Cloud Elements on API high with $25m funding
Denver-based Cloud Elements has got $25 million in new funding to promote its API integration platform for software providers.
The Series C round was led by Mercato Partners, with additional funding from existing investors Access Ventures, American Express Ventures, Grotech Ventures, Harbert Growth Partners, Rally Ventures, and Upslope Ventures. The new round brings Cloud Elements’ total capital raised to $46.2 million.
“APIs are a great way to make software work together, but developers now have to deal with hundreds or thousands of APIs to automate basic business processes. Point-to-point integration can’t scale to address this challenge,” says Mark Geene, CEO and co-founder, Cloud Elements.
He adds: “We virtualise and simplify API integration to make all APIs work together, look the same and operate the same – using industry standard protocols. We put your application at the centre of a digital ecosystem, based on common language and unified data models. As our customers like to say, it’s integration that starts simple and stays simple.”
Cloud Elements will use the funding to add new capabilities to its platform, and for its sales and marketing capabilities in the US and Europe.
Its customers include software platform companies like SAP and IBM; independent software vendors like Axway, DoubleDutch, FinancialForce, Microstrategy and Sage; fintech providers such as Danske Bank, FIS, PaySimple and Western Union; and digital business units of enterprises like Dun & Bradstreet and Xerox.
Cloud Elements says its platform has 170+ pre-built integrations, common data models and normalised capabilities for authentication, discovery, search, workflows, error handling and API maintenance.
The company recently landed its most “significant” deal to date – a global OEM partnership with SAP to embed Cloud Elements in SAP Cloud Platform Open Connectors.