NoviFlow Raises $9 Million Series A Round to Expand Global Resources
NoviFlow has raised a Series A round of capital.
The financing, valued at $9 million, was led by Fonds de solidarité FTQ and joined by W3 Investissement and Somel Investments, with participation from previous investors.
The round will allow the Montreal-based company, which develops Software Defined Networking forwarding plane solutions, to expand its global sales resources and marketing activities and further invest in its innovative network processor-based switching solutions and applications.
“With this financing, we are well positioned to extend the reach of our SDN hardware and software offering beyond our existing client base in North America, Asia, and Europe,” said NoviFlow CEO Dominique Jodoin.
“Thanks to its founders’ dedication and persistence, and innovations resulting from research at UQAM, Montréal-based NoviFlow has become a world leader in information technology. With these new investments, NoviFlow will be able to continue growing and creating jobs in Québec’s IT sector,” said Alain Denis, Senior Vice-President, New Economy, at the Fonds de solidarité FTQ.
“This funding recognizes NoviFlow’s consistent growth within the fully programmable high-performance SDN forwarding plane market, the strength of its team, as well as the exponential growth opportunity enabled by its unique software-based innovation model,” added Nicolas Bélanger, co-founder and senior manager at Investissements W3.
NoviFlow was founded in March 2012 as a spin out of the Université du Québec à Montréal.