Zeetta Networks set for expansion after $1.6m funding round
Zeetta Networks has completed its latest follow-up funding round, led by Bloc Ventures, with existing investors IP Group and Breed Reply also participating in the round, securing £1.6 million.
The new funding will allow Zeetta Networks to further develop its channels to the enterprise market and extend its open networking platform solution NetOS to address the emerging business opportunities in the 5G network operator market, where the company has achieved already some early success.
“In the last eighteen months we have experienced an incredible success both in terms of technology developments and of commercial traction with paying customers. Now, we want to accelerate our pace and address additional markets and new customers,” said Zeetta Networks CEO Vassilis Seferidis.
“Our participation to proof-of-concept projects with Tier 1 European telcos opens up the opportunity to address the fast evolving 5G network operator market whilst we continue commercial deployments in the enterprise market. The common denominator in both markets is Zeetta’s network virtualisation and slicing technology which allows networks to become programmable platforms for an easy deployment of different services over a shared network infrastructure.”
Since the foundation of the company in late 2015, Zeetta Networks has secured over £6 million of funding - with over £4 million of investment awarded this year alone. Innovate UK and the European Commission have assisted with the strong foundation of funding.
So far, the funding has been used to expand the team for the development of the company’s first product, NetOS, and solidify the company’s intellectual property position with key patents in this very competitive market. The focus will now shift in accelerating the commercial traction achieved in early NetOS deployments with paying customers in the enterprise and network operator markets.
David Leftley, managing partner of Bloc Ventures, which specialises in data, cloud, security and connectivity tech start-up investment, said: “We have known the Zeetta team since they spun out from the University of Bristol and we were looking for the opportunity to invest in the team and their technology. We have been impressed with both the technical and commercial progress achieved to date by the company and we are very excited to participate in this funding round to accelerate the company’s development.”