ST Engineering corporate VC unit invests in cloud startup

ST Engineering's corporate venture capital (VC) unit, ST Engineering Ventures, has made an undisclosed investment into CloudSphere, a cloud management and governance provider headquartered in California and Dublin, Ireland.

ST Engineering Ventures joined growth equity firm Atlantic Bridge in the closing of a strategic investment round for CloudSphere, ST Engineering and CloudSphere said in a joint press statement on Tuesday.

ST Engineering's investment in CloudSphere also includes a commercial agreement which allows direct access to the latter's hybrid multi-cloud management and governance software and expertise.

The agreement immediately enhances ST Engineering's current cloud portfolio beyond assessment, planning and migration. It is also in line with the group's goal to accelerate and scale its capabilities in professional and managed services in public clouds to provide greater value to its customers and drive long-term growth for the company.

ST Engineering's electronics sector president Ravinder Singh said the partnership with CloudSphere will allow ST Engineering's customers to gain greater visibility and control of their multi-cloud inventory, performance and costs.

"This enhanced cloud-managed service provider capability will empower us to seize the opportunities with cloud technology," he said.

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CloudSphere's flagship Cloud Governance Platform helps operators simplify how they govern access to critical resources, minimise security risks, and manage spending in the cloud.

The platform takes key data points from application discovery and migration planning to group cloud resources by application. This allows for more intuitive governance of cloud resources at the application level, ST Engineering and CloudSphere said.

The startup supports a global customer base across industry segments, including telecommunications, software, finance, insurance, healthcare, construction, and education.

Shares of ST Engineering were trading S$0.01 or 0.3 per cent higher at S$3.56 as at the midday break on Tuesday.