Security breaching and other related activities which cause network outages and surges are all growing across enterprises. Various technology companies across the globe are increasingly working towards the development and growth of a better security for networks to prevent such security breaches and safeguard the data of companies.
The latest development in this trend came to light when Forward Networks, a software startup based in California that helps businesses monitor their respective network traffic to recognize when things are not going right, reportedly announced that it raised $35 million in a Series C funding round which was led by Goldman Sachs.
Goldman Sachs is both, financial and strategic investor of Forward Networks in this instance.
Other investors participating in the funding round included Threshold Ventures, A. Capital and Andreessen Horowitz, which also stood behind Forward Networks’ previous funding round where it raised $16 million earlier in 2017.
The Series C funding raised by the startup would be used to expand marketing and sales programs into new vertical and regional markets. Additionally, the capital raised through the funding would also fuel a continued investment in its R&D efforts.
In 2016, the company launched Forward Enterprise to solve the greatest issue faced by businesses with network operations; risk. Forward Enterprise searches, documents, predicts and verifies enterprise networks’ behavior through the creation of a mathematical model of the complete network infrastructure for on-prem as well as cloud.
Chief Executive Officer at Forward Networks, David Erickson stated that the company’s customers are experiencing dramatic improvements in the operational efficiency and network availability by the deployment of Forward Enterprise.
Erickson added that this round of investment is the key to expand the company’s efforts in order to bring network verification to enterprise consumers.
Board partner at Andreessen Horowitz, Bill Krause stated that the company continues to witness the value brought by Forward Networks' platform to large-scale enterprises that are running complex networks.
Krause further added that Forward Networks has solved a crucial business problem, which further presents an actual growth opportunity.
Forward Networks has been developing slowly; presently its network monitoring covers about 75,000 devices. through that perspective, Goldman Sachs is an important client, with almost 15,000 devices in its network.
Source credit: https://techcrunch.com/2019/10/08/forward-networks-raises-35m-to-help-enterprises-map-track-and-predict-their-networks-behavior/