Leader in $6B SD-WAN Market to Scale Sales and Marketing, Support and R&D to Meet Aggressive Customer Demand
Viptela, the Software-Defined WAN (SD-WAN) company, today announced that it has raised $75M in a Series C round of financing to meet global demand for its Software-Defined Wide Area Network (SD-WAN) platform. The round brings the company’s total funding to nearly $110M, and was led by Redline Capital with participation from new investor Northgate Capital and existing investor Sequoia Capital.
According to industry research firm IDC, the increasing use of cloud applications by businesses and the trend of employees accessing them via mobile devices is fueling innovation in wide area networking technologies. Its analysts estimate that worldwide SD-WAN revenues will exceed $6 billion in 2020 with a compound annual growth rate (CAGR) of more than 90% over the 2015-2020 forecast period.
“Our ability to raise this level of financing, while many technology vendors are struggling to raise capital or experiencing ‘down rounds’ is a testament to our team, technology and execution,” said Amir Khan, CEO of Viptela. “These funds will enable us to add the resources to expand into new geographies, extend our lead in this hyper-growth sector and capture a lion’s share of the market.”
As part of the financing, Tatiana Evtushenkova, Director of Redline Capital has joined the Viptela Board of Directors. The company will use the proceeds to scale sales, marketing, technical support and research & development to meet aggressive customer demand for its products and execute its global go-to-market strategy.
“Viptela already has a solid list of blue-chip, Fortune 500 customers and partnerships with Verizon and Singtel who are using their platform to deliver managed SD-WAN services to businesses,” said Tatiana Evtushenkova. “The company is extremely well-positioned to become a dominant player in a $6B market. We’re pleased to be working with management to help them capitalize on this massive opportunity.”
Large and mid-sized organizations typically have tens, hundreds and even thousands of sites, including offices, branches, ATMs, retail locations, etc., around the country and the world which they need to connect over their WAN. The Viptela platform allows enterprises to reduce WAN costs by 50% by augmenting expensive leased lines with cheaper public broadband connections, adding more bandwidth on-demand and optimizing network performance so cloud applications respond as if they were located in the company’s own data center.
The Viptela SD-WAN platform has already been implemented by more than 25 Fortune 500 enterprises including some of the world’s largest retailers, financial institutions, conglomerates, healthcare organizations and other businesses that have many geographically distributed locations. The company has licensing partnerships with Tier-1 carriers Verizon and Singtel; and has been recognized as a Gartner Cool Vendor and a Next Billion Dollar Startup by Forbes.
Viptela Raises M for Global Expansion