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Brier Dudley's blog

Brier Dudley offers a critical look at technology and business issues affecting the Northwest.

March 16, 2009 at 12:00 AM

Seattle cloud venture Skytap raises another $7 million

Apparently there’s still financing to be had – if you’re a promising cloud-computing startup with more than 50 customers.

That’s the case with Skytap, a Pioneer Square company commercializing University of Washington research. Today it’s announcing that it received $7 million in its second round of funding, adding to $6 million raised in 2007.

Adding to the pot are Madrona Venture Group, Ignition Partners and Washington Research Foundation.

Skytap provides cloud-based “virtual labs” for software projects, using an on-demand, pay-as-you-go approach.

Chief Executive Scott Roza said the company should grow to more than 30 people by the end of the year, up from about 20 now.

It’s not as easy as you’d think to hire good people in the current environment, Roza said, explaining top candidates leaving startups are still finding good jobs and those at big companies are reluctant to give up their job security.

“People always say this has got to be a great mraket to hire in,” he said. “I actually believe it’s a challenging market still to hire in.”

Roza said the new funding is evidence that Skytap is among the startups that venture investors have deemed likely to succeed.

“We’re all very bullish about our prospects, our ability to create more capital and create more value with that,” he said.

In the funding announcement, Madrona Managing Director Matt McIlwain said “Skytap has a compelling offering that is well positioned in a growing, high potential market.”

Ignition partner Brad Silverberg concurred.

“Since Skytap has been in the market they have met or exceeded every customer, bookings and revenue goal and they are off to a great start in 2009,” he said in the release.

Comments | More in | Topics: Enterprise, Entrepreneurs, skytap

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