OSIsoft grabs $135 million in funding

Data management player announces investment by Kleiner Perkins, TCV

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Two major Silicon Valley venture capital firms -- Kleiner Perkins Caufield & Byers (KPCB) and Technology Crossover Ventures (TCV) -- have invested $135 million in data management product vendor OSIsoft LLC.

OSIsoft's flagship product is its PI System, a data infrastructure and real-time event management software suite. The company, founded in 1980 and based in San Leandro, Calif., has more than 14,000 clients in a number of industries, including manufacturing, energy and life sciences. Besides its headquarters, OSIsoft has seven more U.S. locations and offices in 13 other countries.

The deal gives the two VC firms a minority stake. OSIsoft said it would use the new funds to "accelerate its expansion."

(Given the moribund market for new technology stock offerings -- not to mention the fact that OSIsoft was founded three decades ago -- I wouldn't hold my breath for the IPO.)

In a statement announcing the deal, OSIsoft founder and CEO J. Patrick Kennedy said, "With worldwide pressures to innovate and more efficiently manage operations, energy and resources, we’re seeing growing demand for our real-time data management solutions."

One VC each from the investing firms will join the OSIsoft board of directors -- Jake Reynolds of TCV and Ben Kortlang of KPCB.

(h/t CB Insights' FundingFlash)

Chris Nerney writes about the business side of technology market strategies and trends, legal issues, leadership changes, mergers, venture capital, IPOs and technology stocks. Follow him on Twitter @ChrisNerney.

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