Rancher Labs, the creator of Kubernetes management platform, closed a $40 million Series D funding round.
Telstra Ventures led the round. The funding round also included participation from existing investors Mayfield, Nexus Venture Partners, GRC SinoGreen, and F&G Ventures.
The Series D round brings the company’s total funding to date to $95 million. The company will use the latest funds to expand its product innovation, increase investment in go-to-market activities, and accelerate market expansion.
According to 451 Research, 76% of enterprises worldwide are set to standardize on Kubernetes by 2022, making this the most relevant platform to leverage business strategy and cloud-native applications.
Rancher Labs delivers open source software that enables organizations to deploy and manage Kubernetes at scale, on any infrastructure across the data center, cloud, branch offices, and the network edge.
Rancher Labs’ flagship product, Rancher, a Kubernetes management platform, has over 30,000 active users and more than 100 million downloads, according to the company.
Sheng Liang, CEO at Rancher Labs, said: “In 2019, we experienced 169% year-on-year revenue growth, and this round of funding is the ultimate validation of the market and our unique technologies.”
“Just as Linux became the standard computing platform for the data center, cloud, and devices in the 2000s, we fundamentally believe Kubernetes is fast becoming the ubiquitous enterprise computing platform for multi-cloud, heterogeneous IT environments in the 2020s.”