CloudGenix Announces $65 Million in Funding, 300% Year-Over-Year Growth and the Industry’s Largest Gen-1 SD-WAN Replacement
SAN JOSE, CA – April 17, 2019 – CloudGenix, the leader in software-defined wide-area network (SD-WAN), today announced $65 million in new funding to fuel global sales and go to market expansion and to continue to build award-winning products. This brings the total investment raised by CloudGenix through Series C close to $100 million. Existing investors including Bain Capital Ventures, Charles River Ventures, Mayfield Fund, and Intel Capital and new investors including ClearSky participated in the latest investments.
“As large enterprises adopt a multi-cloud strategy, the need to implement SD-WAN has become a top priority for CIOs who are navigating the complexities of managing their overall cloud infrastructure,” said Enrique Salem, partner at Bain Capital Ventures. CloudGenix SD-WAN delivers 50-70% cost savings and is a critical component of the cloud-enabled enterprise. With a proven product and exceptional go-to-market capabilities, we are excited to support CloudGenix in this next phase of rapid growth.”
CloudGenix grew 300% year-over-year, fueled by greater than 90% win-rates against incumbent legacy networking vendors. Fortune 1000 companies, including those in healthcare, retail, manufacturing, finance, banking, hi-tech and hospitality have selected CloudGenix for their remote office WAN needs across six continents, hundreds of countries and tens of thousands of locations.
“SD-WAN is a rapidly growing market, expected to grow to $4.5 billion at 40% CAGR by 2022 according to IDC. We are excited to invest in CloudGenix, which is growing many times faster than the market. The consistent feedback from customers is that the unique application-defined approach of CloudGenix is a foundational capability for cloud migration and broadband deployment,” said Alex Weiss of ClearSky.
In addition to greenfield SD-WAN wins replacing legacy routers, CloudGenix also completed the largest Gen-1 SD-WAN replacement in the industry for a large retailer headquartered in Atlanta. This retailer with more than 2000 locations was migrating to the cloud, deploying Unified Communications as a Service (UCaaS) and had deployed a Gen-1 SD-WAN solution from the incumbent networking vendor. Running voice and business critical applications over broadband, the Gen-1 solution resulted in over 10,000 trouble tickets for voice and point of sale in a 12-month period. Frustrated, the CIO deployed CloudGenix Gen-2 SD-WAN that understands voice and application behavior and adapts to changing network conditions, eliminating the need for 99.9% of the trouble tickets or any manual interventions.
“Our system is autonomous. We characterize network and application behavior in real-time and use data science techniques to auto-correct application behavior. Data is the new soil and is giving life to modern, autonomous infrastructure,” said Mukhtiar Shaikh, CTO of CloudGenix.
CloudGenix’s greater than 90% win-rate in the enterprise is driven by the application-defined approach to networking and by an architecture that meets the stringent security and compliance requirements of the large enterprise. At one of the largest global banks headquartered in the East Coast of the United States, CloudGenix beat out the incumbent networking and virtualization vendors whose Gen-1 SD-WAN products failed to pass the bank’s security certifications. The Gen-1 products failed device-level security requirements and mixed control-path and data-path creating compliance exposures for the bank. CloudGenix enables a zero-trust model and the customer’s data-path is never forced through CloudGenix’s controller in the cloud. This ensures high availability, performance and security.
CloudGenix delivers an ecosystem of solutions and/or partnerships with security vendors including Palo Alto Networks, Symantec and Zscaler; cloud providers including Amazon and Microsoft; UCaaS providers such as Microsoft, RingCentral and Fuze; and operational tool vendors such as PagerDuty and ServiceNow. CloudGenix is emerging as the branch platform of choice for delivering best-of-breed services for network, security, voice, operations, cloud and performance management.
“We are leading a revolution in the networking industry. We are executing on our vision of delivering autonomous WANs to our customers – enabling them to specify application policies aligned to their business and have the infrastructure choreograph itself. We couldn’t be more thankful to our customers and look forward to serving them in even larger numbers,” said CloudGenix Founder and CEO Kumar Ramachandran.
CloudGenix (www.cloudgenix.com) is the software-defined wide-area network (SD-WAN) leader, revolutionizing networking by transforming legacy WANs into a radically simplified, secure, application-defined fabric and unified hybrid WAN. Enabling application-specific, service-level agreements (SLAs), CloudGenix controls network application performance based upon application-performance SLAs and business priority. CloudGenix ION (Instant-On Network) simplifies how WANs are designed and managed, enabling customers to build “networks without networking,” and achieve more than twice the performance at less than half the cost while extending data center-class security to the network edge. Founded in 2013 by a team that has delivered industry-leading products in networking, SDN, cloud, security and web-scale applications, CloudGenix serves world-class financial services, legal, retail and technology organizations.