TeraCloud Corporation closed $5.5 million in its first round of institutional funding. Boulder Ventures Limited, the lead investor, and Northwest Venture Associates financed the round, which will be used to expand the TeraCloud management team and help the company grow its base of Fortune 1000 customers.

Serving Fortune 1000 customers for more than 11 years, TeraCloud provides an integrated storage resource management (SRM) solution for mainframe and distributed storage environments that allows companies to manage mission-critical data, maximize space use and improve capacity planning for the enterprise. The funds will be used to expand TeraCloud's sales, marketing and development teams in order to deliver next generation storage management solutions.

"Among Fortune 1000 companies, storage is a huge cost center, yet it represents a critical and massively complex system," says Todd Jaquez-Fissori, venture capitalist at Boulder Ventures. "TeraCloud offers those same companies' executives a software solution that will manage, analyze and increase utilization of data resources and change storage from a cost center to a profit center."

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