Rafay Systems, a turnkey software as a service (SaaS) offering that automates lifecycle management for containerized applications, raised $8 million in Series A funding.
Ridge Ventures (formerly IDG Ventures), an early-stage venture capital firm, led the financing round with participation from NTT DOCOMO Ventures, Costanoa Ventures, and Moment Ventures.
The company also announced the general availability of its SaaS offering designed to address the complex challenges companies face when modernizing their applications.
The market for application containerization, which helps enterprises modernize legacy applications and create new, scalable cloud-native applications, is both big and accelerating. 451 Research says the application container market will grow to $3 billion by 2022. According to Gartner Distinguished VP Analyst Arun Chandrasekaran, by 2022, over 75% of global organizations will be running containerized applications in production, which is a significant increase from fewer than 30% today.
The company, founded in 2017, has raised $12.1 million to date, including a $4.1 million seed funding round in 2018, which was led by Costanoa Ventures.