SevOne Gets $50million in venture funding to tackle mobile and IoT bottlenecks

Infrastructure management start up SevOne has won $50 million to help it unblock the bottlenecks in mobile networks and the IoT. The funds will pay for developing new technology and sales channel expansion, according to Delaware based SevOne.

In a Series C financing investment round led by Westfield Capital Management and Bain Capital Ventures, it attracted support from Brookside Capital, HarbourVest, VT Technology Ventures and Osage Venture Partners. According to the Wall Street Journal, this pushes the company’s valuation to $1 billion.

SevOne aims to tackled the problem of global networking infrastructure that was not designed for the mobile age, according to its founder and CEO Jack Sweeney. “The opportunities and challenges of managing digital infrastructures have never been greater,” said Sweeney. The world’s largest data centre and network operators need help realising the potential of their digital infrastructure, argues SevOne, which creates management systems for 4G LTE, software-defined networks, network functions virtualization and software-defined data centres.

SevOne’s Cluster invention monitors millions of objects on a network, analysing patterns with tools using algorithms and artificial intelligence. It aims to pre-empt problems on networks by spotting traffic congestion early and creating reports that stimulate affirmative action. Its systems are used by 40 per cent of the world’s top technology companies, 50 per cent of the top fixed and mobile broadband carriers and 60 per cent of the world’s top investment services firms, it claims.

Funds will be invested in work at its 48,000 square foot, research and development centre on the University of Delaware’s Science, Technology and Advanced Research (STAR) Campus in Newark, Delaware. It will be recruiting staff and adding to its presence in Boston, Philadelphia, London and Bulgaria.

“SevOne’s massively scalable data aggregation platform is highly differentiated and disruptive to the digital infrastructure management market,” said Will Muggia, CEO of Westfield Capital Management.

Visit Europe’s leading IoT event – Internet of Things World Europe – in Berlin on 5 – 7 October 2015