Have you heard of this thing called the cloud? I hope so, because it is dominating the news this week. Today SingleHop, a Chicago-based cloud company, announced it raised its first ever institutional round of funding worth a whopping $27.5 million from Battery Ventures. More than your average cloud startup, SingleHop has a platform which allows companies to design and manage all their Internet infrastructure from one place. It has more than 80 employees, 10,000 servers in production and three facilities. [Source: MarketWatch]