Software startup JumpCloud raised $3 million in a venture round led by Bullet Time Ventures and Foundry Group, according to Denver Business Journal.
Chief Executive Officer and co-founder Rajat Bhargava said the Boulder-based firm plans to use the new capital to expand its sales and software engineering team. The investment comes one month after Bhargava was appointed as the company's top executive, the report detailed.
JumpCould is a company that creates software that helps business keep up with computer server maintenance functions and updates that have normally been executed manually. The said software allows companies to save server maintenance time through the automated process and gain more time to focus on product development and innovation, the report explained.
Bhargava said: "We think that every company on the planet is going to have servers, either in the cloud or on the premises. We think we can offer them a tool that can automate that [maintenance] for them."
Last month, JumpCloud transferred to its new headquarters in downtown Boulder. The place can accommodate 60 to 80 employees, which is more than thrice the number of people it employs now, Denver Business Journal reported.
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