Santa Monica-Based Bitium Raises $6.5 Million To Expand
Posted Mar. 10, 2014, 9:34 am
Parimal M. Rohit / Staff Writer
A Santa Monica-based cloud application management firm announced last week it had raised $6.5 million to continue its expansion plans and product development.
The Series A funding for Bitium reportedly comes from the venture capital firm Polaris Partners and includes investors such as Amplify, Resolute VC, Double M Partners, Social Leverage, Karlin Ventures, Lazerow Ventures and Rob Glaser.
Dave Barrett, managing partner of Polaris Partners, has joined Bitium’s board of directors, it was announced.
“We enable companies to realize long-term strategic advantages over their competition with increased efficiency and agility, by allowing them to focus on their core business instead of locking down the organization for the sake of security,” Bitium CEO Scott Kriz stated.
The deal was announced Feb. 26 on Bitium’s blog.
Bitium is an enterprise software company providing analytics, application management, and single sign-on services for about 1,500 cloud-based apps. The technology allows a company to securely manage its software catalog.
According to Bitium’s blog post, the company will used the $6.5 million in Series A funding to continue its “rapid growth in the app management and single-sign-on space, accelerate product development and expand sales and marketing activities.”
“Bitium’s app management platform helps organizations manage their growing list of (Software-as-a-Service) apps with single sign-on and permissions management. As a result of the converging trends of bring-your-own apps (BYOA), bring-your-own device (BYOD), the consumerization of the enterprise and the inevitable move to the cloud, companies are left with little visibility of the apps their employees use and few tools to manage those apps,” the firm’s blog post stated. “Bitium solves this with a solution that allows for flexible employee adoption while securely managing cloud-based software.”
Headquartered here in Santa Monica, Bitium was founded by Kriz and Erik Gustavson. The 1,500 cloud-based application using Bitium’s analytics, app management, and single sign-on services include bug trackers, customer service dashboards, Google Apps, and social networks.
The firm states website administrators can do multiple tasks online without revealing passwords.
“Users get single sign-on, instant access to apps and features designed to foster collaboration and productivity,” Bitium’s webpage states. “Our vision is to change how people and companies work by fundamentally changing the way they interact with software.”
Bitium’s advisors include Microsoft’s former CMO and the former senior vice president of strategy, the founder and CEO of Like.com, a product strategist at IBM and Oracle, Hootsuite’s CEO, and the founder and CEO of KISSMetric, among others.
More about Bitium can be found on its website at www.bitium.com.