3Crowd Technologies Secures Series A Funding

SAN MATEO, Calif.--(BUSINESS WIRE)--3Crowd Technologies, a provider of management tools for cloud-based services, today announced it has secured $6.62 million in Series A financing from Canaan Partners and Storm Ventures.

“3Crowd represents a proto-typical investment for Canaan: an extraordinary market and technology vision of a proven entrepreneur combined with a solid operational plan to execute against that vision”

The financing demonstrates the continued interest in cloud-computing models and now the effective management of those increasingly popular services.

“We are building toward a series of products and services which allow for the effective deployment, management and operation of cloud-based services,” said Barrett Lyon, CEO of 3Crowd and creator of the Opte Project, an Internet mapping project, founder of Prolexic Technologies and co-founder of BitGravity. “We have launched a product targeted at cloud resource management and are now, with this funding, embarking a journey which will disrupt and define a new era of Internet data delivery.”

3Crowd has developed a series of management tools that give enterprises greater controls over content delivery and other cloud services, enabling them to use multiple services at once and thereby command new pricing and performance dynamics. 3Crowd's flagship product, CrowdDirector, effectively unifies any services that are based on web protocols, so they can be monitored, managed and deployed as a single service.

“3Crowd represents a proto-typical investment for Canaan: an extraordinary market and technology vision of a proven entrepreneur combined with a solid operational plan to execute against that vision,” said Maha Ibrahim, general partner at Canaan. “We look forward to working with Barrett and his team to leverage our experience to realize the potential for 3Crowd.”

With the investment, Ms. Ibrahim will join Mr. Lyon, his co-founder Chris Wallace, and Ryan Floyd of Storm Ventures on the 3Crowd Board of Directors. The company received initial financing from Storm Ventures, Revision3 co-founders, Kevin Rose and Jay Adelson, and Greenwich Technology Associates.

"We have participated in the evolution of the 3Crowd vision for the past months and are increasingly excited about the company's prospects," said Ryan Floyd of Storm Ventures. "We are equally excited to welcome Canaan to the 3Crowd family and look forward to working together toward our shared objectives."

About Storm Ventures

Storm Ventures focuses on seed and early stage information technology companies, particularly Information Technology and Networking companies. The team at Storm Ventures is focused on bandwidth, mobility, and intelligence as the key drivers transforming the way information is being used, shared, delivered, and protected.

About Canaan Partners

Canaan Partners invests in visionary entrepreneurs and provides them the networks, insights and operational guidance required to build high-performance technology and healthcare companies. Founded in 1987, the firm has raised eight funds and completed more than 77 acquisitions and 52 IPOs. With $3 billion under management and a worldwide footprint, the firm's technology team is committed to catalyzing the growth of innovative companies in the digital media, communications & mobility, enterprise and clean tech sectors. Among its successes are DoubleClick, the leading online advertising solution; Match.com, the most popular online dating site in the world; CommerceOne, the company that pioneered B2B ecommerce; SuccessFactors, the global leader in on-demand performance and talent management solutions; WebLoyalty, a leading provider of online marketing and rewards services; and VOIP equipment supplier Acme Packet, which was one of the top ten performing tech IPOs of 2006. Other Canaan technology investments include Active Networks, Associated Content, BharatMatrimony, Blurb, iYogi, Lending Club, N-trig, ON24, Prime Sense, Tremor Media and Zoosk. Canaan has offices in California, Connecticut, India and Israel. For more information visit www.canaan.com.

About 3Crowd Technologies

3Crowd Technologies is a San Mateo, CA-based software services company developing products and services to improve the economics of delivering large amounts of data across the Internet, including video, audio and other types of content. The company is the latest startup founded by serial entrepreneur Barrett Lyon, creator of the Opte Project, an Internet mapping project, founder of Prolexic Technologies and co-founder of BitGravity. The company is backed by Storm Ventures and angel investors, Kevin Rose and Jay Adelson, founders of DIGG and Revision3.