Instart Logic Inks $43M Expansion Funding
PALO ALTO, CA, Leading cloud application delivery provider closed a $43 million expansion funding round.
Instart Logic, the leading cloud application delivery provider that brings speed, security and scale to websites and applications, today announced key milestones to accelerate the next wave of its growth. The company closed a $43 million expansion funding round led by new investors Four Rivers Group and Hermes Growth Partners, with participation from existing investors including Andreessen Horowitz, Kleiner Perkins Caufield and Byers, and Tenaya Capital. The company today also announced the addition of Rafael Torres as Chief Financial Officer (CFO), Shailesh Shukla as vice president of products and strategy, and Justin Fitzhugh as vice president of technical operations.
'With its software-defined application delivery approach, the company is disrupting the legacy content delivery network market to meet the current and future needs of global enterprises.'
This expansion round comes at an opportune time in the company's growth and will be instrumental in fueling accelerated hiring to meet expanding market demand from large enterprises, doubling down on research and development, and expanding the company's global footprint. Additionally, Instart Logic announced on its blog today that it has been selected by leading global innovators in e-commerce, media, and travel.
The three key hires announced will bring a depth of experience to the company. Torres, a seasoned financial executive with experience leading public and private technology firms, joins Instart Logic on June 1 as CFO. Torres is currently CFO at OCZ Storage Solutions, a Toshiba Group Company and also serves on the board of Ubiquiti Networks. Previously, he held senior leadership roles at Capella Photonics, Power Integrations and PLX Technology, Inc.
Shukla joins Instart Logic as vice president of products and strategy. He has a wealth of business and technology leadership experience in software, networking and mobility. Shukla joins from Cisco Systems, where he held multiple roles, including vice president and general manager of the Mobility Software and Applications Business Unit and vice president and general manager of the Core Routing Business Unit. Prior to Cisco, Shukla held senior leadership roles at Juniper and Redback Networks.
Fitzhugh joins Instart Logic on May 18 as vice president of technical operations, where he will be responsible for expanding the company's world-class software-defined application delivery infrastructure and ensuring impeccable reliability and scale. He is currently CIO and vice president of technical operations at Jive Software. Prior to Jive, Fitzhugh held senior leadership roles at Mozilla, Adobe and Cisco.
Read Instart Logic founder and CEO Manav Mital's blog post for more details on today's announcement.
Instart Logic Key Facts
Instart Logic is one of the fastest growing companies in the application delivery market and recorded fivefold sales growth in 2014, with more than 400 high-volume websites running on its Software-Defined Application Delivery (SDAD) platform.
In addition to the new customers announced today, top e-commerce and SaaS companies on its roster include Nasty Gal, Shutterstock and Evite.
According to a recent study from leading global advisory firm Enterprise Strategy Group (ESG), for the top 30 e-commerce websites based on the Keynote Mobile Commerce Performance Index, SDAD delivers a 75 percent overall reduction in mobile website load times as compared to traditional content delivery networks (CDNs).
Instart Logic has filed close to 40 patents to date and authored several papers, contributing learned technological insights back to the research community.
'We believe Instart Logic is following the pattern of success we've seen with several other portfolio companies, and is well-positioned to become a great company,' said Farouk Ladha, managing partner at Four Rivers Group. 'Its strategy of delivering fast, secure and scalable solutions built for mobile-first has tremendous market potential.'
'Instart Logic is developing the speed, security and scale capabilities that companies like Apple, Amazon and Google have built for themselves and are making this available to everyone,' said Brian Melton, managing director at Tenaya Capital. 'With its software-defined application delivery approach, the company is disrupting the legacy content delivery network market to meet the current and future needs of global enterprises.'
'Instart Logic has a clear vision for the future of application delivery and we are uniquely positioned to reshape this market,' said Manav Mital, founder and CEO at Instart Logic. 'We are building a world-class team that can develop truly innovative technology and solve customers' toughest application delivery challenges. Companies globally are switching to Instart Logic and that is great validation and a testament to our strategy and execution.'
About Instart Logic
Instart Logic accelerates cloud application delivery for the world's most performance-obsessed organizations. Its unique software-defined application delivery technology solves performance challenges inherent in wireless connections and makes content delivery networks (CDNs) obsolete. Using Instart Logic, organizations can provide ultra-fast, visually immersive experiences on any device to maximize revenue, deliver superior customer experiences and gain competitive advantage. Instart Logic is funded by Andreessen Horowitz, Four Rivers Group, Greylock Partners, Hermes Growth Partners, Kleiner Perkins Caufield & Byers, Sutter Hill Ventures, Tenaya Capital, Wing Venture Capital and several notable Silicon Valley angel investors. Learn more at http://instartlogic.com or follow us on Twitter at @InstartLogic.
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