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Amazon Web Services Competitor DigitalOcean Raises $83 Million

DigitalOcean Inc., the cloud server provider that competes with similar products from Inc., Microsoft Corp. and Google Inc., raised $83 million to develop new products and features.

New investor Access Industries led the round with participation from existing backer Andreessen Horowitz, the New York-based startup said Wednesday in a statement. The bulk of the capital will be used to hire employees for the product engineering team, and much of the rest will be used to build new data centers, DigitalOcean Chief Executive Officer Ben Uretsky said.