Taking a great idea to even the prototype stage can require significant financing, but once you have a working model, enticing additional investors becomes infinitely easier. This week, Burlington, Massachusetts-based Viridity Software brought in $8 million in its Series B financing round. Viridity Software works to increase power efficiency of IT setups in businesses. (Image courtesy: http://www.viridity.com/)“Series A was all about building product, and the majority of the Series B is about going to market,” said Mike Rowan, Founder and CTO at Viridity. To reach this new goal, the company plans to expand its sales, marketing, and support staff. Already, the company has added ten new employees in the past six months to bring its total headcount to thirty.
A typical business only tracks the amount of power used by a rack of servers, according to Viridity. By using Viridity’s services, businesses can more easily examine the costs and benefits of each component of their IT systems, such as a single application.
“Most customers are using 30 to 50 percent more power than they need to,” explained Rowan. It is easy to see how Viridity’s services could pay for themselves in such a situation.
Presently, Viridity supplies services to primarily small and medium companies in fields from financial services to hospitals. One of the company’s largest clients is New York’s Museum of Modern Art.
Viridity’s services sound simple, yet highly valuable. It is encouraging to see the company expanding. Considering the large market for its services, it will not be surprising if Viridity sees further growth and investments in its future.
[Sources: http://bit.ly/dimzS3, http://bit.ly/cWfvQ6, http://bit.ly/cMqR8B]
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