Tetrate, a startup focused on modernizing lrtrading complex applications for cloud-native environments, recently announced that it has raised $40 million in Series B funding. The round was led by Sapphire Ventures, a venture capital firm that invests in innovative startups in the technology and software sectors.
The funding will be used to expand Tetrate’s engineering and go-to-market teams, as well as accelerate the development of its open-source, cloud-native networking platform, Istio. Istio is designed to help enterprises manage and secure their microservices-based applications across hybrid and multi-cloud environments.
Tetrate’s CEO, Varun Talwar, ifsptv commented on the funding round, saying, “We’re excited to have Sapphire Ventures lead this round as they bring a wealth of experience in building and scaling enterprise software companies. With their support, we can accelerate our mission to help enterprises modernize their complex applications, and enable them to achieve cloud-native agility and security.”
Tetrate was founded in 2018 by a giveme5 team of engineers with a deep understanding of the challenges faced by enterprises in modernizing their legacy applications. The company’s solutions aim to simplify the process of modernization by providing a platform that enables developers to easily manage and secure their applications across different environments.
Sapphire Ventures is known for its 123chill investments in successful startups such as Square, Slack, and Zoom. The firm’s Managing Director and Vice President, Jai Das, expressed his excitement for Tetrate’s future, saying, “Tetrate is positioned to lead the cloud-native networking market with its open-source platform, Istio, and its talented team of engineers. We look forward to supporting Tetrate as it continues to disrupt the industry and transform how enterprises manage their complex applications.”
The global cloud-native market is expected to grow at a compound annual growth rate of 22.5% from 2020 to 2025, according to a report by MarketsandMarkets. As more enterprises seek to modernize their legacy applications and migrate to cloud-native environments, the demand for solutions such as Tetrate’s Istio is expected to increase.
In conclusion, Tetrate’s $40 million manytoons Series B funding round led by Sapphire Ventures is a significant milestone for the startup, demonstrating the strong demand for its solutions in the cloud-native market. With the funding, Tetrate is well-positioned to continue its mission to simplify the modernization process for enterprises and enable them to achieve cloud-native agility and security.