Looking to continue tapping a market IDC says will be worth $6 billion by 2020, Software-Defined WAN company Viptela today said it raised $75M in a Series C round of financing.
The new round of funding brings Viptela’s total funding to about $110M.
The company said it would use the proceeds to grow sales, marketing, technical support and research and development.
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This funding round was lead by investments from Redline Capital and new investor Northgate Capital as well as existing investor Sequoia Capital. Also as part of the financing, Tatiana Evtushenkova, Director of Redline Capital has joined the Viptela Board of Directors.
“Viptela already has a solid list of blue-chip, Fortune 500 customers and partnerships with Verizon and Singtel who are using their platform to deliver managed SD-WAN services to businesses,” said Evtushenkova in a statement. “The company is extremely well-positioned to become a dominant player in a $6B market. We’re pleased to be working with management to help them capitalize on this massive opportunity.”
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Viptela competes most closely with a band of fellow startups including VeloCloud, CloudGenix, Cybera, Versa and Talari as well as established venders such as Cisco, Riverbed Technology, Silver Peak and Citrix.
Gartner estimates that SD-WAN has less than 1% market share today, but it predicts that up to 30% of users will be managing their WAN through software within three years.
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