Swiss banking giant Credit Suisse Group launched a new spin-out today, aimed at taking an internally developed virtualization management platform to a commercial market.
The new company, DynamicOps, is being funded by an undisclosed amount of capital from Credit Suisse’s Next II venture group. Rich Krueger, a former executive at local storage virtualization equipment maker Incipient and CEO of DynamicOps, said the company is being operated “like a venture-backed firm” and that the amount of the funding is “substantial.”
The company’s virtual management product was originally developed internally by Credit Suisse’s Global Research and Development Group in 2005, after the company couldn’t find an external product to manage the firm’s growing virtualization infrastructure, officials said. The company has since rolled the product out to a variety of divisions across the company.
The company’s first product is focused on virtual desktops and server environment, but according to Krueger, who has also had stints at EMC, the firm will eventually move into other network layers, including storage.
Krueger said the 15-employee firm is in the process of building customer relationships with several firms but declined to name specific companies. Industries of focus, he said, include shipping and public utilities.
[Source: Mass High Tech]