Faction, a multi-cloud platform developer, has secured $18m in its Series B financing round to support product expansion.
River Cities Capital Funds, a new investor to the company, led the investment which also saw contributions from Dell Technologies Capital and existing backers Sweetwater Capital, Meritage Funds and Charterhouse Strategic Partners.
Colorado-based Faction provides businesses with cloud-based technology to support their platforms. The technology helps to control costs, migrate to the cloud, maintaining control, management, and access to data, among others.
A range of different industries currently use the technology including financial services, gaming, healthcare, legal services, retail and commerce, digital marketing, enterprise IT and media.
Financial services can integrate the technology to maintain a digital edge and get support with compliance, security, workload processing, disaster recovery and data analytics.
Capital from the round will be used to support the global expansion of its operations over the next two years, and with plans to hire more staff across its software development, engineering, and managed and professional teams.
Funds will also be used to bolster the company’s technology, such as extending its cloud storage and its international managed services.
Dell Technologies Capital managing director Daniel Docter said, “Dell Technologies Capital is excited to be working with Faction to deliver customer configurable and adaptable multi-cloud solutions. Our investment, domain expertise and industry relationships will help Faction continue to grow its IaaS and Enterprise Storage as a Service offerings as it expands to support VMware Cloud on AWS solutions.”
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