Stateless Secures $11.33M in Series A Funding to Reinvent Data Center Connectivity with Software-Defined Interconnect
January 30, 2019
Drive Capital and Speedinvest Fund Stateless’ Oversubscribed Series A
Round as Company Emerges from Stealth
BOULDER, Colo.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/SeriesA?src=hash” target=”_blank”gt;#SeriesAlt;/agt;–Stateless, Inc., the company reinventing network connectivity, today
announced it has raised $11.33 million in Series A funding. The
investment is spurred by the rapid demand to extend connectivity beyond
the data center and to connect workloads across data centers, hyperscale
clouds and on-premises footprints. The oversubscribed Series A Round was
led by Drive Capital with participation from existing investor
Speedinvest.
Changing market dynamics such as the accelerating decline of on premises
enterprise data centers, the introduction of software-defined WAN
(“SD-WAN”) and the continued growth of huge hyperscale public clouds
have caused enterprises to adopt hybrid multi-cloud strategies.
Colocation providers, which have traditionally served as space, power
and physical network connectivity resources, should now position
themselves to be the hub for tenant traffic as workloads are
decentralized. Stateless was founded to enable colocation providers and
cloud MSPs to sit at the core of tenant networks through
software-defined interconnect (SD-IX). SD-IX gives providers
software-defined management of cross-connects so that they can protect
their connectivity revenue, intelligently extend outside a single
physical location and optimize their internal networks.
“Stateless aims to take network applications to the next level with a
ground-breaking approach to connectivity,” said Murad Kablan, co-founder
and CEO of Stateless. “The world of colocation and cloud service
providers is rapidly transforming, and providers risk losing the value
of their existing networking assets if they do not optimize for new use
cases. The platform we are building is designed to elevate existing
network assets to provide greater security, visibility and control, no
matter the endpoint.”
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The Series A funding will be used to expand deployment and operations
activities and to optimize the Stateless platform. The funding
investment represents one of the largest Series A capital rounds raised
in Colorado within the past 12 months.
“Interconnection capabilities are becoming paramount as Equinix and
organizations across the globe move towards more digitization of assets
and information,” said Muhammad Durrani, global architecture &
engineering lead, Equinix. “To realize the true value of our
infrastructure, we need to greatly enhance the existing network
connections beyond what fiber and cable can provide to us and our
customers at our scale. Stateless’ software-defined interconnect
approach is spot-on and will help drive future growth and success.”
“Flexential is excited about the capabilities Stateless brings to
simplify the industry’s operational challenges due to the increase of
network bandwidth and applications in our data centers,” said Jason
Carolan, chief innovation officer at Flexential. “With its game-changing
technologies and vision for reinventing connectivity, Stateless is a
valued partner and is well-positioned to have a transformational impact
on the network-enabled colocation industry.”
According to a report
by Structure Research, colocation and cloud service providers are
set to experience growing demand as enterprises move away from on
premise data centers. Outsourced infrastructure revenue is expected to
increase at a compound annual growth rate (CAGR) of 28 percent through
2022, when it is forecasted to reach $382.63 billion up from $138
billion in 2018. Stateless is poised to capitalize on this opportunity.
“Stateless brings together a truly unique collection of talent,
experience and vision for delivering a revolutionary architecture for
network applications, and we are excited to be working with them on
their next phase of growth,” said Andy Jenks, partner at Drive Capital.
“Networks have not seen the same magnitude of benefits from
virtualization that compute and storage have achieved. We believe
Stateless’ unique architecture is the key to the next generation of
networking.”
The company will release more details on its technology, platform and
products at a future date.
About Stateless
Stateless is reinventing connectivity. We are dedicated to relentlessly
solving the network challenges others deem impossible. The revolutionary
Stateless platform gives users the power to optimize existing network
assets to control and connect every endpoint, including portfolio data
centers, tenant sites and hyperscale clouds. Stateless is proudly based
in Boulder, Colorado. Learn more at www.bestateless.com.
©2019 All rights reserved. Stateless is a trademark owned by
Stateless, Inc. All other trademarks are the property of their
respective owners.
Contacts
IGNITE Consulting, on behalf of Stateless
Kathleen Sullivan,
303-439-9365
Linda Dellett, 303-439-9398
stateless@igniteconsultinginc.com