Michael Sharma Led Exinda Nabs $12 Million In Series B
Massachusetts: Massachusetts based WAN optimization solutions provider Exinda has secured $12 million in its series B round of funding from Greenspring Associates.
The round also saw the participation of existing ventures OpenView Venture Partners. The company had earlier secured $6 million from OpenView Venture Partners in 2007. The current funds will be used to support the company to penetrate the market and achieve its targeted growth.
Michael Sharma, CEO, Exinda says, “The new funding further strengthens our financial stability and will enable us to continue executing on our aggressive growth strategy by maintaining the momentum and critical mass we have built up in the market to date.”
The company was founded in 2002 and is led by Michael Sharma who was previously the COO at PlateSpin. Large corporations and multinational companies may be able to afford to buy more equipment and increase bandwidth but SMBs do not have this luxury. Still, this is a very expensive option over the long term and if there is a cost-effective alternative even the large corporations can save valuable resources by implementing a smarter solution. Exinda provides solutions that enable network managers to address these and other challenges, helps maximize network resources, control operational costs, and improve the user experience.
“Having initially invested in Exinda in April 2007 we have been impressed with the company’s development and performance in converting its technology innovation into commercial success and are delighted to be participating in this latest financing round.Its solutions continue to maintain market relevancy, addressing many of the major IT challenges being faced by its customers around cloud, SaaS and real-time applications such as video and the impact of these on traditional network infrastructures.” said Firas Raouf, Venture Partner, OpenView Venture Partners.
OpenView Venture Partners is a Boston based expansion stage venture capital fund with a focus on high-growth software, Internet, and technology-enabled companies, which invests worldwide. The firm was founded in 2006 and has a total capital under management of approximately $240 million.
It targets expansion stage technology companies which are achieving $2-20 million in annual sales and are interested in raising $5-15 million in capital. Few of its portfolio companies include Skytap, Nextdocs, Monetate, Prognoisis, Balihoo, Open-e, Reality Digital, and Intronis among others.
Greenspring Associates is a global venture capital investment firm which provides commingled fund and customized partnership to institutions and individuals in North America, Europe, Asia, and Australia. It has over $2 billion under management and manages five venture capital funds-of-funds.
Few of its fund investments include Accel Partners, Alta Partners, August Capital, Battery Ventures, Bessemer Venture Partners, Benchmark Capital, and Nexus Venture Partners among the others. Its direct investments include Channel Advisor, cvent, Digital Chocolate, Intarcia, Entellus, Roundbox, Team Viewer, and Proofprint among the others.