As IP networks become more sophisticated and larger, managing them becomes much more difficult. To address this issue, the Santa Clara, California-based tech startup Forward Networks, developed a platform and a suite of software tools to revolutionize the way large networks are utilized.
To further its plan, the firm has acquired a series of funding and it recently closed a series D fund.
Forward Networks series D fund
Forward Networks is a California-based tech company that provides distinctive digital twin network modeling software that provides reliability, security, and agility to big enterprise networks.
Forward Networks recently announced that it has secured $50M in Series D funding from top-tier venture capital firms. The firm said the Series D fund will be used to continue investing in R&D and expand its base of customers.
The funding round was led by MSD Partners and it includes new investors like Section 32 and Omega Venture Partners with participation from existing investors Threshold Ventures, Goldman Sachs, Andreessen Horowitz, and A. Capital.
In general, Forward Networks has raised a total of $112.1M in funding over 4 rounds.
Also, in addition to the funding, Foward announced that Victor Hwang, managing director and co-head of MSD Growth, has joined the Forward Networks board of directors.
Forward Networks progress over the years
Forward Networks is revolutionizing the way big networks are operated.
And since its last round of funding in 2019, the firm has quadrupled its customer base, opened a new office in Santa Clara, California, and expanded its development team with an office in India.
The company also achieved 139% ARR (Accounting rate of return) growth from FY2021 to FY2022 while experiencing extraordinary customer loyalty demonstrated by a 96% retention rate.
Forward Networks’ plans
David Erickson, CEO, and co-founder of Forward Networks said, they are working on a new technology category with a product that their customers will deem essential as soon as it’s implemented. So they are excited to put this series D find to work to grow sales and deliver a product – the new technology category – that unlocks the power of the data inside everyone’s digital infrastructure.
Speculation from Forward Networks backers
Victor Hwang, managing director and co-head of MSD Growth said they are very excited and optimistic about Forward Networks and its robust and scalable platform that will address the growing market need for network security and visibility, unlike anything anyone has ever seen. And they are also thrilled to lead the company’s round of funding and support its next stage of development.
Andy Harrison, the CEO and managing partner, at Section 32, a venture capital firm that invest at the horizons of technology, said Forward Networks is one of the few companies addressing the multi-vendor, multi-cloud reality of enterprise networks.
Gaurav Tewari, the managing partner at Omega Venture Partners, added to it saying Forward Networks has reached an inflection point in its development as it innovates across network automation, advanced analytics, and cybersecurity. And together with the firm, they are excited to leverage Omega’s vast strategic resources to capture the tremendous growth potential ahead.
Andreas Stavropoulos, the partner at Threshold Ventures, the firm that has been a financial backer of Forward Networks since its Series B funding in 2017, said they saw the potential value of the Forward Networks platform and they’ve been impressed by the company’s development and the expanded platform capabilities that make insightful and actionable network data ready to NetOps, SecOps, and CloudOps teams.
Thank to series funding, Forward Networks is moving forward with its revolutionary plans.
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