VeloCloud raises $35m to meet huge demand for SD-WAN
13 March 2017 |
VeloCloud has closed a $35 million round of funding buoyed up by the unexpectedly fast-growing demand for cloud-delivered SD-WAN.
VeloCloud's new round of funding will be used to expand its business, capacity and operations as the company accelerates new software defined wide area networking (SD-WAN) product development, supports larger customer rollouts, and dramatically increases its marketing internationally. This new round of funding brings the company’s total funding to $84 million.
”We have been following the exploding SD-WAN space very closely and recognise its potential to transform enterprise WAN,” said Bobby Yerramilli-Rao, founder and partner at Hermes Growth Partners. “We decided to invest in VeloCloud because of the company’s highly differentiated solution, track record and management team.”
Since its last round of funding more than a year ago, VeloCloud has seen its number of SD-WAN sites grow to more than 50,000 and total customer wins exceed 600 including the two largest SD-WAN wins in the world.
“We are experiencing significantly more growth than we even predicted as a stretch goal for VeloCloud Cloud-Delivered SD-WAN,” said VeloCloud CEO and Co-founder Sanjay Uppal. “VeloCloud has the industry’s largest number of customers, sites, and sales along with key strategic service provider partnerships. With this new round of
VeloCloud secured deals from AT&T, Sprint, Mitel, TelePacific, and Windstream for the “VeloCloud cloud-delivered SD-WAN for service providers” solution for both Network Integrated and Over The Top (OTT) implementations. In addition, VeloCloud continued work with its existing ecosystem of service provider partners, including Vonage, MetTel, EarthLink, and NetOne, to deliver the benefits of VeloCloud Powered SD-WAN for their customers.
“Telstra Ventures is very excited to join this round of VeloCloud funding,” said Mark Sherman, managing director of Telstra Ventures. “Telstra and VeloCloud are completely aligned
Financing round participants included new investors Telstra Ventures and Khazanah Nasional Berhad, the strategic investment fund of the Government of Malaysia (“Khazanah”), in addition to existing investors, New Enterprise Associates (NEA), Venrock, March Capital Partners, Cisco Investments, and other undisclosed strategic investors.
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