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Solo.io Bolsters Company, Product and Cloud Native Community Innovation with New Funding Round
Solo.io, the modern API infrastructure company delivering application networking from the edge to service mesh, today announced a $23 million Series B round of financing, bringing the company's total funding amount to $37 million. Co-led by prior investors Redpoint Ventures and True Ventures, this latest funding round lands amidst continued company, product and cloud-native community innovation in 2020, including new strategic, first-to-market product offerings and an industry specification.

"We launched Solo.io with the understanding that the application network will be critical for growing adoption of microservices architecture and believe that service mesh is the future. In the past few years, we've worked closely with our customers to build products that help them modernize their existing applications and make it easier to build and deploy new applications using innovative technologies like Envoy, service mesh, and WebAssembly," said Idit Levine, founder and CEO, Solo.io. "This latest financing is focused on scaling our operations to meet the rapidly growing customer demand."

Solo.io delivers API infrastructure that helps enterprises adopt, secure, and operate modern application networks from the edge to the service mesh. The cross-industry move to microservices and cloud-native architecture is API-driven and sets the foundation for developers, partners, and customers to interact with application services quickly, effectively, and securely. Today's enterprises are actively using Kubernetes and service mesh technologies in production, and with this level of adoption comes a need for more tooling to manage and federate security, traffic routing, observability, and integration points.

"Solo.io continues to deliver on high customer demand for forward-looking cloud-native technologies - and this is a huge part of why we're doubling down on our investment in the company," said Puneet Agarwal, partner, True Ventures. "The Solo.io team is setting the cloud-native technology agenda for the industry by leading the effort to make WebAssembly and service mesh accessible to more companies. They have a clear vision of how to bring the advantages of modern technologies to every application - and they're executing on it effectively."

In addition to the new funding round, Solo.io is also announcing:

"Idit Levine and the team at Solo.io have taken an initial technical vision and made it a successful reality in rapid pace - and they have the customer validation and industry leadership to prove it," said Astasia Myers, investor, Redpoint Ventures. "That's why we're increasing our investment in the company. Solo.io is bringing forward technologies that uniquely unify the application network across legacy and modern applications. We look forward to seeing what's next for the company as it continues to grow, evolve, and innovate."

Published Thursday, October 01, 2020 9:23 AM by David Marshall
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