Algoblu, a China-based wide area networking software provider backed by telecommunications firm Telstra and diversified trading group Sumitomo, has raised RMB100m ($14.8m) in series C-plus funding.
The investment was made by growth equity firm WestSummit Capital, and it comes after Alogblu raised the same amount in both a 2017 series C round led by private equity firm Cathay Capital and a 2018 round co-led by Telstra and venture capital firm Dohold Fund, according to China Money Network.
Founded in 2012, Algoblu provides software-defined wide area networking (SD-WAN) applications and services that help businesses manage their networks. It offers services including traffic acceleration, virtual private networking and video conferencing quality of service.
The capital will be used to expand the company’s research and development, as well as upgrading its network upgrade, bolstering its marketing efforts and funding strategic hires.
Algoblu had received an undisclosed amount of series A funding from Sumitomo subsidiary Sumitomo Corporation Equity Asia in 2013, and an undisclosed amount of series B funding from Korea Investment Partners three years later.