Packet Raises $25M in Series B Funding Round

Packet, a New York based bare metal automation platform for developers, raised $25M in Series B funding.

The round was led by Third Point Ventures, with participation from Battery Ventures, JA Mitsui Leasing and Samsung NEXT, as well as existing investors SoftBank Corp. and Dell Technologies Capital. In conjunction with the funding, Robert Schwartz and Shawn Cherian, both of Third Point Ventures, joined Packet’s board.

The company will use its new funding to expand product, engineering, sales and marketing teams, grow into new locations as part of its Edge product, and release an on-premise version of the software that powers Packet’s public cloud.

Founded in 2014 and led by Zachary Smith, CEO, and newly appointed Ihab Tarazi, CTO, and George Karidis, COO, Packet provides a bare metal automation platform for developers. Its proprietary technology automates physical servers and networks without the use of virtualization or multi-tenancy, powering over 60k deploys each month across its 18 global datacenters, as well as dozens of private and on-premise locations. In addition to its bare metal public cloud, the company offers a custom “Private Deployment” model for hosted private infrastructure, and a fully on-premise solution that automates infrastructure in customer-owned locations.

Packet, which serves enterprises, SaaS companies, and software innovators, is a member of the Open19 Foundation, as well as the Cloud Native Computing Foundation (CNCF), where it donates and manages the CNCF Community Infrastructure Lab. Additionally, the company supports many open source projects, including Memcached.org, NixOS, OpenFaas, Wireguard, Docker and Kernel.org.

FinSMEs

10/09/2018