Aerohive Networks Announces $25 Million in Series D Funding Led by New Enterprise Associates, Inc.
SUNNYVALE, Calif., March 28, 2011 - Aerohive Networks, the pioneer in controller-less Wi-Fi and cloud-enabled networking, today announced an additional round of $25 million in financing. This series D round was led by New Enterprise Associates, Inc. (NEA), a leading venture capital and growth equity firm. All of Aerohive's previous investors, including Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, and Northern Light Venture Capital also participated in this round.
- New funds will be used to expand the company's sales and marketing capabilities throughout the world and for future product/company acquisitions and/or the ability to enter into new markets.
- Aerohive's decision to take additional funding at this time has been driven by its strong business momentum, rapid growth, competitive win-rate and a desire to capitalize on the tremendous market opportunity in front of us.
- Aerohive's unique controller-less Wi-Fi and cloud-enabled networking solutions address the cost, operational complexity and survivability requirements of today's large enterprise, mid-size enterprises and highly distributed branch/teleworker networks.
- Recent news includes the acquisition of Pareto Networks in January 2011, a "Visionaries" placement in Gartner's 2011 Wireless LAN Magic Quadrant, new customer wins including Macaroni Grill, Holly Area School District in the US and the University of Chichester and Hartlepool Borough Council in the UK.
- To date, including this round, the company has raised over $70 million in venture capital financing.
"Cloud-enabled networks and the "iEverything" mobile device explosion will have a profound impact on the future of enterprise networking," said Krishna "Kittu" Kolluri, general partner at NEA. "We believe that Aerohive, as a pioneer in controller-less Wi-Fi and cloud-enabled networking is uniquely positioned to capitalize on the intersection of these two trends and lead the market in reducing the cost, complexity and the time to value of enterprise networks. We chose to invest in Aerohive because of their strong team, their overall vision and go to market strategy, business momentum and proven ability to execute."
"Our innovation in controller-less Wi-Fi and cloud-enabled networking has put Aerohive in an enviable position in the market, growing substantially faster than the Wi-Fi market and able to expand into the cloud-enabled router and VPN markets," said David Flynn, chief executive officer at Aerohive. "Today's investment once again shows our investors' strong commitment to Aerohive's success and provides us with the opportunity to further accelerate our growth and position ourselves to make further acquisitions or enter new markets."
New Enterprise Associates, Inc. (NEA) is a leading venture capital and growth equity firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With approximately $11 billion in committed capital, NEA invests in information technology, healthcare and energy technology companies at all stages in a company's lifecycle, from seed stage through IPO. The firm's long track record of successful investing includes more than 165 portfolio company IPOs and more than 265 acquisitions, including investments in technology leaders like Data Domain, CareerBuilder, Diapers.com, Groupon, Juniper, Macromedia, Playdom, Salesforce.com, and TiVo. In the U.S., NEA has two offices in the Washington, D.C. metropolitan area and one in Menlo Park, California. In addition, New Enterprise Associates (India) Pvt. Ltd. has offices in Bangalore and Mumbai, India and New Enterprise Associates (Beijing), Ltd. has offices in Beijing and Shanghai, China. For additional information, visit www.nea.com.
About Aerohive Networks
Aerohive Networks reduces the cost and complexity of today's networks with cloud-enabled, distributed Wi-Fi and routing solutions for enterprises and medium sized companies including branch offices and teleworkers. Aerohive's award-winning cooperative control Wi-Fi architecture, public or private cloud-enabled network management, routing and VPN solutions eliminate costly controllers and single points of failure. This gives its customers mission critical reliability with granular security and policy enforcement and the ability to start small and expand without limitations. Aerohive was founded in 2006 and is headquartered in Sunnyvale, Calif. The company's investors include Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Northern Light Venture Capital and New Enterprise Associates, Inc. (NEA). For more information, please visit www.aerohive.com, call us at 408-510-6100, follow us on Twitter @Aerohive, subscribe to our blog or become a fan on our Facebook page.