Cloudstreet Secures €2.6M in 2nd Round Financing from VCs and the EU
HELSINKI, December 8, 2016 /PRNewswire/ --
Investments will Accelerate Global Rollout of the Company's 5G-Ready Network Slicing Platform
Cloudstreet, the Nokia spin-off specialized in delivering SLA-assured mobile Internet connectivity on-demand is pleased to announce that it has secured its 2nd VC funding round with principle investors VersoVentures and Finesco Capital along with a grant from the EU's Horizon 2020 SME Instrument, Phase 2. The public funding grant of €1.6M from the EU, along with earlier public grants, brings this combined public/private round to €2.6M and total Cloudstreet investments to date to €3.2M.
These investments come at an ideal time for Cloudstreet's market-ready technology, and at a critical moment for telecom as it looks to agile innovators to help deliver on the promise of 5G. Levering the network slicing framework, Cloudstreet's patented core technology, the Dynamic Profile Controller™ (DPC™) provides precisely the modular, scalable, software-defined solution needed to address connectivity requirement of multiple customer segments with assured quality of experience.
The EU's recognition of Cloudstreet provides one of the world's strongest endorsements of a company, its technology and global market potential. Focused on bringing disruptive technologies to market, H2020's SME Instrument and Cloudstreet's private equity partners will provide the necessary resources, support and runway for the company to achieve full-scale global commercialization.
"We are thrilled to have been recognized by these investors and a world-leading market force like the EU in our pursuit of a better, faster, smarter and more user-centric mobile network", said Mika Skarp, Founder & CTO of Cloudstreet. "Now past proof-of-concept, Cloudstreet is today poised to deliver on the promise of 5G well in advance of its arrival."
"Cloudstreet embodies precisely the target innovators that today's public and private equity investors seek to discover, support and promote," said Mika Suomela of VersoVentures. "Their solution not only addresses the immediate challenges of capacity management and monetization faced by mobile operators, but provides the kind of modular, flexible, software-defined approach that allows for virtually infinite new services and business models at very low costs."
Cloudstreet's DPC™ identifies the precise data need for each mobile-internet connected device or application on-the-fly and enables instant and fully-automated network optimisation to serve each end-user's precise data requirements at any particular moment, without affecting other users' connections. This will be a new paradigm in mobile network management.
Founded in 2010, Cloudstreet is a cloud-based service platform for telecom operators, combining business and network layer technologies to provide SLA-assured bandwidth-on-demand. Aligned with the principles of net-neutrality, Cloudstreet directly addresses the need for operators to manage the delivery of customer-oriented, application-aware quality-of-service within their networks, while ensuring an open and equal access Internet. From streaming HD Video-on-Demand to data-intensive apps and the emerging Internet-of-Things, Cloudstreet bridges the gap between the digital services we all use, need and enjoy and the network infrastructure that serves them.
Brendan Tully Walsh, Horse & Cart Agency Inc., Brendan@horseandcartagency.com , +1-(514)-802-6099