Connecticut Innovations Invests in Device42

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Funding will be used as growth capital to further expand the business and operations.

While still a young company, Device42 has already established itself as an innovative leader in the space,

Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut's innovative, growing companies, today announced a $1 million investment in Device42, a New Haven-based provider of datacenter infrastructure management solutions.

The funding will be used as growth capital to further expand the business and operations. Device42, having carved out a sweet spot in the IT market, has experienced significant growth, with its client base now extending to many global 5000 companies in more than 20 countries. CI’s investment will help Device42 maintain the high growth environment.

“While still a young company, Device42 has already established itself as an innovative leader in the space,” Chris Penner, director of investments at Connecticut Innovations, said. “Device42’s approach to the market makes it well positioned to take advantage of the current trends in the market.”

CI’s investment was part of a $3.505 million round of funding that included investments from Elm Street, Long River, Alpine Meridian, Angel Investor Forum and New York Angels. The majority of the investment round closed on December 5.

“Our existing capabilities, coupled with exciting new tools and developments, continue to position us for future growth, and the investment from CI will enable us to maximize these growth opportunities,” Dr. Steve Shwartz, co-founder and CTO of Device42, said.

Gartner, the leading information technology research and advisory company, recently included Device42 on its 2014 list of “Cool Vendors in Data Center Infrastructure Management, Power and Cooling.

About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit http://www.ctinnovations.com.

About Device42
Device42 provides high-end Data Center Infrastructure Management (DCIM) software to large and small customers all over the world with an affordable price tag. Device42 is a company that is easy to work with, offering transparent comparatively low-cost pricing on its website, fully-functioning trial software without talking to a salesperson, publicly-available blog posts showing release history, and great customer service. The Device42 software is delivered as a virtual appliance, installs in minutes, and provides easy-to-use forms, spreadsheets, distributed auto-discovery, and RESTful API's for fast and easy data input and application integration and includes advanced visualizations of rooms, racks, connections, wiring, and dependencies. For more information, please visit http://www.device42.com.

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Kelsea Michael
@CT_Innovate
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