Armory Raises $40M Series C for Spinnaker-Based Platform

The increasing adoption of cloud technologies, accelerated by recent global events, is driving heightened interest in cloud-native companies like Armory. Armory functions as a commercial platform built upon the open-source continuous delivery system, Spinnaker. The company today announced the completion of a $40 million Series C funding round.

B Capital spearheaded the investment, with participation from new investors Lead Edge Capital and Marc Benioff, alongside existing backers Insight Partners, Crosslink Capital, Bain Capital Ventures, Mango Capital, Y Combinator, and Javelin Venture Partners. This latest funding elevates the total capital raised by the company to over $82 million.

According to company co-founder and CEO Daniel R. Odio, in a statement to TechCrunch, “Spinnaker originated as an open-source project from Netflix and Google, and it represents a highly advanced platform for software delivery across multiple cloud environments.”

Odio emphasized that the project benefits from the support of key industry players, including the top three public cloud providers – Amazon, Microsoft, and Google – as well as other prominent cloud technology companies such as CloudFoundry and HashiCorp. “The extensive community backing for this project signals its emergence as the standard for modern cloud-native software delivery,” he explained.

Prior to the advent of continuous delivery practices, organizations typically released software updates infrequently, often spanning months or even years. The shift to cloud computing necessitated a more agile approach, prompting companies to deliver updates in smaller, more frequent increments as features became available. The implementation of continuous delivery systems facilitated this transition.

As Odio articulated, Armory builds upon the Spinnaker project to address intricate requirements within large enterprises, particularly concerning compliance, governance, and security. The company is also currently developing a Software-as-a-Service (SaaS) version of its solution, anticipated to launch next year.

While specific customer figures were not disclosed, Odio cited JPMorgan Chase and Autodesk as clients, and also referenced engagements with “a Fortune Five technology company, a Fortune 20 Bank, a Fortune 50 retailer and a Fortune 100 technology company.”

Currently employing 75 individuals, Armory is experiencing substantial growth, and Odio intends to expand the team to 150 employees within the next year. He also expressed a strong commitment to fostering diversity and inclusion within the organization.

“There is a significant distinction between diversity and inclusion, and as Vernā Myers eloquently stated, diversity is being invited to the party, while inclusion is being asked to dance. It is crucial for us to prioritize not only diversity but also inclusion, as this is how we achieve success. A diverse company will consistently outperform a homogeneous one,” he stated.

Although the company transitioned to a remote work model during the COVID-19 pandemic, Odio confirmed their intention to maintain this approach even after the crisis subsides. “COVID-19 has presented significant challenges globally, including for us. We have adopted a fully remote-first model, and we plan to remain remote-first even after the pandemic. Prioritizing the well-being of our employees is paramount, and we are committed to demonstrating empathy,” he said.

Simultaneously, he recognizes that the pandemic has accelerated the migration of businesses to the cloud, creating a valuable opportunity for Armory, which he intends to capitalize on with the newly acquired funding. “We are dedicated to supporting the ongoing transformation of these enterprises, and there is a pressing need for us to realize our vision and mission due to the current high demand,” he concluded.