Japanese startup Midokura, announced this week that it has raised $17.3 million in a Series A funding round.
Midokura’s backers include the public-private partnership Innovation Network Corporation of Japan (INCJ). Midokura launched in the U.S. in October of 2012 with its MidoNet SDN approach for the OpenStack cloud platform.
Ben Cherian, Chief Strategy Officer at Midokura, explained to Enterprise Networking Planetthat his company is taking on the funding now to help fuel an accelerated burn rate that is needed to expand operations and reach. Midokura current has 27 employees, 16 of them in Tokyo,Japan, 6 in Barcelona, Spain and 5 in the U.S. Cherian noted that his company has a ‘long list’ of things they want to build and get done and the money will help all of it to move faster.
Cherian added that to date, Midokura has made some money, but it has been mostly in the early ‘burn’ startup phase. With the new funding in place, the hope is that early proof-of-concept deployment will migrate into paying customer deployments.