Cloudyn, the leading provider of hybrid, multi-cloud monitoring and optimization solutions, announced today that it has closed a Series B round of financing in the amount of $11 million. The round was led by Carmel Ventures, a member of the Viola Group, with participation of previous investors, Titanium Investments and RDSeed [a collaboration of Rafael and Elron Electronics (ELRNF)]. The company also announced that Ronen Nir, General Partner at Carmel, will join its Board of Directors.

Cloudyn has tripled its revenue for three consecutive years in addition to doubling personnel. The company’s single pane of glass approach provides clarity and actionable insights for optimal cloud management. Currently monitoring more than 200,000 virtual machines and over 12,000 concurrent applications, Cloudyn will use the proceeds to further its market share and brand, as well as continue advancing first-to-market solutions to ensure customer delight.

“After following the cloud services industry for last few years, backing a company such as Cloudyn was a clear choice,” stated Ronen Nir, General Partner at Carmel Ventures. “We see a growing need among enterprises that are cloud users to optimize and perfect their resource allocation, while enhancing performance and reducing cloud spend. Cloudyn’s disruptive technology provides meaningful and actionable data, founded in both operational and financial metrics. We’re thrilled to partner with Cloudyn’s exceptional management team to strengthen their leadership position in this growing market.”

“Cloudyn has been at the forefront of cloud monitoring and optimization for public and more recently, private cloud,” said Sharon Wagner, CEO of Cloudyn. “We have a superb team, disruptive technology, an ongoing commitment to product innovation, and it’s getting noticed,” he noted. “The funding will allow us to build on this momentum and increase our market share in North America and global markets.”

The cloud management industry is growing at an astounding rate and becoming increasingly dynamic. Over the past year alone, infrastructure-as-a-service (IaaS) and platform-as-a-service (PaaS) hybrid and private cloud providers generated more than $321 billion in revenues. A study conducted by 451 Research supports the growth trajectory stating that enterprises are increasing demand for hosted private cloud and hybrid cloud solutions, and plan to spend up to 50% of their cloud budget on these services.

Cloudyn has paved the way in helping enterprises shift their operations and adopt hybrid, multi-cloud environments. Over the past year, the company has experienced tremendous market momentum, particularly with Fortune 1000 market leading enterprises and managed service providers (MSPs). The rapid, continued adoption of Cloudyn underscores the value that its leading cloud monitoring and optimization solution delivers.