Akorri Networks Raised $10 Million in Venture Capital Financing

Akorri Networks, a Littleton, MA expansion stage technology company that makes virtual infrastructure management software, announced that it raised $10.1 million in a Series E round of venture capital investment. The E round of venture capital financing that was announced on March 24th, was led by a new investor Montagu Newhall Associates and will be used to boost the sales and marketing initiatives of the company, as well as its product development. Masshightech.com reports that according to Akorri’s CEO Allan Wallack, the company needs the financing to establish its competitive positioning in the virtualization and cloud computing market. The same website pointed that in Q4 of 2009 the company achieved 134% growth over the same period in 2008. Interestingly, in the beginning of March the Wall Street Journal ranked the Akorri among the 50 top venture-backed companies.