Midokura Announces $20M in Series B Financing
Funding to support increasing demand for Midokura’s technology, as company continues product development and worldwide expansion.
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Midokura, the global innovator in software network virtualization, today announced $20.4 million in Series B funding in response to continued demand for its award-winning network virtualization technology Midokura Enterprise MidoNet (MEM).
Series B funding participation came from Japanese Fintech company Simplex Inc., and existing investors Innovation Network Corporation of Japan (INCJ) and Allen Miner, a member of Midokura’s board of directors. The new funding brings Midokura’s total investment to over $44 million to date.
“Midokura aims to fundamentally transform and automate networking for any public, private or hybrid cloud and container deployment. We are delighted to have the support of our investors in our $20 million Series B funding round, and are poised to build upon our success,” said Dan Dumitriu, co-founder and CEO of Midokura. “We look forward to further developing our globally adopted MEM network virtualization technology to support the world’s appetite for microservices and IoT connected devices, as well as growing our team, strategic business partnerships and valuable channel alliances.”
Midokura technology is the network overlay of choice for the enterprise and a leader in the container orchestration ecosystem. The new round of funding will be used to address market demand to continue to provide 24/7 enterprise-grade support for its globally popular MEM solution. Specifically, funds will be used to build upon and accelerate product development, expand the company’s executive and development teams and secure new partnerships with industry leaders.
As leading organizations, including Midokura customers Blue Jeans Networks, Overstock.com, Puppet and SysEleven, and Midokura partners including Dell and Fujitsu continue to rapidly adopt OpenStack and container orchestration ecosystems, the demand for network virtualization or Software Defined Networking (SDN) solutions, such as MEM, to make the most of their investments, continues to grow. According to IDC, the global SDN market will have a compound annual growth rate (CAGR) of 53.9 percent from 2014 to 2020 and will be worth nearly $12.5 billion in 2020.
“The network is the enabler of a connected lifestyle, including connected cars and connected devices,” says Tatsuya Kato, co-founder and chairman of Midokura. “With the wholesale re-imagination of global industries, from commerce to financial, travel and transportation, software gives rise to a new class of applications that demands higher levels of network agility and performance. Midokura is on a mission to deliver on this demand via our unique approach to network virtualization and make MidoNet the preferred virtual networking solution everywhere.“
Midokura’s MEM technology offers an intelligent, software-based network abstraction layer between the hosts and the physical network, by decoupling the IaaS cloud from the network hardware. In turn, operators can build isolated networks in software to overlay the existing hardware-based network infrastructure. The open source version of its core MidoNet technology is quickly gaining in popularity among organizations of all sizes in more 120 countries.
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