NEW DELHI: YourNest Venture Capital has led a $2 million Series A round of funding in SDN networking platform Lavelle Networks, the early-stage investment firm announced on Tuesday.
The round of equity financing has also seen participation from Ideaspring Capital, KAAJ Ventures and ASM Technologies, all existing backers of the enterprise technology startup, according to an official statement.
“It (Lavelle Networks) has shown great potential for enterprises where legacy network platforms are increasingly becoming a business bottleneck. The company’s cloud-based WAN solution for enterprises is disruptive and is poised to solve many networking challenges,” Sunil Goyal, managing director YourNest Venture Capital, said.
Lavelle Networks offers an SDN networking platform that solves the biggest challenges in wide area network (WAN) for distributed enterprises. Its Network-as-a-Service – uses the cloud to automate, optimise and secure enterprise networks using next generation traffic analysis.
“We are tremendously excited to partner with YourNest as we work to bring cutting-edge enterprise networking at transformative economies of scale to the emerging economies of the world. Back in 2017, Ideaspring joined hands with us to build a company we all want to be proud of and grow rapidly into a market force,” Shyamal Kumar, chief executive of Lavelle Networks, said.
Proceeds from the latest round will be used by the company to to accelerate its expansion program in the current fiscal, into key digital transformation market opportunities, the press release stated.
According to report by VCCircle, citing sources, the Bengaluru-based Lavelle Networks had raised Rs 2 crore from ASM Technologies in October last year, a transaction that reportedly valued it at about $5.2 million.
“Lavelle Networks has achieved phenomenal growth over the past two years. Ideaspring is very happy to participate in this round as we believe Lavelle Networks will be one of the premier SD-WAN companies,” Naganand Doraswamy, managing director, Ideaspring Capital. said.
Founded in 2011, YourNest Venture Capital is a SEBI-registered, early-stage pre-Series A investment firm. It is currently in the midst of raising its second fund, with a target corpus of $65 million, focusing across multiple technology segments, including, Internet of Things, robotics, electronic system design, enterprise SaaS, comprising Artificial Intelligence, Machine Learning and Blockchain.