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PLUMgrid Raises $10.7 Million in Series A Funding From US Venture Partners and Hummer Winblad Venture Partners

PLUMgrid, Inc. today announced that it has secured $10.7 million in Series A Funding from US Venture Partners (USVP) and Hummer Winblad Venture Partners. PLUMgrid, with nearly two years of development completed, is pioneering an ecosystem-driven network infrastructure built on software-defined networking (SDN) concepts. The company will deliver network virtualization solutions that will enable businesses to manage their physical, virtual and cloud datacenters with greater agility and efficiency.

In 2011, PLUMgrid raised an initial funding round of $2 million, and USVP partner Chris Rust joined the company’s Board of Directors. Hummer Winblad managing director Lars Leckie co-led the PLUMgrid series A and now joins Rust on the PLUMgrid Board of Directors.

PLUMgrid CEO Awais Nemat co-founded the company in early 2011, and has brought together an outstanding team of industry veterans with a proven track record of success in designing, developing and deploying some of the most important systems and services in the history of the networking industry. Nemat has assembled a group of highly decorated innovators from companies such as Cisco Systems, Marvell, Nicira, SUN, Vyatta and VMware. With a strong heritage in mission-critical enterprise network infrastructure, PLUMgrid’s engineers and software visionaries have contributed significantly to the emergence of network virtualization technology in the past five years.

“Network virtualization and the move to software-defined networking (SDN) is a strategically important focus area for the networking industry,” said Nemat. “PLUMgrid was started nearly two years ago with a vision of providing a better way for customers to address new networking application needs and reduce excessive costs and complexity. This $10.7 million financing round provides the resources for PLUMgrid to realize this vision and deliver a comprehensive SDN solution to our customers.”

“PLUMgrid has a compelling combination of large market opportunity, highly differentiated approach with deep IP, and an exceptional team with a track record of commercial success. USVP is delighted to be a founding investor in PLUMgrid, and to be joined by Hummer Winblad as our co-lead in what we believe to be the best-of-breed SDN solution in the marketplace,” said Chris Rust, partner, USVP.

“The networking industry is experiencing a major shift as infrastructure becomes software-driven,” said Lars Leckie, managing director, Hummer Winblad Venture Partners. “We see tremendous potential in supporting a new, unified network infrastructure that delivers value to customers by building on networking best practices yet enabling the radical agility, simplicity and ease of management that software brings to the table.”

 

Published Wednesday, August 08, 2012 6:38 AM by David Marshall
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PLUMgrid Raises $10.7 Million in Series A Funding From US Venture Partners and Hummer Winblad Venture Partners « VT News - (Author's Link) - August 8, 2012 9:09 AM
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