Fugue Inc., a Frederick software company, has raised about $41 million to accelerate development of its cloud technology programs and expand its market reach.
The Series D funding round was led by New Enterprise Associates with contributions from the Maryland Venture Fund, the state's venture investing arm managed by the Technology Development Corp., and Future Fund, which is funded by the Australian government.
The new money brings Fugue's total financing to more than $75 million.
Founded in 2013, Fugue specializes in operations and management systems for cloud computing in which data and processing power are stored on remote servers that can be accessed on demand via the internet.
The new funding comes on the heels of Fugue's November launch of its eponymous cloud operating system and at a time when businesses increasingly look to transition to the cloud, said Josh Stella, its co-founder and CEO.
"If you look at the adoption rates of cloud among traditional enterprise, it's off the charts," Stella said. "There's not been a change in computing like this in 40 years."
Often, businesses that want to move to the cloud piece together tools built in-house — a tedious and complicated process, Stella said. Fugue's cloud operating system is designed to make it easier for businesses to use the cloud.
"We've managed to put together a great round at the right time, right when people are confronting these problems," he added.
Fugue launched a free, single-user version of its software program in November. In the coming months, the company plans to add more features, such as capability to manage multiple cloud accounts from the same platform and tools for businesses to track regulatory compliance.
The money also will support ongoing technology development and help Fugue build out its marketing and sales strategy.
Fugue employs about 60 people and has additional offices in Washington, D.C., and Silicon Valley.