Waltz Networks announced that it has raised $6.75 million in Series A funding from venture capital firm New Enterprise Associates to create self-managing computer networks. The San Francisco-based company also received a $1.4 million grant from the National Science Foundation, bringing total funding to $8.15 million.
Waltz Networks Raises $8.15 Million to Create Self-Managing Networks
April 19, 2016 07:55 AM Eastern Daylight Time
SAN FRANCISCO–(BUSINESS WIRE)–Waltz Networks announced that it has raised $6.75 million in Series A funding from New Enterprise Associates (NEA) and $1.4 million in National Science Foundation grants, bringing total funding to $8.15 million. The capital will be used to expand hiring and product development efforts.
Today, under the assumption that it is impossible to do better, networks operate on frameworks designed over 30 years ago. However, the rapid growth in network traffic and its increasing variability are stressing our communication networks, resulting in resource allocation and management hurdles that adversely affect all-important application traffic.
Waltz Networks breaks these barriers with its innovative control schemes which enable intelligent, real-time network control that can be integrated seamlessly into any network. For businesses, the resulting competitive edge is unparalleled availability, higher bandwidth utilization and lower latency, all at considerably reduced operating costs.
“The explosive growth of dynamic network traffic means that current infrastructure is just unable to adapt and maintain good application performance,” explained Nithin Michael, co-founder and CEO. “Our mission is to enable, for the first time, automatic and real-time network control that invisibly resolves issues before they ever affect end users.”
Nithin Michael received his Ph.D. in Electrical and Computer Engineering from Cornell University, where he was a Jacobs Fellow. His dissertation at Cornell solved a long-standing problem in networking, which forms the basis of Waltz’s core technology.
Kevin Tang, CTO and co-founder, is an Associate Professor in the School of Electrical and Computer Engineering at Cornell University. His networking research has received multiple awards including the Presidential Early Career Awards for Scientists and Engineers from the White House in 2012.
About Waltz Networks
Founded by Cornell University researchers, Waltz Networks is a venture-backed startup using breakthrough control schemes to enable networks of all sizes to be self-managing. For the first time, real-time control can be delivered seamlessly in any existing network for exponential improvements in resiliency and performance. To learn more, visit www.waltznetworks.com.
New Enterprise Associates, Inc. (NEA) is a global venture capital firm focused on helping entrepreneurs build transformational businesses across multiple stages, sectors and geographies. With nearly $17 billion in cumulative committed capital since inception, NEA invests in technology and healthcare companies at all stages in a company’s lifecycle, from seed stage through IPO. The firm’s long track record of successful investing includes more than 200 portfolio company IPOs and more than 320 acquisitions.
Michael Kellner, 415-425-4773