Innovium secures more than $50M in funding

Innovium, Inc. announced today that it has raised over $50 million in funding across two oversubscribed rounds to develop breakthrough networking infrastructure products for next-generation data centers.

Innovium’s Series A funding in the first quarter of 2015 was led by venture capital firms Walden Riverwood Ventures and Capricorn Investment Group, with participation from S-Cubed Capital and Qualcomm Incorporated, through its venture investment group, Qualcomm Ventures. Series B funding later in 2015 was led by Greylock Partners with participation from all existing investors. Concurrent with the funding rounds, Asheem Chandna of Greylock, Dipender Saluja of Capricorn, Lip-Bu Tan of Walden International, and Mark Stevens of S-Cubed joined Innovium’s board of directors.

The continued adoption of mobile, video, anything-as-a-service (XaaS), big data analytics and Internet of Things (IoT) is driving sustained, rapid growth in cloud data centers worldwide. This meteoric expansion within tightly constrained yet dynamic environments requires a fresh, grounds-up approach to high performance Ethernet networking.  “Innovium is laser-focused on developing revolutionary semiconductor solutions to meet our customers’ most critical needs. We are delighted to receive top-tier investor support towards this mission,” said Rajiv Khemani, CEO & Founder of Innovium.

Innovium has assembled an unmatched, world-class engineering and executive team with prior experience at leading companies including Broadcom, Cavium, Cisco, Dell, Ericsson, Intel and Juniper and with credentials from leading universities including Berkeley, Caltech, CMU, IITs, Purdue, Stanford, UCs and UIUC. The Innovium team has proven experience in defining and delivering a diverse set of networking products that have been pervasively deployed by the most demanding cloud and enterprise customers and have generated billions of dollars in revenues.

“Domain knowledge and strong execution track record are critical to the success of any new venture.  Innovium’s team members have delivered successful products widely deployed in a range of infrastructure applications across the world. With a clean-sheet design, we believe that Innovium can deliver a truly compelling solution,” said Lip-Bu Tan, Chairman of Walden International.

“The secular move to the cloud has created a tremendous high-growth market opportunity for data-center networking solutions,” said Asheem Chandna, Partner at Greylock Partners. “Innovium has put together one of the industry’s strongest Ethernet switching teams and they are uniquely qualified to partner with cloud providers and networking vendors to deliver the next generation of solutions.”

“Large scale data-centers have special requirements that don’t require ‘one-size-fits-all’ solutions. Innovium’s focused innovations promise to set it apart from alternatives,” said Dipender Saluja, Managing Director at Capricorn Investment Group.