MUMBAI: NetDevices, developer of services gateway products for enterprise branch gateways, has received a $25 million Series B funding.
New investor Castile Ventures led the up-round and existing investors that include ComVentures, Columbia Capital, Artiman Ventures, and JumpStartUp have also participated.
This round brings NetDevices' total funding to date to $40 million. The funding would be used to fuel company's growth in India and overseas.
Seenu Banda, CEO of NetDevices, said, “ We have been looking for another round of funding for quite sometime and it recognizes the significant opportunity we have to redefine the model for enterprise branch networks.”
NetDevices was formed in 2003 with the first round of funding of $15 million and was eyeing for another round of funding of similar size within a year.
The company has around 110 people working in India. Around 80 people are working in its R&D facility located in Bangalore. The company is planning to double the strength of the team by end of this year.
NetDevices had recently partnered with Astuto Telecom for the distribution of its first product 'SG8' in India and the SAARC region. It is looking at generating revenue to the tune of $6 million to $8 million from India and around $6 million from the SAARC region this year from this product.
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