Reports confirm that YourNest Venture Capital, an early stage venture capital firm, has recently led a Series A round of funding valued at $2 million in SDN networking platform Lavelle Networks.
Sources familiar with the matter informed that the round of equity financing had further seen participation from KAAJ Ventures, ASM Technology, and Ideaspring Capital, all existing investors of the enterprise technology startup.
Managing Director of YourNest Venture Capital, Sunil Goyal, stated that Lavelle Networks has demonstrated great potential for enterprises where legacy network platforms are rapidly turning into bottleneck for businesses. The cloud-based WAN solution of the company for enterprises can cause a disruption and is assured to address many networking challenges, he said.
Seemingly, Lavelle Networks provides SDN networking platform that resolves the most vital challenges in wide area network for distributed enterprises. Its Network-as-a-Service make use of the cloud to optimize, secure, and automate enterprise networks by utilizing cutting-edge traffic analysis.
Lavelle Networks CEO Shyamal Kumar commented that the firm has partnered with YourNest to bring next-generation enterprise networking at revolutionary economies of scale to the developing economies of the world.
Back in 2017, the Ideaspring had apparently joined hands with Lavelle to build a company which would develop rapidly into a market force, Kumar added.
As per press release, proceeds from the recent round will be utilized by the company to speed up its expansion program within the current fiscal year into significant digital transformation market opportunities.
Records show that Lavelle Networks, based in Bengaluru, had secured Rs 2 crore from ASM Technologies in October previous year, a transaction that allegedly valued the firm at about $5.2 million.
Managing director of Ideaspring Capital, Naganand Doraswamy mentioned that for the past two years, Lavelle Networks has achieved phenomenal progress. Ideaspring is glad to take part in this round as they believe Lavelle Networks will probably be one of the best SD-WAN companies.