E-commerce firm Alibaba and internet group Tencent co-led a $23m investment in US-based switching chips producer Barefoot Network on Tuesday that increased its series C round to $80m.
Internet technology provider Google co-led the $57m first tranche of the round with investment bank Goldman Sachs’ Principal Strategic Investments unit earlier this year, investing together with Sequoia Capital, Lightspeed Venture Partners, Andreessen Horowitz and four unnamed strategic investors.
Barefoot, which emerged from stealth in June 2016, has developed what it claims are not only the most programmable switches ever built but ones which are twice as fast as any chip previously recorded. The Tofino switches are slated for commercial release next month.
Tom Bie, vice-president of Tencent’s Technology and Engineering Group, said: “Tencent is delighted to join hands with Barefoot as it goes to market with technology destined to make profound advancements in the ways networks are designed, built and run.
“Barefoot gives network operators the ultimate freedom to create the network they want, rather than designing around limitations of available technology. We are excited to see innovation of this scope come to the market.”
The round boosted Barefoot’s overall funding to $130m since it was founded in 2013. It has not revealed precise details of its earlier rounds.