TVM backs Comstock second round

The size of the investment has not been disclosed but it's reported that the deal values Comstock at "a substantial premium" over its first round valuation.

TVM Techno Venture Management has led a second round of financing for Comstock Systems. First round investors Intersouth Partners also participated in the round.

Comstock Systems supplies software to manage diverse IT environments based on usage. Comstock's tools enable organisations to manage total cost of ownership, to optimise costs of providing capacity, and to accurately allocate service charges.

Bruce Eastman, CEO of Comstock Systems, said: “With our business already reaching break-even, this new equity will be used to rapidly expand business development, field implementation and support functions, as well as to scale the infrastructure of the company in line with our growing opportunities.”

Commenting on the increased specificity demanded by clients of their software, Hans Schreck of TVM said “Over-provisioning is no longer acceptable, but neither is decreased productivity arising from resource bottlenecks. Comstock Systems fundamentally changes the way enterprises and their IT resource providers will provision applications, storage and server capacity.”

Techno Venture Management has offices in Munich and Boston. It focuses on high-growth information and communications technology and life science companies.