Midokura Raises $17.3 Million In Series A Funding
Midokura is a network virtualization based startup that has raised $17.3 million in Series A funding. Midokura plans to use the funding to push their vision and speed up their go-to-market strategy. This round of funding was led by Innovation Network Corporation of Japan (INCJ), which is a Japanese government-backed sovereign fund. Other investors that participated in this round include DOCOMO Innovations (NTT Group’s venture fund) and Innovative Ventures Fund Investment L.P. (NEC Group’s Venture Fund).
Dan Mihai Dumitriu has been named as the CEO of Midokura. Dan is a co-founder and was previously the CTO of the company. Fellow Midokura co-founder Tatsuya Kato has been CEO up until now and will become the Chairman of the Board going forward.
Midokura’s overlay-based network virtualization technology lets cloud users provision virtual network devices such as routers, firewalls, load balancers, and virtual switches. The virtual network devices can be connected to virtual machines and other other virtual network devices in order to create complex network topologies. Midokura’s MidoNet services was designed to be full distributed and can be scaled out as demand increases. It can also be integrated with cloud management solutions so that the virtual network device provisioning is automated.
“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, and 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 preformat, scalable and fault tolerant network virtualization solution to the IaaS infrastructure market,” stated Dumitriu.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry