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Armon Dadgar (L) and Mitchell Hashimoto, UW graduates and co-founders and co-CTOs, HashiCorp (HashiCorp Photo)

With the value of cloud computing firmly established, attention is turning to companies that can help businesses hedge their bets across multiple cloud providers. HashiCorp just raised $100 million to further development of tools designed to make multicloud a reality.

The San Francisco startup, founded by a pair of University of Washington computer science graduates, is now valued at $1.9 billion, HashiCorp said in a release. The new round was led by IVP, and included participation from existing investors GGV Capital, Mayfield, Redpoint Ventures, and True Ventures as well as new investor Bessemer Venture Partners, who have now pumped $174 million into the company.

HashiCorp’s products help software developers and infrastructure operators deploy applications across multiple environments, including public cloud providers like Amazon Web Services or homegrown infrastructure. Those products are based around open-source projects, a tricky but valuable path toward building a enterprise computing business over the last several years.

“It takes an incredible number of factors to align for a startup to break out, but perhaps none more important than having the right product for the market at the right time,” IVP said in a blog post announcing its investment.

Like most startups at this stage of their evolution, HashiCorp plans to focus on hiring sales, marketing, and support staff in order to boost adoption of its products and services, it said in the release. And while there has been a lot of merger and acquisition activity among open-source enterprise computing companies over the past year, including the Cloudera-Hortonworks merger and IBM’s blockbuster $36 billion purchase of Red Hat, HashiCorp co-founder and chief technology officer Mitchell Hashimoto doesn’t sound like he’s ready for a quick exit.

Here’s a video of Hashimoto speaking at our 2017 GeekWire Cloud Tech Summit, explaining why security needs to be baked into cloud infrastructure deployments from the start.

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