Green Cloud Technologies Lands $5.6M in New Funding

Green Cloud Technologies Lands $5.6M in New Funding

By Erin Harrison

On the heels of expanding into four new U.S. markets, Infrastructure-as-a-Service provider (IaaS) Green Cloud Technologies has closed $5.6 million in newly issued Series C equity.

The new funding round was led by Millry Corporation along with financial backing from an unnamed investor and existing shareholders. To date, the Greenville, S.C.-based company has received $9.6 million in total funding.

Officials said the new funds have been earmarked to accelerate market expansion, and will be put into sales and marketing and data center investments.??

“We are excited about our follow-on investment in this exploding segment of the Cloud ecosystem,” Annice Jordan, chief financial officer at Millry Corporation, Green Cloud’s largest investor, said in a statement. “We look forward to the growth of Green Cloud as its employees concentrate on providing a best-in-market service offering.”??

Green Cloud recently announced expansion plans into four new markets: South Florida, Greater Atlanta, the Gulf Coast and the Research Triangle region of North Carolina.

The company’s distribution model is focused on channel partner distribution and does not have a direct sales force. Green Cloud partners with local consultants, IT managed service providers and PBX distributors to help its partners leverage the benefits of cloud technologies without making the substantial investments necessary to deploy cloud services.

In addition to the new round of funding, Walter Alessandrini has joined Green Cloud’s board of directors. Alessandrini previously served as chairman and CEO at Avanex, which he led through a successful initial public offering, and chairman and CEO for Ometric (acquired by a Fortune 100).

The IaaS market is the fastest growing segment of cloud-based services. According to a Gartner market analysis report, between 2012-2016, cloud IaaS spending will exceed $72 billion, with a compound annual growth rate (CAGR) of 42 percent.

Cloud IaaS providers offer virtual machines and supporting resources, including networks, firewalls, Internet connection, electrical/facility and other infrastructure needs.

IaaS, including cloud compute, storage and print services, grew by 42.4 percent in 2012 to $6.1 billion, and is expected to grow 47.3 percent in 2013 to $9 billion.




Edited by Braden Becker
Get stories like this delivered straight to your inbox. [Free eNews Subscription]

Executive Editor, Cloud Computing

SHARE THIS ARTICLE
Related Articles

Real Estate Forecast 2025: Emerging Developments and Market Shifts

By: Contributing Writer    7/1/2025

Buying or selling property can be challenging. Rising mortgage rates and fluctuating home prices leave many uncertain about their next move. Business …

Read More

Protecting Business Assets with Smarter Security Frameworks

By: Contributing Writer    7/1/2025

Protecting your business is more challenging than ever. Cyber threats are increasing every day. Hackers target small and large businesses alike, searc…

Read More

Reimagining Public Transportation in the Era of Smart Mobility

By: Contributing Writer    7/1/2025

Public transportation can be frustrating. Buses stuck in traffic, late trains, and hard-to-navigate systems often leave people stressed or stranded. M…

Read More

SonicWall Powers Secure Access for Missouri MSP, Improving Cybersecurity and Network Access for Clients

By: Erik Linask    6/27/2025

With SonicWall, Stronghold Data delivers a modern, secure remote access solution that ensures access to networks and resources and improves cybersecur…

Read More

Guardz Unleashes AI-Driven ITDR to Combat Escalating Identity-Based Threats

By: Erik Linask    6/26/2025

The launch of Identity Threat Detection and Response (ITDR) gives MSPs the tools to defend SMBs against increasingly sophisticated attacks targeting u…

Read More