A tech giant just crowned the latest tech unicorn. Salesforce Ventures led a round of financing that gives software business MuleSoft $128 million. The fresh cash sets MuleSoft's value at $1.5 billion. (Tweet This)
Salesforce Ventures is the investment arm of Saleforce.com; Sapphire Ventures, previously known as SAP Ventures, joined Cisco Investments in this seventh round of funding.
While Salesforce.com and SAP backing a competitor might seem strange, it marks another way enterprise software companies aim to capture the nearly $600 billion market that this sector of tech offers. Their basic business is to connect various data streams, making them talk to each other and the cloud.
MuleSoft CEO Greg Schott says everyone—from competitors, to the end user—is better off when companies avoid the headache of managing and building systems on their own.
"When companies are trying to get an application pushed out across the cloud and to devices, the more broadly and more quickly they can do that, everyone is better off," he told CNBC.
MuleSoft's extensive Anypoint Platform is the real star of the show. Its ability to integrate wide swaths of data has attracted big names such as Mastercard, Unilever and Tesla. Companywide, subscriptions in the first quarter rose 110 percent over last year.