Juniper Networks founder Pradeep Sindhu and former Apple executive Bertrand Serlet join top-tier investors Mayfield, Walden Riverwood Ventures, and Battery Ventures
SANTA CLARA, CA--(Marketwired - Feb 7, 2017) - Fungible Inc., a company co-founded by Pradeep Sindhu, founder of Juniper Networks, and Bertrand Serlet, former Apple software engineering leader, today announced a $32.5 Million Series A financing to fulfill its mission of providing a full-stack solution for cloud data centers. The round was co-led by Mayfield, Walden Riverwood Ventures (WRV), and Battery Ventures, with participation from Juniper Networks.
Following the financing, Navin Chaddha, Mayfield partner, and Lip-Bu Tan, WRV chairman, joined Fungible's board of directors. Dharmesh Thakker, Battery Ventures general partner, joined as a board observer.
"I have always had a passion for solving large, complex problems that have broad industry applicability. One of the biggest challenges facing the high-technology industry today is how to make radical improvements to the economics, security, and reliability of cloud data centers given the slowdown of Moore's Law and the progressive increase in the ratio of communication to computation for contemporary applications," said Sindhu. "At Fungible, we are building a full-stack silicon, software, and packaging solution, that leverages standard components, protocols and interfaces, and will make a big impact on cloud data centers."
"The opportunity to partner with the caliber of founders like Pradeep and Bertrand comes along rarely, and when that is combined with a big idea, it is an irresistible opportunity for early-stage investors who love helping build companies," said Mayfield's Chaddha. "There is wave of re-imagination powering the enterprise right now, and Fungible will ride that with its revolutionary hyperconverged data center infrastructure play."
"Clear product vision and a strong executive track record are the formula for success for any new venture," said WRV's Tan. "I am confident that the Fungible team, under the leadership of Pradeep Sindhu and Bertrand Serlet, and their product vision can deliver next generation solutions to meet the new cloud infrastructure requirements."
"Tectonic changes in enterprise-IT -- from the rise of cloud computing to 'deep learning' to new, sophisticated analytics applications -- require a fundamental re-thinking of underlying computing technologies, including silicon," said Battery Ventures' Thakker. "Pradeep and Bertrand helped develop the core building blocks that drove early Internet switching and smartphone software systems, so we are excited to partner with them as they pursue the next wave of systems for the datacenter."
Fungible plans to roll out the first phase of products in 2018.
Fungible is a data center infrastructure company co-founded by legendary Silicon Valley entrepreneur Pradeep Sindhu, founder of Juniper Networks, and Apple's former software engineering leader, Bertrand Serlet. It is building a full-stack solution that will revolutionize the economics, security and reliability of cloud data centers. The company is based in Santa Clara, and supported by a seasoned team of investors from Mayfield, Walden Riverwood Ventures, and Battery Ventures, along with Juniper Networks.
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