Plumgrid, a US-based virtual networking technology developer backed by corporates Qualcomm and Swisscom, has shut down and sold its technology to virtualisation technology provider VMware for an undisclosed sum.
Founded in 2011, Plumgrid had developed a container networking software suite that helped businesses build out their cloud’s virtual network infrastructure.
However, co-founder and chief technology officer Pere Monclus has revealed through a blog post that the company’s intellectual property and technology had been acquired, with several employees moving companies as well, and the identity of the buyer was reported by SDxCentral.
Plumgrid had raised approximately $27m in equity financing and $2.1m in debt altogether, with venture capital firms US Venture Partners and Hummer Winblad Venture Partners (HWVP) investing $10.7m in its 2012 series A round.
The VC firms returned for a $16.2m series B round in mid-2014 that also included mobile chip manufacturer Qualcomm and telecommunications company Swisscom, which invested through respective subsidiaries Qualcomm Ventures and Swisscom Ventures.