Benu Networks, a leading provider of innovative virtual network solutions that enable service providers to rapidly create and deliver next generation IP services, today announced it has closed a total of $17.5 million in two funding rounds over the past 12 months. The funding will fuel the addition of product engineering, sales, and support resources needed to meet the rapid expansion of solution trials and deployments throughout the world.
The most recent round of $10 million, which closed in July 2018, was led by new investor Spring Lake Equity Partners, a Boston-based private equity firm that invests primarily in later-stage, technology-oriented private companies. This followed a funding round of $7.5 million led by long-time investors; Sutter Hill Ventures, a premier venture capital firm known for many successful investments in IT/communication infrastructure, and Liberty Global Ventures, a global investment fund owned by Liberty Global, the world’s largest international cable company, which focuses on investing in companies offering products and services that support Liberty Global’s business strategy and broader industry initiatives.
“Benu Networks’ team and forward-thinking platform bring a superior value proposition to the service provider market,” said Dan MacKeigan, Partner, Spring Lake Equity Partners. “We are particularly excited about its enterprise-grade managed security and IoT service for the small to medium business market.”
Benu Networks’ Virtual Service Edge (VSE) platform enables network operators to rapidly create new business opportunities for Mobile Wi-Fi, Managed Business Networking, Managed Home Networking, Managed Security, and Managed Internet of Things (IoT). The VSE’s fully virtualized architecture increases deployment flexibility, decreases time-to-market, creates new revenue streams, and seamlessly integrates into an operator’s existing access core network and OSS/BSS assets.