Tetrate has announced a $40 million Series B funding round led by Sapphire Ventures. The round also included new investors Scale Venture Partners and NTTVC, as well as existing investors Dell Technologies Capital, Intel Capital, 8VC, and Samsung NEXT. Tetrate Service Bridge, the only cloud-agnostic, hybrid cloud applications networking platform, will benefit from the Series B funding. The funding will also support a new SaaS offering: an Istio-based platform for consuming the application service mesh. Tetrate will also expand its go-to-market efforts in the Americas and establish go-to-market teams in Europe and Asia.Tetrate 40m sapphire venturesshiebertechcrunch.
Varun Talwar, Tetrate’s CEO and co-founder, is a co-creator of Istio and gRPC. Tetrate was founded in collaboration with JeyappragashJeyakeerthi (JJ), who previously led Twitter’s Cloud Infrastructure Management Platform. Jai Das, President and Partner at Sapphire Ventures, will join Tetrate’s Board of Directors. “We’re thrilled to have Sapphire’s backing and Jai’s presence on our board,” Talwar said. “Jai’s experience will be invaluable as we propel Tetrate to new heights of growth and success.” The funding round was described by Talwar as a “major milestone for Tetrate — capping off a record year in which we doubled our team and had a 10x increase in customer base and revenue.”Tetrate 40m series sapphire venturesshiebertechcrunch.
Tetrate, which was founded in 2018, received a $12.5 million Series A funding round in March 2019 that allowed it to rapidly expand its open source leadership and deepen its contributions to the open source community. Tetrate is now one of the largest contributors to the open source Istio project, and the second largest to Envoy Proxy. Tetrate is the only platform-neutral and cloud-neutral company to provide commercial support for Istio, with customers including Fortune 200 financial services, telco, retail, media, and US federal government organisations. Tetrate is also developing a service mesh platform based on Istio and Envoy. Tetrate collaborated with NIST to define service mesh security standards and to implement NIST’s Next Generation Access Control authorization framework.Sapphire venturesshiebertechcrunch.
About Tetrate
Tetrate, founded by the founders of Istio to reimagine application networking, is an enterprise service mesh company that manages the complexity of modern, hybrid cloud application infrastructure. Tetrate Service Bridge, the company’s flagship product, is a comprehensive, enterprise-ready service mesh platform designed for multi-cluster, multitenancy, and multi-cloud deployments. In any environment, customers get consistent, baked-in observability, runtime security, and traffic management. Tetrate continues to be a significant contributor to the open source projects Istio and Envoy Proxy.Tetrate 40m series venturesshiebertechcrunch. deepdotweb coadmin to years
About Sapphire Ventures
Sapphire Ventures is a leading venture capital firm that works with visionary teams and venture funds to build significant companies. Sapphire has been investing capital, resources, and expertise in innovative startups and technology-focused venture funds around the world for nearly two decades. Sapphire is well-positioned to help scale companies and venture funds, elevating them to become global category leaders, with more than $5.7B in AUM across Sapphire Ventures, Sapphire Partners, and Sapphire Sport, and team members in Austin, London, Palo Alto, and San Francisco. They do see a great growth of the brand in the coming years with making a quality impact.
