mValent Secures $9M in Series B Funding Round Led by Polaris Venture Partners; Former Rational Software President and COO, Tom Bogan, Joins Board of Directors
Summary
Dave Barrett, general partner, Polaris Ventures, said, "Our investment in mValent underscores our confidence in both the requirement for software that increases IT efficiency and in the companys approach to solving one of the most fundamental operational problems facing IT today - moving new and enhanced applications into deployment quickly and without error. "This round of funding from three of the worlds top-tier venture capital firms, coupled with the endorsement and assistance from one of the industrys foremost strategic and operational practitioners, will help mValent achieve its goal of enabling enterprises to deliver IT as a service," said Swapnil Shah, president and CEO, mValent, Inc. "Our ability to attract such impressive supporters is a testament to our vision and ability to solve this critical problem for enterprise IT." This superior investment record includes leading companies such as Cascade, Chipcom, CIENA, iBasis, Sonus Networks, SpeechWorks International and Vignette. The firms limited partner, International Data Group, is the worlds largest IT media and research company, publishing over 250 magazines in 85 countries read by more than 100 million people each month and producing over 170 computer-related conferences and trade shows. Through this partnership, IDG Ventures can uniquely add value to its portfolio companies by facilitating revenue acceleration, global expansion and establishing relationships with key strategic partners.
