PacketFabric secures $25 million in series B funding
19 January 2018 | Natalie Bannerman
PacketFabric has secured a $25 million investment in series B funding from lead investor NantCapital.
The cash injection will be used to the rapid growth and growing demand for its connectivity-as-a-service platform which was launched in 2017.
Commenting on the news, Dr Patrick Soon-Shiong, chairman and CEO of NantWorks, said: “As a scientist and entrepreneur, I am a firm supporter of market disruptive innovations,” states. This next-generation internet innovation of interconnectivity on demand will enable big data transport as a platform for multiple industries, and I am excited to fund this talented team at PacketFabric and their efforts to provide market-defining solutions. By eliminating barriers with its innovative solutions aimed at accommodating enterprises’ need for data transport, PacketFabric has the ability to change the landscape for many industries.”
Since its first seed round in 2015, the company has grown to a US footprint of more than 150 points of presence (PoPs) across 17 metro markets with a terabit-scale backbone.
In addition to securing funding, the company also revealed that Chad Milam has been appointed as PacketFabric’s new president and chief operating officer, and a member of the board of directors. Before joining PackeFabric Milam acted as CTO of NantWorks and Mox Networks. And prior to this he worked as the technical infrastructure and systems team lead at Teza Technologies, and the global infrastructure organization at Publicis Group.
“With the proliferation of performance, security and capacity challenges, and adding on the recent development in net neutrality, the public internet is becoming an increasingly vulnerable venue for enterprise collaboration and service delivery,” said Milam. “PacketFabric is the framework of how businesses securely connect, communicate and transact in the new digital reality.”
In October, PacketFabric selected Aqua Comms’ AEConnect subsea cable system to extend the reach of its software-defined networking (SDN) platform into Europe. As a result PacketFabric customers now have near-instantaneous access to transatlantic capacity on AEConnect from any location on its private and secure network.
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