures. “In SOASTA, we found a fast growing company that helps enterprises more readily and comfortably move their data onto cloud networks. SOASTA’s ‘reliability-as-a-service’ solution enables companies to easily test the performance and scale of their platform, whether they’re hosted behind a firewall, or out on one of the cloud networks, and that should further accelerate cloud market adoption.”
Silicon Valley-based SOASTA launched in early 2008 with a new way of testing today’s web applications and services. The company has amassed an impressive and growing list of customers, and was named a “Cool Vendor” by Gartner Group in its 2008 “Cool Vendors in Application Development (AD).”
“Progressive investors like Formative and Canaan who appreciate the new frontier of cloud computing will help SOASTA increase its market reach and penetration,” said Tom Lounibos, CEO, SOASTA. “This round of financing will enable us to aggressively invest in our product and go-to-market strategies and plans, and is a testimony to the confidence our investors have in our company and market opportunity.”
SOASTA, Inc. (pronounced sō’-sta), is the leading provider of cloud-based testing solutions. SOASTA’s mission is to ensure that today’s web applications and services perform in a high quality, scalable, and predictable manner. The company’s product, SOASTA CloudTest™, is available as an on demand service in the cloud or as an appliance (virtual and hardware), and enables developers to test and monitor their web applications and services at an affordable price. SOASTA CloudTest supports Load, Performance, Functional, and web UI/Ajax testing. SOASTA is privately held and headquartered in Mountain View, California. For more information about SOASTA, please visit www.soasta.com.