Midokura, a global startup focused on network virtualization, today announced it has raised $17.3M in Series A funding. The investment will be used toward furthering Midokura’s vision, product innovation and go-to-market strategy.
The round was led by Innovation Network Corporation of Japan (INCJ), a Japanese public-private partnership. Other investors who participated in the round include NTT Group’s Venture Fund: NTT Investment Partners, L.P. and NEC Group’s Venture Fund: Innovative Ventures Fund Investment L.P.
As part of today’s announcement, Midokura also named Dan Mihai Dumitriu CEO. Dan is a co-founder and previously served as CTO. Fellow co-founder Tatsuya Kato, who had been serving as CEO, is now Chairman of the Board.
Midokura offers an overlay-based network virtualization technology that allows cloud users to provision virtual network devices, including virtual switches, routers, firewalls and load balancers. Virtual network devices can then be connected to virtual machines, as well as other virtual network devices to create complex network topologies.
Midokura’s MidoNet offers the industry a key added network virtualization benefit, as it was designed to be fully distributed and can be scaled out incrementally as demand increases. It also integrates with cloud management solutions so that virtual network device provisioning is automated. With MidoNet, users can virtualize the network stack for popular cloud platforms and reduce associated costs of managing the network. This impacts the overall economics of cloud computing by simplifying network requirements.
“As enterprises and carriers embrace and build out IaaS clouds, an overlay-based network virtualization platform will soon be a must-have technology. The financial support of Innovation Network Corporation of Japan, and other key backers, validates our strategy as well as the work we’ve done over the past three years developing our industry leading product MidoNet. This funding will enable us to accelerate our product engineering, the establishment of partnerships, and the growth of our customer base. We look forward to delivering the most preformant, scalable and fault tolerant network virtualization solution to the IaaS infrastructure market.” - Dan Mihai Dumitriu, CEO of Midokura
“With funding from INCJ and other key investment firms, we are now entering a new stage of growth in the network virtualization landscape. With our new financial support and management structure we will be able to better serve the global market. I’m excited to be able to accelerate Midokura’s product development and expand our sales channel and customer base.” - Tatsuya Kato, Chairman of Midokura
“We, INCJ, strongly admire Midokura’s extremely high-value of its innovative network virtualization technology and globally distributed team. We are certain that Midokura’s MidoNet software already leads the global community of Software-Defined Networking, which solves problems over network infrastructure while the cloud service market grows rapidly. We also believe that Midokura has become a role model among startups for innovative software development, in order to foster attractive core industries from Japan in addition to manufacturing businesses.” - Mr. Kimikazu Noumi, President & CEO of INCJ
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