This 29-year-old's side project has officially grown into a $1.9 billion cloud company with a huge new $100 million round of funding

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  • The cloud infrastructure automation startup HashiCorp announced Thursday it raised $100 million in Series D funding.
  • This brings HashiCorp’s valuation to $1.9 billion and its total funding to $174 million.
  • HashiCorp recently announced new versions of four of its products at its conference in October.

On Thursday, cloud infrastructure startup HashiCorp announced it had raised $100 million in Series D funding.

This brings the company’s valuation to $1.9 billion and its total funding to $174 million. The funding was led by IVP, as well as Bessemer Venture Partners, GGV Capital, Mayfield, Redpoint Ventures, and True Ventures.

With the funding, HashiCorp plans to focus on open source and commercial product development, as well as hiring and customer support efforts. Since founders Mitchell Hashimoto and Armon Dadgar started the company in 2012, the company has grown to 320 employees. At age 29, Hashimoto is especially well-known as something of a prodigy — he launched his first, $500,000-a-year business while still in college.

HashiCorp is known for its open source tools, which means anyone can download its core software freely and modify the code to their needs. In the past year, HashiCorp’s open source tools have 45 million downloads. It makes its money by selling versions for business, souped up with enhanced features. 

At its recent HashiCorp conference in October, it announced new versions of its Consul, Terraform, Vault and Nomad products. Originally, Hashimoto and Dadgar created open source software for fun — a hobby that eventually grew into HashiCorp. 

Read more: HashiCorp’s founder turned a passion project into a 300-person company and then took on a tougher challenge: hiring a CEO

“Since our inception, we’ve been deeply committed to enabling multi-cloud,” Dave McJannet, CEO of HashiCorp, said in a statement. “Because practitioners choose technologies in the cloud era, we’ve taken an open source-first approach and partnered with the cloud providers to enable a common workflow for cloud adoption.”

This announcement shows the momentum in open source investment this past year, including Microsoft’s acquisition of GitHub and IBM’s most recent announcement that it would acquire Red Hat.

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Source: Business insider

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