Virtualization software firm BlueStripe goes green with $8M in new capital

BlueStripe Software, a two-year-old startup focused on virtualization technology, has closed on $8 million in new financing, according to a filing with the Securities and Exchange Commission.

The Morrisville-based firm recently cracked NetworkWorld’s “10 start-ups to watch in ’09 list.”

BlueStripe, which drew its name and colors in its logos from the universities the founders attended (Duke University and UNC-Chapel Hill), offers management application solutions.

BlueStripe’s “FactFinder (product) automatically details all components and processes an application connects to and depends on, following an application through physical and virtual environments and detecting performance problems,” NetworkWorld said in its January report. “With virtualization gaining adoption in both large and small businesses, this capability will become ever more crucial. The BlueStripe technology works only with VMware, but the company plans to add support for Citrix Systems and Microsoft virtualization products. BlueStripe's technology is promising, but the vendor may find it difficult to cut through the widespread hype about virtualization.”

BlueStripe backers include Trinity Ventures. The company raised $5 million in 2007.

Chris Neal, a former executive with Java applications management firm Wily Technology, and Vic Nyman, a former chairman and chief executive officer of Relicore, are CEO and chief operating officer respectively at BlueStripe. Nyman also at one time worked for Wily.

"This additional funding allows us to accelerate our growth and expand our capabilities for customers moving to new platforms, such as cloud or virtual infrastructures, enabling them to change the way they manage their business-critical applications," Neal said in a statement. "In this economy, it's critical for entrepreneurs to find venture capitalists who are accessible and knowledgeable about guiding a company through its lifecycles. We're fortunate to have a great partnership with Trinity and excited to have Valhalla Partners join our team."

Neal is a UNC-CH graduate. Nyman earned his MBA at Duke.