Aerohive Networks, the pioneer in controller-less Wi-Fi and cloud-enabled enterprise networking, today announced $22.5 million in Mezzanine Equity financing, led by Institutional Venture Partners (IVP), a premier later-stage venture capital and growth equity firm. Existing investors Kleiner Perkins Caufield & Byers (KPCB), Lightspeed Venture Partners, New Enterprise Associates (NEA), Northern Light and Four Rivers also participated in the round. This funding will be used to accelerate product development and increase market leadership, enabling Aerohive to capitalize on the exploding demand for its solutions.
“The mobile enterprise is forcing businesses to reevaluate their network infrastructures, making the market an attractive one for new solution providers like Aerohive,” said Steve Harrick, General Partner at Institutional Venture Partners (IVP). “At IVP, we carefully select who we back based on superior technology and go-to-market strategy. We chose to invest in Aerohive because the company delivers a proven, next-generation enterprise networking solution and has demonstrated strong business momentum and rapid growth. We are excited to be working together.”
“Since inception, Aerohive has worked hard to be the leader in controller-less Wi-Fi and cloud-enabled networking, and it brings great satisfaction to see high profile investors like Institutional Venture Partners endorse our vision,” said David Flynn, CEO of Aerohive Networks. “We built solutions for where the market needed to go, and now the market is coming to us, leading to explosive sales growth. This is too exciting of an opportunity to not fully capitalize on, and this new investment lets us do just that.”
About Institutional Venture Partners (IVP)
With $4 billion of committed capital, Institutional Venture Partners (IVP) is a premier later-stage venture capital and growth equity firm in the United States. Founded in 1980, IVP has invested in over 300 companies, 91 of which have gone public. IVP is one of the top performing firms in the industry and has a 32-year IRR of 43.2 percent. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Buddy Media, ComScore (SCOR), Concur Technologies (CNQR), Dropbox, HomeAway (AWAY), Juniper Networks (JNPR), Kayak, LegalZoom, LifeLock, LivingSocial, Marketo, MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Shazam, Synchronoss (SNCR), Tivo (TIVO), Twitter and Zynga (ZNGA). For more information, visit http://www.ivp.com or follow IVP on Twitter: http://twitter.com/ivp.
About Aerohive Networks
People want to work anywhere; on any device, and IT needs to enable them — without drowning in complexity or compromising on security, performance, reliability or cost. Aerohive’s mission is to Simpli-Fi enterprise access networks with a cloud-enabled, self-organizing, service-aware, identity-based infrastructure that includes innovative Wi-Fi, VPN, branch routing and switching solutions.
Aerohive was founded in 2006 and is headquartered in Sunnyvale, Calif. The company’s investors include Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Northern Light Venture Capital, New Enterprise Associates, Inc. (NEA) and Institutional Venture Partners (IVP). For more information, please visit www.aerohive.com, call us at 408-510-6100, follow us on Twitter @Aerohive, subscribe to our blog or become a fan on our Facebook page.
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