Friday, June 10, 2011

Cloud Technology Partners rounds up $1M first fund

By Rodney H. Brown

Pedigreed startup Cloud Technology Partners Inc. has raised $1 million in its first institutional funding round, according to federal documents.

While the filing with the U.S. Securities and Exchange Commission did not disclose the names of the nine backers in the round, it did list a few related person in the filing, aside from company executives. Among those are board directors Christopher Perretta of State Street Corp. and John Littlechild of Healthcare Ventures.

CloudTP was founded by Chris Greendale, who was a co-founder of Cambridge Technology Partners in the early 1990s, followed by Breakaway Solutions Inc. His newest company, founded early in 2010, is a cloud-focused systems integrator, built along the same model that Cambridge Technology Partners was.

In March, barely one year old, CloudTP bought its first company, Global Green Consulting Group Inc., a Marlborough firm focused on the energy management, sustainability and data center power management markets.

In January of this year, the company had its official launch, having grown from just five employees in May 2010 to approximately 40 by the end of February. According to Greendale, five of the company’s first 11 hires in that period were Cambridge Technology Partners veterans, including Erik Sebesta, the company’s chief architect and technology officer. Sebesta and Greendale are also listed as related persons in the new $1 million funding document.