Avassa closes 60MSEK in a funding round co-led by Industrifonden
Avassa Raises €5.8M to Develop its Platform for Managing Massively
Distributed Edge Clouds
STOCKHOLM, November 18, 2020 — Avassa, a pioneer in the management of distributed edge clouds, today announced it has secured €5.8M in a funding round co-led by Fairpoint Capital and Industrifonden. The funds will go toward accelerating the development of its Platform-as-a-Service (PaaS) for managing massively distributed edge clouds for container applications.
Avassa’s founding team has a string of successful ventures building software for automating and orchestrating distributed systems between them. The most recent company, Tail-f Systems, was acquired by Cisco Systems in 2014.
Distributed Cloud – the next generation of computing – builds on the advantages created by cloud computing while extending the range and use cases to specific and distributed locations.
Running applications across vast numbers of edge locations brings many advantages over centralized cloud environments. Done right, the edge cloud approach provides increased autonomy, resiliency and data privacy paired with blazing fast local execution. Additionally, regulations and local requirements demand applications and data to stay within well-defined administrative boundaries of enterprises.
Avassa’s management platform for distributed clouds enables infrastructure and operations teams to deploy, monitor and observe container applications across massively distributed locations where the location truly matters.
“We are uniquely well-positioned to take on the challenges that lie ahead as the industry moves toward a truly distributed cloud computing paradigm, which also includes edge computing. The key characteristics of this new paradigm are that location plays an important role, and that applications are placed in the locations they are needed. With our background in building and shipping large distributed systems for automation and orchestration we have the skills and experience to solve the most pressing issues surrounding these industry developments,” says Carl Moberg, co-founder and CTO at Avassa.
“This investment is testament to the opportunity at hand and the team we have lined up. It will allow us to quickly ramp up our engineering capabilities to accelerate the development of our industry-changing solution,” says Fredrik Lundberg, co-founder and CEO at Avassa.
The funding round is co-led by Fairpoint Capital and Industrifonden.
“We are thrilled to be partnering with the Avassa team together with Industrifonden”, says Ulf Lewander, Investment Director at Fairpoint Capital. “The Avassa team has repeatedly proven they have the right skills for building large-scale, distributed software systems for orchestration and management of networks and software applications. This is an opportunity that fits very well with our investment focus, and we firmly believe there is a huge market opportunity for Avassa.”
“Industrifonden is proud to join the Avassa team on their mission to open the edge cloud computing opportunity to many more players through their unique Platform-as-a-Service offering. The team’s stellar track record and innovative software solution, combined with the massive market trend toward the edge makes us confident that the future for Avassa will be exciting,” says Hadar Cars, Investment Director at Industrifonden.
About Avassa Systems
Avassa is a privately held company that solves the management challenges of massively distributed edge cloud environments so that infrastructure and operations teams can deploy, monitor and observe container applications at scale. Avassa Systems AB was founded in 2020 and is headquartered in Stockholm, Sweden. www.avassa.com
About Fairpoint Capital
Fairpoint Capital is a B2B technology investment fund. We leverage on more than two decades of technology venture capital investments. Our investment focus is unique technologies and business models that are highly scalable. Preferably the products address global markets with strong growth drivers. Investments are focused towards the Nordic region. www.fairpoint.se
Industrifonden is a Nordic venture capital investor based in Stockholm. Industrifonden invests in breakthrough technologies and science-based innovation – the Industry of Tomorrow. The portfolio includes companies like Funnel, inRiver, Nextory, Oncopeptides and Calliditas. www.industrifonden.com
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