Malaysia’s sovereign fund, Khazanah Nasional Bhd has participated in a series D funding round for US-based Cloud-Delivered SD-WAN firm VeloCloud Networks Inc to raise $35 million, a round led by private equity firm Hermes Growth Partners.
Among the new round participants other than Khazanah, were Telstra Ventures and in addition to existing investors New Enterprise Associates (NEA), Venrock, March Capital Partners, Cisco Investments, and other undisclosed strategic investors.
“The funding will be used to expand business, capacity and operations as the company accelerates new SD-WAN product development, supports larger customer rollouts, and dramatically increases sales and marketing in theaters worldwide. Today’s funding brings the company’s total funding to $84 million,” said VeloCloud in announcement on Thursday.
Since its last round of funding more than a year ago, VeloCloud has set several new records for sales, and 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.
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 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.
Its service enables firms to securely support application growth, network agility, and simplified branch and end-point implementations while delivering optimized access to cloud services, private datacenters and enterprise applications.
Meanwhile in recent days there has been a spurt of tech investments by venture capital firms and private equity firms. Even the national investment funds have not been able to keep their hands off them. Among the new investors in VeloCloud, Khazanah is among the top ten state-owned investment outfits investing in the technology space (since 2010), according to a report from CB Insights.
“Telstra Ventures is very excited to join this round of VeloCloud funding…Telstra and VeloCloud are completely aligned on the vision of delivering network agility and architectural flexibility to enterprise customers, and we see huge opportunities for both, especially in the Asia-Pacific region,” said Mark Sherman, Managing Director of Telstra Ventures.