Expeto announces $12M Series B round
The raise brings investment in the Vancouver-based company to over $20M.
Expeto CEO Michael Anderson (photo supplied).
Expeto, a company that builds private cellular and wireless networks for its clients, raised a $12 million Series B funding round. The round was led by Sorenson Capital and included existing investors Evok Innovations, Lavrock Ventures, and Mistral Venture Partners. Additional new backers included 5G Open Innovation Lab and Samsung Next. Expeto has now raised over $20 million in total financing and will use funds from the Series B to accelerate innovation and expand go-to-market programs.
Landline: Expeto is based in Vancouver with U.S. headquarters in Portland, Oregon. The company also has research and development offices in San Francisco and Luxembourg. Expeto’s open and extensible NeXtworking Platform can be deployed for secure and scalable connectivity behind a corporate firewall, in a private or public cloud, or at geographically remote sites. It supports the creation of secure network segments, management of subscribers and network policies, and monitoring of network usage and performance.
Speed dial: Mobile network operators (MNOs) work with the company to simplify delivery of public and private cellular networks. As an example, Expeto’s platform is an integral component of Rogers’ business-class private network connectivity service. On the enterprise side, Expeto supports routing of connectivity as well as real-time management of the network. Enterprise clients include Agnico Eagle, which operates one of Canada’s largest gold-producing mines.
Conference call: “Expeto hides the complexity of mobile network management behind an easy interface and powerful routing platform that has been proven to help achieve ambitious mobile connectivity management goals in large-scale commercial deployments,” said Expeto CEO Michael Anderson. “Our work with enterprises and MNOs is rooted in solving the challenges enterprises face expanding private networks with cellular connectivity and the role we can play in helping transform industries based on compelling new use-cases.”
“Expeto was first-to-market with public and private networking on a single SIM, and we see them with a considerable lead in this market,” said Burke Davis, partner at Sorenson Capital. “Further, the company is helping to put more control and choice in the hands of the enterprise, which is a good thing for MNOs eager to advance and simplify how the mobile connectivity they offer can be integrated into private wireless networks. We look forward to working with Expeto as it pursues transformative outcomes for a range of large, complex industry use-cases.”
“As an early investor in Expeto, we recognized its ability to elegantly address [telecommunications] and enterprise requirements in one solution that could help [it] move beyond one-off deployments to drive real growth and revenue generation,” said Code Cubitt, managing director at Mistral Venture Partners. “We are doubling down on our initial investment following the company’s continued traction and momentum in this burgeoning market, and are proud to be working with the Expeto team and play a role in its ongoing success.”