2018 represented yet another eventful year for Quali. We saw many of our customers increase their adoption of CloudShell as they expanded on their cloud-first, automation-first initiatives. CIOs, CEOs and IT teams are continuing to invest in digital transformation initiatives. This means placing emphasis not just on tools and technology, but also workflows that can aid human productivity and efficiency while allowing organizations to be more nimble. Automation has allowed teams to focus on higher value tasks and collaborate better. Teams that have used CloudShell in their Dev/Test cycles for innovation, or Demo, or cyber security testing and training initiatives have all experienced an uptick in their team engagement level, productivity increases, and cost optimizations. The company continued to win awards including the TMC Cloud Computing product of the year.
We also see more of our customers shift from perpetual revenues to subscription revenue streams. It allowed us to offer up more licenses and created a shared partnership with our customers to make the solution successful. We continue to make inroads with enterprise customers even as our offerings continued to resonate with service provider and technology vendors as well. The Y/Y growth rate continued to be a healthy 50%. We added new members to our sales and engineering teams and are now looking to expand our marketing and customer success and support organizations as well.
Quali also attracted a new round of funding of $22.5M for their Series-C round with the round led by Jerusalem Venture Partners (JVP). JVP partner Yoav Tzruya has joined the board as Chairman.
All this sets up an exciting year ahead for the company as automation continues to fuel all aspects of Cloud Computing, DevOps and Security led initiatives. Look out for new and fresh changes to our website, and an introduction of new software platforms and expansion in the New Year that should make the journey more exciting, both for Quali and its customers.