SOURCE: Midokura

Midokura

June 08, 2016 07:00 ET

Network Virtualization Market Leader Midokura Announces $20M in Series B Financing

New Funding to Support Increasing Demand for Midokura's Award-Winning Technology, as Company Continues Aggressive Product Development and Worldwide Expansion

SAN FRANCISCO, CA--(Marketwired - Jun 8, 2016) -  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 2020.1

"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.

To learn more about MEM and to register for a free trial, visit: www.midokura.com/midonet-enterprise. To learn more about open source MidoNet, go to: www.midonet.org.

Tweet This: Midokura secures $20M Series B funding to support growing demand for its #NetworkVirtualization technology worldwide http://bit.ly/25mN73D

Resources

About Midokura
Founded in 2010, Midokura was an early global leader in network virtualization. The company's pedigree includes Amazon, Cisco, Google and VMware. With its Midokura Enterprise MidoNet (MEM) solution, Midokura offers the industry a complete overlay technology that integrates with cloud platforms, such as OpenStack. Now gaining awareness in 122 countries, the source code for MidoNet is freely available at www.midonet.org. MidoNet delivers the first truly open, vendor-agnostic network virtualization solution available to the OpenStack community. Midokura is a contributing member of the OpenStack Networking (Neutron) Project and the Kuryr Project.

Midokura has offices in San Francisco, Tokyo and Barcelona, and is on the web at www.midokura.com. Follow us on Twitter: @midokura.

About Simplex Inc.
Simplex provides the financial IT solutions focused on "the realm of Financial Frontier", defined as the IT investment where financial companies strategically focus to maximize their profit. In capital markets, Simplex provides wide variety of dealing applications covering most financial products such as the front-middle system chosen by major banks and the bond front-system adopted by eight (8) major securities companies. In retail, Simplex is proud to have the No.1 market share to provide FX (foreign exchange margin transactions) systems with the most advanced dealing engine.

About Innovation Network Corporation of Japan (INCJ)
INCJ was established in July 2009 as a public-private partnership that provides financial, technological and management support for next-generation businesses. INCJ specifically supports those projects that combine technologies and varied expertise across industries and materialize open innovation. INCJ has the capacity to invest up to ¥2 trillion (approx. US $20 billion).

INCJ's management team is drawn from the private sector with diverse experience in investment, technologies and management. Through its Innovation Network Committee, INCJ assesses investment opportunities that contribute to industrial innovation in Japan in line with criteria set by the government.

1 IDC, SDN Market to Gain Enterprise Headway, Driven by 3rd Platform and Cloud, Doc # US40628315, Nov 2015

Contact Information

  • Media Contacts

    United States
    Lila Razzaqui
    Kulesa Faul, Inc. for Midokura
    (650) 825-5452
    Email Contact

    APAC
    Akane Matsuo
    Midokura
    +81 (0)50-6865-3261
    Email Contact