Wheelings & Dealings: IaaS Cloud Provider Peak Receives $4 Million in Funding

In a sign that the infrastructure-as-a-service (IaaS) market continues to boom, cloud provider Peak has received $4 million in new funding. The enterprise-class IaaS provider will use the new money to support a number of strategic partnerships as well as help meet the high demand for its cloud computing services.

Peak recently announced an agreement with Telx to be part of the company’s new Cloud/MSP Enablement Program, offering complementary managed services to add to their colocation environments. The new funding will be used to expand on that partnership and strengthen other relationships within the Peak ecosystem of VARs, distributors, agents and service providers.

"By securing additional funding, Peak manifests its destiny by expanding into additional markets coast to coast, and serving a larger client base," said Luke Norris, CEO and founder of Peak. "With our patented technologies we are helping companies realize the many benefits of enterprise cloud computing more readily and more economically. As such we have seen over 430 percent growth over the past two years.“

That number is in line with IaaS market growth as a whole, which comprises the largest part of the public cloud services market. According to Gartner, the market was valued at about $9 billion last year, growing at a rate of 47.3 percent.

Peak cemented another key partnership last year, teaming up with distributor Comstor. The company gained access to the “Powered by Peak” IaaS offering as well as cloud services through the arrangement, and its global network of resellers also got access to Peak’s services. Peak brought in a $3 million funding round in July to support business growth, as well as a $1.5 million round to bolster expansion of its cloud node capabilities. The new round of funding is coming from investment groups Meritage Funds and Sweetwater Capital.