Additional Funding to Fuel Acceleration of Engineering and Sales to Address Explosive Market Opportunities
BILLERICA, MA – (BUSINESS WIRE) – July 19, 2018 – Benu Networks, a leading provider of innovative virtual network solutions that enable service providers to rapidly create and deliver next generation IP services, today announced it has closed a total of $17.5 million in two funding rounds over the past 12 months. The funding will fuel the addition of product engineering, sales, and support resources needed to meet the rapid expansion of solution trials and deployments throughout the world.
The most recent round of $10 million, which closed in July 2018, was led by new investor Spring Lake Equity Partners, a Boston-based private equity firm that invests primarily in later-stage, technology-oriented private companies. This followed a funding round of $7.5 million led by long-time investors; Sutter Hill Ventures, a premier venture capital firm known for many successful investments in IT/communication infrastructure, and Liberty Global Ventures, a global investment fund owned by Liberty Global, the world’s largest international cable company, which focuses on investing in companies offering products and services that support Liberty Global’s business strategy and broader industry initiatives.
“Benu Networks’ team and forward-thinking platform bring a superior value proposition to the service provider market,” said Dan MacKeigan, Partner, Spring Lake Equity Partners. “We are particularly excited about its enterprise-grade managed security and IoT service for the small to medium business market.”
Benu Networks’ Virtual Service Edge (VSE) platform enables network operators to rapidly create new business opportunities for Mobile Wi-Fi, Managed Business Networking, Managed Home Networking, Managed Security, and Managed Internet of Things (IoT). The VSE’s fully virtualized architecture increases deployment flexibility, decreases time-to-market, creates new revenue streams, and seamlessly integrates into an operator’s existing access core network and OSS/BSS assets.
“Sutter Hill Ventures continues to invest in Benu Networks because of the company’s commitment to innovation, superior technology, and superb track record with customers,” stated Stefan Dyckerhoff, Managing Director, Sutter Hill Ventures. “By leveraging the capabilities of Benu Networks’ Virtual Service Edge platform, service providers can immediately unveil new avenues for service creation and monetization.”
“As a longstanding customer of Benu Networks, Liberty Global has experienced first-hand the technology advantages, revenue gains, and overall business value that Benu Networks’ solutions provide,” said Dan Hennessy, Chief Technology Officer, Liberty Global Europe.
“We invest in teams developing solutions which have the potential to disrupt our traditional core operations. We look forward to working closely with the Benu Networks’ team as they embark on this next phase of growth,” stated Ankur Prakash, Vice President, Liberty Global Ventures.
“The addition of Spring Lake Equity Partners together with the continued support from our long standing investors, sends a powerful message to the market as a testament to Benu Networks’ momentum, architectural approach, and expertise in the industry,” said Mads Lillelund, CEO, Benu Networks. “These funding rounds provide additional fuel to fully capitalize on significant market opportunities, address concurrent, large scale customer deployments more efficiently, and expand our overall market share.”
About Benu Networks
Benu Networks’ carrier-class Virtual Service Edge (VSE) software platform enables the rapid creation and delivery of next generation IP services over a converged infrastructure, and empowers service providers to increase revenue, expand market leadership, and meet the dynamic needs of their business, residential and mobile customers. For more information, please visit the Benu Networks’ website: www.benunetworks.com. Follow us on Twitter @benunets.
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