VeloCloud Networks, a start-up based in Mountain View, California, closed a $35 million Series D round of funding for its SD-WAN solutions.
The funding was led by Hermes Growth Partners and 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. This brings total funding to $84 million.
The company said the funding will be used to expand business, capacity and operations as it accelerates new SD-WAN product development, supports larger customer rollouts, and dramatically increases sales and marketing in theaters worldwide.
VeloCloud reports that its number of SD-WAN sites has grown to more than 50,000 and total customer wins exceed 600, including the two largest SD-WAN wins in the world. The company has secured deals from AT&T, Sprint, Mitel, TelePacific, and Windstream for its “VeloCloud Cloud-Delivered SD-WAN for Service Providers” solution for both Network Integrated and Over The Top 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.
“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 broken away from the field with the industry’s largest number of customers, sites, and sales along with key strategic Service Provider partnerships. With this new round of funding we are able to stay well ahead of this new level of demand we are experiencing.”
