CENX Logs $12.5 Million Funding Round for NFV/SDN Orchestration

By Tara Seals August 14, 2015

Canadian IT powerhouse CENX has nabbed a $12.5 million equity investment in a series D investment round—an investment that points to the continued momentum in the network function virtualization (NFV) and software defined networking (SDN) space for carriers and service providers.

The company plans to use the funding for market expansion and making enhancements for its portfolio. CENX specializes in Big Data analytics-based lifecycle service orchestration (LSO). Its Cortx Service Orchestrator is used in SDN and NFV deployments for dynamic provisioning, visualization and assurance of data services across heterogeneous physical and virtualized networks. In other words, the LSO engine crunches performance and usage numbers and then provides a view as to what’s happening across the entire network, virtualized or otherwise.

The LSO market is hot: It’s forecast to grow at a CAGR of nearly 60 percent, reaching $2.7 billion by 2019, according to The Rayno Report, fueled by carrier SDN and NFV markets that are increasing 50-80 percent annually. Nearly every major operator is evaluating NFV/SND deployments in an effort to become more flexible, agile and efficient in how they create and provision services in the cloud era.

Image via Shutterstock 

"We welcome the market, business and partnership perspectives that VMware, BDC Capital, and Mistral bring to CENX," said Ed Ogonek, president and CEO of CENX. "We are seeing tremendous demand worldwide for our Cortx solution, delivering tangible value in today's networks and empowering the evolution to virtualized networks and services with NFV and SDN. With the support and confidence of our growing investor group, we continue to expand our world-class team to meet these global opportunities."

New investors BDC Capital, Mistral Venture Partners and VMware joined the round, in which all existing investors participated: Highland Capital Partners, Mesirow Financial Private Equity Inc., Verizon Ventures, a subsidiary of Verizon Communications, Ericsson, DCM Ventures and Cross Creek Advisors.

"CENX is at the forefront of the fast-rising LSO market with its Cortx Service Orchestrator, and we are delighted to support its continued global business growth," said Ron Warburton, managing partner at the IT Venture Fund at BDC Capital. "This is a great opportunity to bring Canadian innovation to mobile, wireline, and cloud service providers worldwide."

Edited by Dominick Sorrentino

NFVZone Contributor

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