Xtium Raises $11.5 Million for Battle with Amazon, IBM
Taking on industry leaders like Amazon and IBM takes cash. And Xtium, a Valley Forge, Pennsylvania, company that provides cloud computing power for mid-sized businesses, has enlisted $11.5 million from OpenView Venture Partners in its battle against the two corporate cloud giants.
The money will go to build the company’s sales team and speed delivery of its virtual private cloud services. And Xtium needs to stay on top of its game because of the formidable competition in the cloud computing space.
“Xtium is having another strong growth year and we are excited to continue building for aggressive execution,” said Peter B. Ritz, co-founder and president of Xtium in a statement. “Scores of midmarket enterprise customers have chosen Xtium to migrate and manage their cloud and network, as we provide everything they need to plan, migrate, and manage their systems and network at a significantly lower cost and higher service level than their current model.