Oct
19
2020
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Juniper Networks acquires Boston-area AI SD-WAN startup 128 Technology for $450M

Today Juniper Networks announced it was acquiring smart wide area networking startup 128 Technology for $450 million.

This marks the second AI-fueled networking company Juniper has acquired in the last year and a half after purchasing Mist Systems in March 2019 for $405 million. With 128 Technology, the company gets more AI SD-WAN technology. SD-WAN is short for software-defined wide area networks, which means networks that cover a wide geographical area such as satellite offices, rather than a network in a defined space.

Today, instead of having simply software-defined networking, the newer systems use artificial intelligence to help automate session and policy details as needed, rather than dealing with static policies, which might not fit every situation perfectly.

Writing in a company blog post announcing the deal, executive vice president and chief product officer Manoj Leelanivas sees 128 Technology adding great flexibility to the portfolio as it tries to transition from legacy networking approaches to modern ones driven by AI, especially in conjunction with the Mist purchase.

“Combining 128 Technology’s groundbreaking software with Juniper SD-WAN, WAN Assurance and Marvis Virtual Network Assistant (driven by Mist AI) gives customers the clearest and quickest path to full AI-driven WAN operations — from initial configuration to ongoing AIOps, including customizable service levels (down to the individual user), simple policy enforcement, proactive anomaly detection, fault isolation with recommended corrective actions, self-driving network operations and AI-driven support,” Leelanivas wrote in the blog post.

128 Technologies was founded in 2014 and raised over $96 million, according to Crunchbase data. Its most recent round was a $30 million Series D investment in September 2019 led by G20 Ventures and The Perkins Fund.

In addition to the $450 million, Juniper has asked 128 Technology to issue retention stock bonuses to encourage the startup’s employees to stay on during the transition to the new owners. Juniper has promised to honor this stock under the terms of the deal. The deal is expected to close in Juniper’s fiscal fourth quarter, subject to normal regulatory review.

Jun
17
2020
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Uptycs lands $30M Series B to keep building security analytics platform

Every company today is struggling to deal with security and understanding what is happening on their systems. This is even more pronounced as companies have had to move their employees to work from home. Uptycs, a Boston-area security analytics startup, announced a $30 million Series B today to help companies detect and understand breaches when they happen.

Sapphire Ventures led the round with help from Comcast Ventures and ForgePoint Capital. The startup has now raised a total of $43 million, according to the company. Under the terms of today’s deal, Sapphire Ventures’ president and managing director Jai Das will be joining the company’s board.

Company co-founder and CEO Ganesh Pai says he and his co-founders previously worked at Akamai, where they observed Akamai’s debugging and diagnostic tools, which were designed to work at massive scale. The founders believed they could use a similar approach to building a security analytics platform, and in 2016 the group launched Uptycs .

“We help people to solve intrusion detection, compliance and audit and incident investigation. These are table stakes requirements [for security solutions] that most large scale organizations have, and of course with their scale the challenges vary. What we at Uptycs do is provide a solution for that,” Pai told TechCrunch.

The company uses a flight recorder approach to security, giving security operations teams the ability to sift through the data and review exactly how a detection happened and how the intruder got through the company’s defenses.

He recognizes his company is fortunate to get a round this large right now, but he says the solution has attracted a number of customers signing seven-digit contracts and this in turn got the attention of investors. “That customer engagement, their experience and this commitment from our customers led to this substantial round of funding,” he said.

The company currently has 65 employees spread across offices in Waltham, a Boston suburb, as well as two offices in India. Pai says the plan is to double that number in the next 12 months. “Between the cash flow from our existing customers and the pipeline for us and the funding, we are planning to grow in a meaningful way. If everything aligns with our expectation we will double our team size in the next 12 months,” he said.

As he grows his company in this way, Pai says they are talking to their investors about how to build a diverse workforce. “We’ve thought long and hard about it, both in terms of diversity and inclusion. It is a lot harder to execute because at the end of the day, there is a finite talent pool, but we are having conversations with our investors, who have seen patterns of success in terms of implementing such plans from growth stage ventures,” he said.

He added, “And of course we are a very early-stage company, but we are extremely cognizant, and given the current circumstances are acutely aware that we need to do our very best and make a difference.”

As the company has moved to work from home across its operations, he says it has benefited from working in the cloud from the start. “As an organization we are very fortunate that we built our organization so that everything runs in the cloud and everyone has been able to remain very productive,” he said.

May
28
2020
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Wasabi announces $30M Series B as cloud storage business continues to grow

We may be in the thick of a pandemic with all of the economic fallout that comes from that, but certain aspects of technology don’t change, no matter the external factors. Storage is one of them. In fact, we are generating more digital stuff than ever, and Wasabi, a Boston-based startup that has figured out a way to drive down the cost of cloud storage, is benefiting from that.

Today it announced a $30 million Series B led led by Forestay Capital, the technology innovation arm of Waypoint Capital, with help from previous investors. As with the previous round, Wasabi is going with home office investors, rather than traditional venture capital firms. Today’s round brings the total raised to $110 million, according to the company.

While founder and CEO David Friend wouldn’t discuss the specific valuation, he did say it was in the hundreds of millions of dollars.

Friend says the company needs the funds to keep up with the rapid growth. “We’ve got about 15,000 customers today, hundreds of petabytes of storage, 2,500 channel partners, 250 technology partners — so we’ve been busy,” he said.

He says that revenue continues to grow in spite of the impact of COVID-19 on other parts of the economy. “Revenue grew 5x last year. It’ll probably grow 3.5x this year. We haven’t seen any real slowdown from the coronavirus. Quarter over quarter growth will be in excess of 40% — this quarter over Q1 — so it’s just continuing on a torrid pace,” he said.

The challenge for a company like Wasabi, which is looking to capture a large chunk of the growing cloud storage market, is the infrastructure piece. It needs to keep building more to meet increasing demand, while keeping costs down, which remains its primary value proposition with customers.

The money will be used mostly to continue to expand its growing infrastructure requirements. The more they store, the more data centers they need, and that takes money. It will also help the company expand into new markets where countries have data sovereignty laws that require data to be stored in-country.

The company launched in 2015. It previously raised $68 million in 2018.

Note: This article originally stated this was a debt financing round. The company has clarified that it is an equity round.

Sep
17
2019
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Boston-based DataRobot raises $206M Series E to bring AI to enterprise

Artificial intelligence is playing an increasingly large role in enterprise software, and Boston’s DataRobot has been helping companies build, manage and deploy machine learning models for some time now. Today, the company announced a $206 million Series E investment led by Sapphire Ventures.

Other participants in this round included new investors Tiger Global Management, World Innovation Lab, Alliance Bernstein PCI, and EDBI along with existing investors DFJ Growth, Geodesic Capital, Intel Capital, Sands Capital, NEA and Meritech.

Today’s investment brings the total raised to $431 million, according to the company. It has a pre-money valuation of $1 billion, according to PitchBook. DataRobot would not confirm this number.

The company has been catching the attention of these investors by offering a machine learning platform aimed at analysts, developers and data scientists to help build predictive models much more quickly than it typically takes using traditional methodologies. Once built, the company provides a way to deliver the model in the form of an API, simplifying deployment.

The late-stage startup plans to use the money to continue building out its product line, while looking for acquisition opportunities where it makes sense. The company also announced the availability of a new product today, DataRobot MLOps, a tool to manage, monitor and deploy machine learning models across a large organization.

The company, which was founded in 2012, claims it has had triple-digit recurring revenue growth dating back to 2015, as well as one billion models built on the platform to-date. Customers contributing to that number include a broad range of companies such as Humana, United Airlines, Harvard Business School and Deloitte.

Nov
14
2018
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This startup got $2.3M to identify physical objects using diamond dust

Imagine coating an expensive part with a layer of diamond dust the width of a human hair, capturing its light pattern as a unique identifier, then storing that identifier in a traditional database or on the blockchain. That’s precisely what Dust Identity, a Boston-based startup is trying to do, and today it got $2.3 million in seed money led by Kleiner Perkins with participation from New Science Ventures, Angular Ventures, and Castle Island Ventures.

The science behind Dust Identity was nurtured inside MIT, but the company has been at work for two years trying to build a solution based on that idea after receiving early support from DARPA. What these folks do is manufacture extremely tiny diamonds. They dust an object such as a circuit board with a coating of this and capture the diamonds in a polymer, company CEO and co-founder Ophir Gaathon explained.

“Once the diamonds fall on the surface of a polymer epoxy, and that polymer cures, the diamonds are fixed in their position, fixed in their orientation, and it’s actually the orientation of those diamonds that we developed a technology that allows us to read those angles very quickly,” Gaathon told TechCrunch.

For all the advanced technology at play here, Dust Identity is truly an identity company, but instead of identifying an individual, its purpose is to provide a trusted identity for an object using a physical anchor — in this case, diamond dust. You may be thinking that diamonds are kind of an expensive way to achieve this, but as it turns out, the company is actually creating the coating materials from low-cost diamond industrial waste.

“We start with diamond waste (for example, [from] the abrasive industry), but we developed a proprietary process (that’s of course highly scalable and economical) to purify and engineer the diamond waste into dust,” a company spokesperson explained.

The idea behind all of this is to prove that an object is valid and hasn’t been tampered with. The dust is applied at some point during the manufacturing process. The unique identifier is captured with some kind of commercial scanner and stored in the database. It provides a physical anchor for blockchain supply chain solutions that’s currently lacking. When the part makes its way to the buyer, they can run the part under a scanner and make sure it matches. If the dust pattern has been disturbed, there’s a good chance the piece was tampered with.

Finding a way to create uncopyable tags for physical objects is a kind of supply chain holy grail. Ilya Fushman, a partner at Kleiner Perkins says his firm recognized the potential of this solution. “We have a pretty strong hard tech practice. We understand the value of supply chain and supply chain integrity,” he said.

The company is not alone in trying to find a way to attach a physical anchor to items in the supply chain. In fact, you can go back to RFID tags and QR codes, but Gaathon says the security of these approaches has degraded over time as hackers figure out how to copy them. IBM and others are working on tiny chips to attach to objects, but the diamond dust approach could be the most secure if it can scale because it works with an entirely random light pattern that can never be reproduced.

The startup intends to take the money and try to prove this idea can be commercialized for government and manufacturing use cases. It certainly gets points for creativity here and it could be onto something that could transform how we track the integrity of items as they move through a supply chain.

Feb
12
2018
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XebiaLabs lands $100 million Series B led by Susquehanna Growth Equity and Accel

 XebiaLabs, the Boston-based software startup that helps companies automate DevOps functions, announced a healthy $100 million Series B investment led by Susquehanna Growth Equity and Accel. Today’s investment brings the total raised to $121.5 million. Derek Langone, Xebia’s CEO says they raised the money out of a desire to expand more rapidly. “You always want to raise money… Read More

Nov
16
2016
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Spoiler Alert raises $2.5 million to stop food waste, abate hunger

food groceries Spoiler Alert has raised $2.5 million for enterprise software that helps manufacturers and farms put excess food inventory to good use, instead of tossing it out. Since it was founded in 2015, the Boston-based startup has been working with large food producers and farms, including a recent partnership with Sysco Corporation. The publicly traded juggernaut racks up about $50 billion in… Read More

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