CloudGenix announced $65 million in new funding to fuel global
sales and go to market expansion and to continue to build
award-winning products.
This brings the total investment raised by CloudGenix through Series C
close to $100 million. Existing investors including Bain Capital
Ventures, Charles River Ventures, Mayfield Fund, and Intel Capital and
new investors including ClearSky participated in the latest investments.
"As large enterprises adopt a multi-cloud strategy, the need to
implement SD-WAN has become a top priority for CIOs who are navigating
the complexities of managing their overall cloud infrastructure," said
Enrique Salem, partner at Bain Capital Ventures. CloudGenix SD-WAN
delivers 50-70% cost savings and is a critical component of the
cloud-enabled enterprise. With a proven product and exceptional
go-to-market capabilities, we are excited to support CloudGenix in this
next phase of rapid growth."
CloudGenix grew 300% year-over-year, fueled by greater than 90%
win-rates against incumbent legacy networking vendors. Fortune 1000
companies, including those in healthcare, retail, manufacturing,
finance, banking, hi-tech and hospitality have selected CloudGenix for
their remote office WAN needs across six continents, hundreds of
countries and tens of thousands of locations.
"SD-WAN is a rapidly growing market, expected to grow to $4.5 billion
at 40% CAGR by 2022 according to IDC. We are excited to invest in
CloudGenix, which is growing many times faster than the market. The
consistent feedback from customers is that the unique
application-defined approach of CloudGenix is a foundational capability
for cloud migration and broadband deployment," said Alex Weiss of
ClearSky.
In addition to greenfield SD-WAN wins replacing legacy routers,
CloudGenix also completed the largest Gen-1 SD-WAN replacement in the
industry for a large retailer headquartered in Atlanta. This retailer
with more than 2000 locations was migrating to the cloud, deploying
Unified Communications as a Service (UCaaS) and had deployed a Gen-1
SD-WAN solution from the incumbent networking vendor. Running voice and
business critical applications over broadband, the Gen-1 solution
resulted in over 10,000 trouble tickets for voice and point of sale in a
12-month period. Frustrated, the CIO deployed CloudGenix Gen-2 SD-WAN
that understands voice and application behavior and adapts to changing
network conditions, eliminating the need for 99.9% of the trouble
tickets or any manual interventions.
"Our system is autonomous. We characterize network and application
behavior in real-time and use data science techniques to auto-correct
application behavior. Data is the new soil and is giving life to modern,
autonomous infrastructure," said Mukhtiar Shaikh, CTO of CloudGenix.
CloudGenix's greater than 90% win-rate in the enterprise is driven by
the application-defined approach to networking and by an architecture
that meets the stringent security and compliance requirements of the
large enterprise. At one of the largest global banks headquartered in
the East Coast of the United States, CloudGenix beat out the incumbent
networking and virtualization vendors whose Gen-1 SD-WAN products failed
to pass the bank's security certifications. The Gen-1 products failed
device-level security requirements and mixed control-path and data-path
creating compliance exposures for the bank. CloudGenix enables a
zero-trust model and the customer's data-path is never forced through
CloudGenix's controller in the cloud. This ensures high availability,
performance and security.
CloudGenix delivers an ecosystem of solutions and/or partnerships
with security vendors including Palo Alto Networks, Symantec and
Zscaler; cloud providers including Amazon and Microsoft; UCaaS providers
such as Microsoft, RingCentral and Fuze; and operational tool vendors
such as PagerDuty and ServiceNow. CloudGenix is emerging as the branch
platform of choice for delivering best-of-breed services for network,
security, voice, operations, cloud and performance management.
"We are leading a revolution in the networking industry. We are
executing on our vision of delivering autonomous WANs to our customers -
enabling them to specify application policies aligned to their business
and have the infrastructure choreograph itself. We couldn't be more
thankful to our customers and look forward to serving them in even
larger numbers," said CloudGenix Founder and CEO Kumar Ramachandran.