Hyperic Closes $3.8 Million Series A Round - Benchmark Capital Joins Accel Partners as Investor
Two Leading Open Source VCs Back Hyperic's Open Source IT Management Platform
SAN FRANCISCO, CA – June 27, 2006 – Hyperic Inc., provider of the first comprehensive open source IT management platform, announced today that it has closed a $3.8 million Series A funding round with an investment from Benchmark Capital, a highly regarded Silicon Valley venture capital firm that has backed open source leaders MySQL and Red Hat Software as well as companies ranging from Palm to eBay.
Benchmark joins fellow Silicon Valley VC firm Accel Partners, a previously announced participant in the Hyperic round and an investor in successful open source companies including JBoss.
"Open source technology has gained a firm foothold in the database, middleware and enterprise application markets. We believe that IT management is the next frontier, and Hyperic comes to the table with exceptionally strong credentials," said Peter Fenton, General Partner, Benchmark Capital. "They have logged four years of development on their platform, are deployed in top-tier enterprises, and have some clear differentiators, including rapid deployment and support for both commercial and open source IT assets. These and other factors position Hyperic to become the leader in the space."
"Enterprises spend $6 to $7 billion a year on IT management solutions. That translates into a significant market opportunity for open source alternatives," said Javier Soltero, Hyperic Chief Executive Officer. "Our ability to secure funding from two of the Silicon Valley venture capital firms with the most open source-related experience is a strong endorsement of our product direction, business potential and strategic capabilities."
Hyperic was started in 2004 with a hybrid commercial/open source product for auto-discovery, monitoring and control of IT assets. The company recently released its Hyperic HQ Management Platform as open source to enable enterprises to easily tailor the platform to their needs through open access to the Hyperic source code.
Hyperic HQ's inventory auto-discovery, monitoring, alerting and portal tools are now available under an open source license, along with plug-ins for every major commercial and open source web server, application server and database. Support for products without plug-ins can be rapidly added to Hyperic HQ through its free open source development kit. Hyperic HQ Enterprise Subscription, available for a yearly fee per managed computer, adds technical support as well as advanced features including remote resource control, role-based security, log/security event tracking, policy-based management and problem identification.
About Hyperic Inc.
Hyperic offers the first open source IT management solution that discovers, monitors, analyzes and controls all open source and commercial enterprise IT assets from a single unified interface. The Hyperic HQ Management Platform has been adopted by enterprises of all sizes, including several Fortune 100 companies, since the San Francisco-based company was founded in March 2004. For more information, visit www.hyperic.com.
About Benchmark Capital
Founded in 1995, Benchmark Capital is an early-stage venture firm that is dedicated to building technology companies of lasting value. The firm's strategy is to be the first investor in technology-driven companies that seek to create new markets and have significant growth potential. Benchmark invests in technology-driven companies in the areas of enterprise software and services, communications and security, semiconductors, mobile computing, consumer services and financial services. The firm's portfolio includes such franchise companies as eBay, Handspring, Juniper Networks and Red Hat Software. For more information, visit www.benchmark.com.
