Cedexis, Portland cloud-computing startup, raises $3.5 million venture round
Jan 14, 2015
Portland cloud-computing startup Cedexis doubled its revenue and headcount last year and has just completed a $3.5 million investment round to help fuel another year of growth. Cedexis has now raised about $13 million, said chief executive Scott Grout, including a $6 million investment in 2011 led by Seattle-based Madrona Venture Group and a Palo Alto fund, Advanced Technology Ventures. Both invested in this month's round too, according to Grout, who said Cedexis expects to raise more late this year or early in 2016. "We're growing along with the market and it's explosive growth," said Grout, who was previously CEO of Hillsboro-based Radisys Corp. He took the top job at Cedexis last April , a rare connection between Portland's bustling startup scene and Oregon's old "new economy. "
Cedexis helps big companies manage their cloud computing, checking for the most efficient places to store data and the fastest ways to access it. Time is no longer a luxury, Grout said, because companies rely on real-time access to their online data and super-fast network connections to deliver software to their customers. Privately held Cedexis now employs 50, including 30 at its downtown Portland headquarters. Grout said the headcount could increase by as much as 50 percent this year. Founded in Portland and in Paris, Cedexis grew first in Europe and has been steadily expanding into North America. Grout said the company expects to branch out into Asia by the end of 2016. Revenue has doubled in each of the past three years, Grout said, and should grow more than 50 percent in 2015. "As you get bigger and bigger, it gets harder to double," he said. -- Mike Rogoway