128 Technology closed $30 million in Series D financing.
Existing investors all participated in the oversubscribed round, including executive management and current employees of 128 Technology, G20 Ventures, The Perkins Fund and individual investors.
128 Technology’s Session Smart Router is a cloud-defined, experience-based and natively secure virtual routing solution that can help companies deliver on their digital transformations.
The funding round brings 128 Technology’s total amount of capital raised to $97.4M and will be used to invest in key areas of growth, including:
- Go-to-market and 128 Technology partnerships: Investing in customer growth around the globe, with particular focus on expanding relationships with leading Cloud providers, direct enterprises and key managed service providers
- Further develop Session Smart networking as the technical foundation for an experience-led network: Hundreds of businesses are actively transforming their networks with Session Smart routing, and the company will use the new funds to accelerate further innovations to its ground-breaking virtual networking technology
“The latest round of funding comes at a pivotal time for 128 Technology, when we’re seeing higher than ever demand for our session-based, service-centric networking approach,” said Andy Ory, CEO of 128 Technology. “As virtualization and cloud are shaping our connected future, 128 Technology’s approach offers users a simple, agile solution and helps enterprises manage their networks efficiently and securely.”
“Andy Ory and his rapidly growing 128 Technology team have disrupted the multi-billion-dollar market for traditional networking by delivering proven, next generation network services that give customers freedom from increased risks, unnecessary costs and vendor lock-in,” said Sonja Hoel Perkins, Managing Director, The Perkins Fund. “As companies around the globe continue to invest in solutions that meet the demands for a new model of virtual networking, 128 Technology has created a large, untapped market opportunity.”
“The SD-WAN market drivers have evolved from simple MPLS replacement to secure and assured virtual and cloud networking,” said Tom Nolle, 128 Technology Technical Advisory Board member. “Only one player, 128 Technology, has consistently led in that new session-smart, cloud-defined mission. With this new round of financing, the company is positioned to not only continue its technology leadership, but expand it.”
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