Israeli cloud-native carrier startup Cato Networks announced today that it has closed a $55 million financing round led by Lightspeed Venture Partners with the participation of all current investors - Aspect Ventures, Greylock Partners, Singtel Innov8, USVP, and co-founders Shlomo Kramer and Gur Shatz. This investment brings the total funding raised by the Tel Aviv-based company to date to $125 million.
The new funding caps a very strong 2018 that saw bookings grow by 352% year-over-year with business from the channel increasing fivefold. Over 300 enterprises worldwide with thousands of branch locations across all verticals now rely on Cato to connect and secure their corporate networks.
The new funding demonstrates the investors’ confidence in Cato’s vision of a global, cloud-native carrier, connecting and protecting all enterprise locations, mobile users, and cloud resources.
Cato CEO and cofounder Shlomo Kramer said, “Cato goes beyond edge SD-WAN, MPLS, and network security point solutions, to offer a full WAN transformation platform. Cato closes the huge gap between the needs of the digital business, and the rigid, slow, and expensive networks provided by legacy telcos, using a groundbreaking cloud-native carrier architecture. Cato is powered by cloud-scale software, self-service management, and elastic compute and bandwidth to provide the new foundation for the growth of the business.”
“Cato is a transformative force in the stagnant managed network services market,” says Yoni Cheifetz, Partner at Lightspeed. “Businesses are looking for an affordable, agile, and scalable network to drive strategic initiatives like global expansion, hybrid cloud, and workforce mobility. Today’s rigid networks aren't built to support this growth and this is the multi-billion dollar market opportunity Cato is going after.”
Published by Globes, Israel business news - en.globes.co.il - on January 29, 2019
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