MuleSoft raises another $50 million to cement cloud API dominance
With the proliferation of cloud services making it more difficult than ever for IT organizations to keep up with the pace of change, the traditional manual approach to software integration is becoming less and less practical by the day. But companies still spend about $500 billion annually linking applications to one another and to new data sources via point-to-point code that takes a long time to write and doesn’t always work as advertised, especially when tight deadlines are involved.
MuleSoft offers to help enterprises eliminate this painful process with an all-in-one suite for hooking up cloud and traditional on-premise apps to the corporate network. The company’s AnyPoint Platform allows users to build reusable integration processes without writing any custom code, monitor the performance of APIs and define and enforce formal policies across geographically distributed systems. Plus, it provides access to a repository that includes more than 13,000 free interfaces.
“Companies today are flooded with new applications, data and devices and, as companies accelerate their move to the cloud, it makes connecting everything infinitely more complicated,” noted Greg Schott, the president and CEO of MuleSoft. “This explosion of endpoints has created an unparalleled requirement for a new generation of integration. We are reimagining integration and transforming how our customers compete and win.”
MuleSoft’s approach to automating cloud integration has been very well received in the enterprise, with nearly half of the Global 500 and thousands of other organizations already utilizing its product in production. The company reported a massive 91 percent year-over-year increase in subscription revenues for 2013, growth that it intends to fuel with the $50 million in funding it just raised from NEA, Lightspeed Venture Partners and new investor Meritech Capital Partners. Cisco also joined as an investor, while existing backers Salesforce, SAP Ventures, Hummer Winblad Venture Partners, Morgenthaler Ventures and Bay Partners chipped in as well.
The round brings MuleSoft’s total funding to an impressive $131 million. The company said in a release that it will use the capital to expand internationally and solidify its position as the leading provider of integrated API connectivity software.
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