SD-WAN vendor VeloCloud Networks has closed a $35 million Series D round of funding, enabling it to expand its business to support larger carrier and enterprise customer deployments.
Led by Hermes Growth Partners, the round included a number of new investors, including Telstra Ventures and Khazanah Nasional Berhad, the strategic investment fund of the Government of Malaysia.
Being able to get the support of Telstra Ventures is important given that it is a branch of Tier 1 Australian carrier Telstra. While Telstra debuted its SD-WAN service last year with Cisco as its main go-to-market vendor, VeloCloud can get a front seat as another vendor Telstra could use as it expands its service further.
“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, in a release.
Additionally, existing investors New Enterprise Associates (NEA), Venrock, March Capital Partners, Cisco Investments, and other undisclosed strategic investors participated in the round.
VeloCloud said it will use the funding to expand business, capacity and operations as the company accelerates new SD-WAN product development, supports larger customer rollouts, and increases global sales and marketing. By completing this latest round, the company now has total funding of $84 million.
“With this new round of funding we are able to stay well ahead of this new level of demand we are experiencing,” said Sanjay Uppal, CEO and co-founder of VeloCloud, in a release.
Over the past year, VeloCloud has continued to ramp up customer momentum, growing the number of SD-WAN sites to over 50,000 and a total of 600 customer wins, including a number of deals with AT&T, Sprint, Mitel, TelePacific TelePacific, and Windstream.
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.