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Longworth leads $16.2m Series B round for cloud network company PLUMgrid

26 Jun 2014

plum-106211-mLongworth Venture Partners has led a $16.2m round of financing for secure cloud network provider PLUMgrid.

Venture Partners, Hummer Winblad Venture Partners, Qualcomm Ventures and Swisscom Ventures also participated in the now closed Series B round.

PLUMgrid said it planned to use the new capital to grow its global sales and marketing efforts and continue to innovate for new markets.

The business secured $10.7m in 2012 through a Series A round backed by repeat investor US Venture Partners and software-focused venture capital firm Hummer Winblad.

PLUMgrid provides secure cloud networks for public and private clouds. It has also announced the general availability of its OpenStack Networking Suite which has been deployed at IT solutions and telecom service company Swisscom.

Longworth Venture Partners’ head and PLUM board member Nilanjana Bhowmik said, “PLUMgrid addresses a hard problem for cloud infrastructure – how to deliver secure, scalable and automated cloud networks.

“The PLUMgrid team brings together solid leadership, great technology, customer focus and impeccable execution. We see a broad set of use cases for their technology, and strong capabilities to continue to lead the market.”

PLUMgrid said its OpenStack Networking Suite is a secure and open software solution that delivers terabits of performance and scales across tens of thousands of workloads.

US Venture Partners’ Jacques Benkoski said the company is the first and only to “tackle the cloud network virtualization challenge head-on and holistically.”

He said, “An end-to-end solution in this space will go a long way in getting service providers and enterprises to adopt public and private clouds at large scale.”

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