IT automation technology provider Packet has secured $25m in a series B round featuring electronics producer Samsung, computing technology provider Dell, telecommunications group SoftBank and machine leasing service JA Mitsui Leasing.
The round was led by Third Point Ventures, the technology investment vehicle for investment adviser Third Point, and included venture capital firm Battery Ventures, while Samsung and Dell took part through their Samsung Next and Dell Technologies Capital units respectively.
Packet’s software enables enterprises to automate physical servers and networks over bare-metal cloud services that do not need virtualisation software, or on-premise networks that are located on a client’s property. It is preparing to release an edge computing product in 2019.
The capital will support geographic expansion and the commercial release of an on-premise version of Packet’s software as well as the recruitment of product, engineering, sales and marketing staff.
Zachary Smith, Packet’s chief executive, said: “We started Packet with a vision to empower companies with cloud native infrastructure they could deploy on their terms, and at global scale.
“Today’s investments in capital and leadership allow us to take that vision to the next level, accelerating our ability to make infrastructure a competitive advantage for the most innovative enterprises in the world.”
SoftBank had previously led a $9.4m series A round for Packet in 2016 that included Dell Technologies Capital, which was then in stealth mode. The company had already raised $1.7m from assorted angel investors in 2014.