Your Source for Venture Capital and Private Equity Financings

Fastback Networks Nabs $15M Series B

2013-05-06
SAN JOSE, CA, Fastback Networks announced the company has closed $15 million in Series B financing led by Matrix Partners.
Fastback Networks today announced the company has closed $15 million in Series B financing. Led by Matrix Partners, the round of funding includes existing investors Juniper Networks through its Junos Innovation Fund, Foundation Capital, and Granite Ventures. The investment will provide working capital to accelerate and scale customer engagements, enhance customer service and support capabilities, and facilitate ongoing product development for the Fastback Intelligent Wireless Transport solution. In conjunction with the Series B investment, Stan Reiss, General Partner, Matrix Partners, has joined the Fastback Networks Board of Directors.

Following an $11 million Series A financing in 2011, the Company emerged from stealth mode in February 2013, unveiling a patented breakthrough in a new class of intelligent wireless transport devices that deliver fiber equivalent performance for small cell backhaul and commercial services. The Fastback solution, currently in trials with Tier 1 mobile network and services operators, fuses advanced radio and data network technology to enable fiber equivalent service assurance at any location where mobile services are in demand. With Fastback's proprietary Any Line of Sight„˘ technology, mobile network operators can deploy small cells in any location without line of sight or access to fiber constraints, and fiber network operators can assure delivery of Carrier Ethernet 2.0 services over wireless to locations that previously could not be served.

"Fastback is well positioned to extend their technology advantage and lead the market in removing the barriers to widespread deployment of small cells within the new emerging mobile network," said Stan Reiss, General Partner, Matrix Partners. "Fastback is leading the transformation of small cell backhaul, enabling the high capacity and density demanded by the explosive growth of mobile data usage."

"We are proud and pleased to welcome Matrix as an investor, and look forward to Stan's contributions to the Fastback Board of Directors as we scale the company and expand our market engagement in the re-architecting of the mobile network," said Kevin J. Duffy, CEO & Co-founder, Fastback Networks. "Our Series B funding allows us to build on our success and address the opportunity as today's disaggregated mobile networks seamlessly converge across public, private, LTE and Wi-Fi networks."

"As a leading provider of innovative network platforms for service providers, we recognize the unique benefits Fastback's solution brings to our 4G/LTE customers," said Rami Rahim, Executive Vice President, Platform Systems Division, Juniper Networks. "We are excited to continue our work with Fastback and support the company as an investor."

About Matrix Partners

Matrix Partners is a premier venture capital firm that has generated outstanding returns for more than three decades. By focusing on early-stage investments and emphasizing long-term relationships with entrepreneurs, the firm has delivered several of the industry's top performing funds of all time. Matrix Partners has offices in Cambridge and Waltham, MA; Palo Alto, CA; Mumbai, India; and Beijing and Shanghai, China. Matrix Partners has invested in several game-changing, industry-leading businesses such as Apple Computer, Aruba, HubSpot, JBoss, Netezza, Phone.com, Polyvore, Starent Networks, Tivoli Systems, Veritas, Zendesk, and Zong.

About Juniper Networks' Junos Innovation Fund

The Junos Innovation Fund is a corporate venture capital fund launched in 2010 and backed solely by Juniper Networks. It invests in leading early-stage and growth-stage technology companies that expand and enhance the Junos® ecosystem.

About Fastback Networks

Fastback Networks was founded with a vision to deliver innovative technology for the mobile infrastructure of the future, enabling network operators to deliver new services, tap new markets and monetize a new generation of mobile applications. With insights derived from the collective team's vast experience building leading edge radio and data networking solutions, Fastback Networks looked at the challenges of 4G/LTE deployment with fresh eyes and better ideas, and developed a transformational solution that enables the acceleration of next generation mobile services. Fastback Networks is a privately held venture funded company. More information is available at www.fastbacknetworks.com.
(c)2011-2020 by Massinvestor, Inc. For contact info, please check out our about page.
>> Click here for in-depth research on 9,000 startups and 5,000 VC investors


Featured Reading