The software startup, founded in 2016, employs about 40 people and focuses on assisting tech services firms, which specializes in Microsoft's cloud-computing platform, Azure
FREMONT, CA: Nerdio, a Chicago, Illinois-based software startup, which offers products for managed service providers to help companies make the transition to the cloud, raised $8 million in a Series A funding led by MK Capital, with participation from Nerdio's own co-founder and CEO, Vadim Vladimirskiy, and chief revenue officer, Joseph Landes. This capital infusion brings Nerdio's total capital to over $10 million, following a $2.4 million round in February 2014.
The software startup, founded in 2016, employs about 40 people and focuses on assisting tech services firms, which specializes in Microsoft's cloud-computing platform, Azure.
"Public cloud adoption is on the rise. It's not slowing down anytime soon, and neither are we," said Vladimirskiy in a statement. "We have evolved alongside the cloud industry — starting out as a [managed service provider], offering a private cloud business, and now being all-in on Azure. Nothing illustrates our commitment to the cloud, Microsoft, and our growing impact on both more than this financial commitment to propel Nerdio's path forward.
Companies are moving their software applications and data to this hot space know as cloud or servers operated by companies such as Microsoft, Amazon, IBM, and Google. Spending on cloud computing will nearly double in the coming years. The managed service market was valued at $186 billion in 2019 and is expected to reach $350 billion by 2025, with cloud computing reaching about $500 billion by 2023.
The chief competitor of Amazon Web Services and Google Cloud, Microsoft's Azure business grew 62 percent in the first quarter from a year earlier. Despite the rise, Gartner estimates that Amazon had a nearly 3-to-1 lead over Microsoft in revenue.
"We have deep experience in the software and cloud infrastructure sectors and interact with plenty of emerging and innovative startups in ITaaS, IaaS, and DaaS — few of which are as impactful and impressive as Nerdio and their Nerdio for Azure offerings," said MK Capital's Bret Maxwell. "Rarely do we have the chance to invest side by side with executive leaders like Vadim and Joseph who believe so strongly in their company's mission and trajectory, which only strengthens our viewpoint that it is an incredibly exciting time to propel Nerdio's growth forward."
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