Cloud monitoring and optimization solution provider Cloudyn secured $11 million in Series B funding on Monday, led by Israeli venture capital firm Carmel Ventures.

Cloudyn said the investment will be used to expand its global market share and branding efforts, in addition to developing new cloud solutions. The company specializes in developing software as a service solutions that allow users to view usage information as well as performance and cost data, and provides recommendations for improvement.

Ronen Nir, general partner at Carmel, will join Cloudyn’s board of directors as a result of the financial backing.

“We see a growing need among enterprises that are cloud users to optimize and perfect their resource allocation, while enhancing performance and reducing cloud spend,” said Nir in a statement. “Cloudyn’s disruptive technology provides meaningful and actionable data, founded in both operational and financial metrics.”

The company, which has reported revenue gains for three consecutive years, currently monitors more than 200,000 virtual machines and 12,000 concurrent applications, according to the announcement.

A recent study from 451 Research also found that enterprise demand for hosted private cloud and hybrid cloud solutions is growing rapidly, with cloud service providers generating $321 billion in revenue over the past year, according to Cloudyn.

Cloudyn has raised a lifetime total of $16.3 million since the company was founded in 2011, including Series A financing of $4 million from Titanium Investments and RDSeed last year.

“Cloudyn has been at the forefront of cloud monitoring and optimization for public and more recently, private cloud,” said Sharon Wagner, CEO of Cloudyn. “We have a superb team, disruptive technology, an ongoing commitment to product innovation, and it’s getting noticed.”