Fastback Networks, continuing its growth trajectory that began in 2011 with its $11 million Series A round of funding, was pleased to announce its $15 million Series C funding round led by Harmony Partners that included all prior existing investors. This followed a B Series round in May 2013 that was led by Matrix Partners that included existing investors: Foundation Capital, Granite Ventures, and Juniper Networks Junos Innovation Fund. Proceeds from the raise will be used to further operations which includes expanding customer service, marketing, sales, and product development.
-We are pleased with the addition of Harmony Partners, and the continued support of all of our previous investors,- said Kevin J. Duffy, CEO & Co-founder, Fastback Networks. -This financing enables Fastback to continue to build on the tremendous momentum we achieved in 2014, and seize the breakout opportunities emerging in 2015.-
It was Fastbacks unveiling of its innovative backhaul solution for the current and future requirements of the LTE network in 2012 that placed it on course to rapidly becoming an industry leader. -Fastback has rapidly established itself as a leader in the LTE backhaul market,- said Mark Lotke, Managing Partner, Harmony Partners. He added, -Fastbacks superior technology and significant early traction position the company for exceptional growth as the explosion of mobile data usage continues to drive transformation of LTE infrastructure.-
The Fastback Intelligent Backhaul Radio (IBR) eases access to LTE service for cellular devices and is used in several Tier 1 US mobile networks across 5 of the largest US cities, enabling service providers to accelerate deployment of LTE services. What makes it unique is the fact that Fastbacks IBR uses never before combined technologies in a single device. The IBR enables fast and affordable expansion of LTE service to meet demand today. Market adoption of this solution has been on a -fast paced trajectory- r, as described in a recent press release issued by Fastback Networks.
Fastback Networks has offices in Menlo Park, California and New York City.
