128 Technology Raises $30 Million Series D Financing to Fuel Growth
Funding will be used to introduce Session Smart networking to new markets, and to help customers radically reinvent their digital future
BURLINGTON, Mass., September 19, 2019-- 128 Technology, the leader in Session Smart™ Routing, today announced that it closed $30 million in Series D financing. Existing investors all participated in the oversubscribed round, including executive management and current employees of 128 Technology, G20 Ventures, The Perkins Fund and individual investors.
Companies are focused on connecting their users with experiences through ambitious digital transformation agendas. The resources and applications delivering those experiences are nothing like they used to be – they are virtualized, distributed, elastic and cloud-native. Companies must transform their networks to achieve their ambitions.
128 Technology’s Session Smart Router is the only cloud-defined, experience-based and natively secure virtual routing solution that can help companies deliver on their digital transformations.
The funding round brings 128 Technology’s total amount of capital raised to $97.4M and will be used to invest in key areas of growth, including:
• Go-to-market and 128 Technology partnerships: Investing in customer growth around the globe, with particular focus on expanding relationships with leading Cloud providers, direct enterprises and key managed service providers
• Further develop Session Smart networking as the technical foundation for an experience-led network: Hundreds of businesses are actively transforming their networks with Session Smart routing, and the company will use the new funds to accelerate further innovations to its ground-breaking virtual networking technology
“The latest round of funding comes at a pivotal time for 128 Technology, when we’re seeing higher than ever demand for our session-based, service-centric networking approach,” said Andy Ory, CEO of 128 Technology. “As virtualization and cloud are shaping our connected future, 128 Technology’s approach offers users a simple, agile solution and helps enterprises manage their networks efficiently and securely.”
“Andy Ory and his rapidly growing 128 Technology team have disrupted the multi-billion-dollar market for traditional networking by delivering proven, next generation network services that give customers freedom from increased risks, unnecessary costs and vendor lock-in,” said Sonja Hoel Perkins, Managing Director, The Perkins Fund. “As companies around the globe continue to invest in solutions that meet the demands for a new model of virtual networking, 128 Technology has created a large, untapped market opportunity.”
“High bandwidth costs drove CMC Networks to look for an SD-WAN solution that addresses the unique challenges of the Middle East and Africa region. 128 Technology’s Session Smart router transforms our network without tunneling technology, allowing us to provide better service quality to our customers, while deploying the most cost-effective and competitive solution available in the market,” said Marisa Trisolino, Chief Executive Officer, CMC Networks. “To date, we’ve realized bandwidth savings of 30-40% compared with other products. We are excited about how the 128T platform will transform the customer experience. Our customers can leverage a lower cost and better-quality solution, allowing for a smooth transition from legacy networking technologies.”
“The SD-WAN market drivers have evolved from simple MPLS replacement to secure and assured virtual and cloud networking,” said Tom Nolle, 128 Technology Technical Advisory Board member. “Only one player, 128 Technology, has consistently led in that new session-smart, cloud-defined mission. With this new round of financing, the company is positioned to not only continue its technology leadership, but expand it.”
To learn more about 128 Technology’s mission to set the network free, visit here.
About 128 Technology
128 Technology, a software-based networking company, is on a mission to radically reinvent companies’ digital futures based on a new model for virtual networking called Session Smart™. Session-smart networking enables enterprise customers and service providers to create a service-centric fabric that's more simple, agile, and secure, delivering better performance at a lower cost. Whether your enterprise is moving your business to the cloud, modernizing the WAN edge, seeking more reliable unified communications or pursuing an industrial internet of things (IIoT) initiative, Session Smart networking re-aligns networks with digital transformation initiatives. Headquartered in Burlington, Mass. along Route 128, ‘America’s technology highway’, the company also has operations throughout North America, South America, Europe and Asia Pacific. To learn more about 128 Technology, visit www.128technology.com and follow the company on Twitter, LinkedIn and Facebook.
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