VeloCloud Networks Announces $21 M in Funding Led by NEA, Venrock and The Fabric
LOS ALTOS, Calif., Jun 17, 2014 /PRNewswire/ VeloCloud Networks, Inc., a pioneer in Cloud-Delivered WAN, today announced it has raised $21 million in funding led by leading venture capital firms New Enterprise Associates (NEA) and Venrock as well as incubator firm, The Fabric.
VeloCloud dramatically simplifies the WAN by delivering virtualized services from the cloud to branch offices and mobile users everywhere. The company provides servicesthat deliver enterprise grade performance, visibility and controlover both Internet and private networks, combining the economy of the Internet with the flexibility of the cloud.
Typically, enterprises have been locked into a rigid WAN architecture that delivers services piecemeal on hardware appliances over difficult-to-provision network connections. At the same time, businesses are experiencing an explosive growth of rich, bandwidth hungry applications, increasingly distributed and mobile employees and the growing migration of business critical apps to the cloud. This changing environment compounds the IT complexity in a rigid WAN architecture that is no longer able to meet the budget, performance or control needs of the enterprise.
“VeloCloud aims to fundamentally alter the economics of the WAN while simplifying and automating network operations for distributed enterprises,” said VeloCloud co-founder and CEO, Sanjay Uppal. “We are delighted to have the support of top-tier venture partners and are poised to build our channels, scale business development activities and create a strong ecosystem.”
The combined Enterprise WAN Equipment and Private WAN Services market is approximately $32 billion based on estimates by Gartner and Forrester Research.