PowerCloud Systems Secures $6 Million in Series B Funding Led by Qualcomm

PALO ALTO, Calif., Dec. 14, 2011 /PRNewswire/ -- PowerCloud™ Systems, the leading software platform provider for enabling Networking as a Service (NaaS), today announces $6 million in Series B financing. The round was led by Qualcomm via its venture investment arm, Qualcomm Ventures.  PowerCloud Systems' existing investors – Walden Venture Capital, Javelin Venture Partners and PARC – all participated in the round.  

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Key Facts

• PowerCloud Systems will use the funds to enhance the capabilities of its patented CloudCommand™ online software platform and to expand the company's sales efforts worldwide. 
• The CloudCommand platform enables networking OEMs and service providers to integrate cloud capabilities with their networking equipment and to deliver NaaS-based solutions for SMBs.
• Qualcomm Ventures focuses on early-stage technology companies with disruptive technologies that can transform the global wireless ecosystem.  PowerCloud Systems is enabling an industry shift to NaaS by applying cloud technologies to wireless and wired networking infrastructure.
• PowerCloud Systems is the industry's leading NaaS platform provider, and in 2011 it delivered CloudCommand solutions to products developed by D-Link, ZyXEL, Ubiquiti Networks, Amer Networks and Arada Systems while additionally securing technology partnerships with Qualcomm Atheros and others.
• Powerfully Simple Networking™ solutions powered by CloudCommand are customized by each partner and deliver compelling features such as multi-customer remote administration, hardware self-configuration, multi-location coverage, customizable hotspot functionality, enhanced device security, real-time monitoring and performance reporting.
• PowerCloud Systems is a spin-out from PARC, a premier center for innovation, and the technology underpinning the CloudCommand platform is supported by intellectual property developed at PARC, including 10 patents in areas ranging from cloud-virtualized network controllers to usable security.
• CloudCommand's initial implementations support Wi-Fi networking, and in 2012 the company will expand into additional networking categories while continuing to develop innovative cloud features.

Comments

Quinn Li, Senior Director of Qualcomm Ventures

"Qualcomm Ventures is focused on funding transformative business opportunities," said Quinn Li, senior director of Qualcomm Ventures.  "PowerCloud's technology platform enables powerfully simple networking-as-a-service solutions that can redefine the small-business networking market. PowerCloud's innovative business model is compelling for both vendor and channel partners, and we're excited to help propel its growth."

Jeff Abramowitz, Founder and CEO of PowerCloud Systems

"PowerCloud is extremely pleased to add Qualcomm Ventures to our board," said Jeff Abramowitz, president and CEO of PowerCloud Systems.  "Qualcomm has a tremendous track record in boosting the business growth of companies with broad enabling technologies.  We have a backlog of opportunities, and we are now poised to accelerate our market leadership."

About PowerCloud Systems

PowerCloud Systems is the leading software platform provider for enabling Networking as a Service (NaaS). Its CloudCommand technology provides OEMs and service providers with the most powerful and cost-effective path for adding comprehensive cloud capabilities to their new and existing networking equipment.  Based in Palo Alto, Calif., PowerCloud Systems is a spin-out from PARC that is funded by Qualcomm Ventures, Walden Venture Capital, Javelin Venture Partners and PARC. For more information, visit www.powercloudsystems.com.  

For more information, contact
Peter Mullen, PowerCloud Systems, Inc.
(650) 812-4922
[email protected]

SOURCE PowerCloud Systems

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