NoviFlow raises $9 mln Series A funding led by Fonds de solidarité FTQ


Network Cables 3

NoviFlow Inc has secured $9 million in a Series A financing. The round was led by Fonds de solidarité FTQ, a Canadian venture capital and private equity firm, and was joined by W3 Investissement, Somel Investments and other investors. Based in Montréal, NoviFlow specializes in the development of solutions and systems for intelligent software-defined networking switches. It plans to use the proceeds of the Series A to expand sales, marketing and product offerings and to grow its customer base beyond North America, Asia and Europe. Founded in 2012 as a spin-out from the Université du Québec à Montréal, the company also has offices in Sunnyvale, California and Seattle, Washington.

PRESS RELEASE

NoviFlow Announces Successful Closing of Series A Round

New investment provides NoviFlow the funds needed to expand sales, marketing, and product offerings in the fast growing SDN market

This funding recognizes NoviFlow’s consistent growth within the fully programmable high-performance SDN forwarding plane market, the strength of its team, as well as the exponential growth opportunity enabled by its unique software-based innovation model.

MONTREAL, CANADA (PRWEB) SEPTEMBER 09, 2015

NoviFlow Inc., a global leader in programmable, high-performance Software Defined Networking (SDN) forwarding plane solutions, today announced the closing of a $9.0 million Series A round of funding. The round was led by Fonds de solidarité FTQ and joined by W3 Investissement and Somel Investments Inc., with participation from previous investors and directors of NoviFlow Inc.

Headquartered in Montreal, Canada, the new funding will permit NoviFlow to quickly expand its global sales resources and marketing activities and further invest in its innovative network processor-based switching solutions and applications. The funding will also strengthen the company’s capacity to support a growing roster of clients representing some of the world’s most innovative brands and organizations.

“Thanks to its founders’ dedication and persistence, and innovations resulting from research at UQAM, Montréal-based NoviFlow has become a world leader in information technology. With these new investments, NoviFlow will be able to continue growing and creating jobs in Québec’s IT sector,” said Alain Denis, Senior Vice-President, New Economy, at the Fonds de solidarité FTQ.

“This funding recognizes NoviFlow’s consistent growth within the fully programmable high-performance SDN forwarding plane market, the strength of its team, as well as the exponential growth opportunity enabled by its unique software-based innovation model,” added Nicolas Bélanger, co-founder and senior manager at Investissements W3.

According to NoviFlow Inc. president and CEO Dominique Jodoin: “With this financing, we are well positioned to extend the reach of our SDN hardware and software offering beyond our existing client base in North America, Asia, and Europe.”

Founded in March 2012 as a spin out of the Université du Québec à Montréal (UQAM), NoviFlow has successfully deployed in commercial networks both its NoviSwitch OpenFlow switches and its NoviWare software for OEMs and ODMs. The company’s products offer the industry’s broadest support of the OpenFlow 1.3/1.4 specification, including all actions, instructions and match fields, and deliver the capabilities and performance needed by leading-edge SDN and NFV applications. NoviFlow’s products also feature an extensive set of operations and maintenance features, making them easier to deploy in large-scale carrier, cloud and enterprise networks. By delivering functions beyond the OpenFlow specification, such as L2-L7 packet payload matching and flow handling, encapsulation/decapsulation of GRE and VxLAN packets, and BFD link monitoring, NoviFlow is expanding the possibilities of what can be achieved through software defined networking innovation.

“Whether deployed in NoviFlow’s NoviSwitch products, or integrated as part of our OEM customers’ own offering, our NoviWare forwarding plane software is providing a real high-performance solution for SDN enabled switches, routers and other network appliances,” added Jodoin. “Delivering NoviWare on the EZchip NP-4 and NP-5 network processors provides our customers with an evolution path to the new generation of high performance NPS network processors from EZchip. We are pleased that our NPU-based switches and software are becoming key elements in the deployment of scalable, robust, and high-demand SDN, cloud, and Network Functions Virtualization (NFV) solutions.”

“With this round, NoviFlow is embarking on a new growth phase. Having been with NoviFlow’s Board of Directors since its founding, I am extremely pleased to welcome our new investors and Board members. I look forward to continuing as Chairman of NoviFlow’s new Board,” said Roch L. Dubé.

You can meet NoviFlow and see their advanced OpenFlow solutions demonstrated at their booth at the SDN & OpenFlow World Congress, 12-16 October 2015 in Düsseldorf. For more information on NoviFlow high-performance OpenFlow 1.3 and 1.4 switching products please visit: http://noviflow.com/products/our-products/

ABOUT THE FONDS DE SOLIDARITÉ FTQ
The Fonds de solidarité FTQ helps drive the Québec economy. With net assets of $11.1 billion as at May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec’s development. The Fonds de solidarité FTQ is a partner, either directly or through its network members, in more than 2,550 companies. With more than 610,605 shareholder-savers, the Fonds helps create, maintain and protect 176,000 jobs. For more information, visit http://www.FondsFTQ.com.

ABOUT NOVIFLOW
NoviFlow Inc. provides high-performance OpenFlow-based switching solutions to network carriers, data center operators and enterprises seeking greater control and flexibility over their networks. NoviFlow has offices in Montreal, Sunnyvale and Seattle. For more information, please visit http://www.noviflow.com. Follow NoviFlow on Twitter @NoviFlowInc.

Media and Analyst Contacts:
Patrick McQuilken
Senior Advisor, Media Relations and Communications
Fonds de solidarité FTQ
+1 514 850-4835
pmcquilken(at)fondsftq(dot)com
Anne Baker
Press and Analyst Relations
NoviFlow Inc.
Phone: +1 425.442.1806
Email: abaker(at)bluecreekmarketing(dot)com

Photo courtesy of Shutterstock

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