US content delivery specialist Edgecast has closed a new round of funding worth US$ 54mn from a number of existing and new investors, as part of efforts to boost its growth in three key areas: performance, reliability and security.
Specifically, the new funds will be used to develop and launch new web acceleration, routing and security services, strengthen its intellectual property portfolio, expand its global network, and boost its international sales and marketing efforts.
The Series D round of funding was led by Performance Equity Management (PEM), with follow-on participation from the company’s existing investors Menlo Ventures and Steamboat Ventures. The equity portion of the financing was accompanied by a debt facility from Silicon Valley Bank.
James Tybur of PEM said: “EdgeCast has set itself apart from the competition while continuing to grow dramatically year over year. This impressive track record has firmly established the company as the top challenger in a rapidly growing market, and we are pleased to support the company’s strong growth.”