24 April 2012
UC Santa Barbara spin out raises $30m
University of California, Santa Barbara cloud spin out Eucalyptus Systems raises the funds with backing from BV Capital, the former corporate venturing unit of Germany-based media company Bertelsmann.
Author: Toby Lewis, Madrid bureau chief
BV Capital, formerly Bertelsmann Ventures, has backed a $30m round raised by Eucalyptus Systems, a cloud platform.
Eucalyptus was originally started as a project in the Computer Science Department at the University of California, Santa Barbara. It became a private company in 2009.
BV Capital was joined in the C round on April 18 by venture firms Institutional Venture Partners, which led the round, Benchmark Capital and New Enterprise Associates.
Eucalyptus has now raised $55m. Steve Harrick, general partner at Institutional Venture Partners, has joined Eucalyptus' board.
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