AirTight Networks Closes $10 Million Series D Financing Round Capital to Fund Explosive Growth in Cloud Wi-Fi
MOUNTAIN VIEW, Calif., July 15, 2013 /PRNewswire/ -- AirTight® Networks, Inc., the leader in secure cloud-managed Wi-Fi solutions, today announced that it has closed a Series D financing round totaling $10 million. Led by existing investors Trident Capital and CMEA Capital, this latest round raises the total capital invested in AirTight to $48.75 million.
"AirTight has been a leading innovator in the wireless space since the company's inception, bringing the industry's top-rated WIPS to market in 2005 and the first cloud-managed Wi-Fi security solution in 2008," said Alberto Yepez, Managing Director at Trident Capital. "The management team demonstrated great skill and discipline driving the company to profitability and positive cash flow in a highly capital-efficient manner. Following its initial success in wireless security, AirTight now has an even greater opportunity to lead the way in next-generation Cloud Wi-Fi solutions. All of AirTight's existing investors are excited to support the company's growth trajectory with additional working capital and operational funding."
"We are gratified by this vote of confidence from our current investors in providing additional operating capital to fuel our rapidly accelerating growth," said David King, AirTight Networks Chairman and CEO. "AirTight has developed the industry's most compelling Cloud Wi-Fi solution at an unprecedented pace based on customer demand from major enterprises seeking to deploy Wi-Fi across a huge number of geographically distributed locations. Our technology team has once again delivered a highly differentiated solution by leveraging our carrier-class cloud architecture and patented location-based administration and enhancing it with Wi-Fi industry breakthroughs in ease-of-deployment, user interface design and integrated analytics.
"The explosion of mobile devices and the uptake of enterprise mobility and cloud applications continue to be top of mind for enterprise IT in terms of driving WLAN infrastructure growth across a wide range of vertical markets," said Rohit Mehra, Vice President, Network Infrastructure, IDC. "The emergence of cloud-based architectures for managing large-scale, highly distributed deployments in Enterprise Wi-Fi is a key trend that AirTight is well positioned to participate in."
"Solutions like those from AirTight with cloud-based WLAN support address three important aspects: connectivity, security, and management," said John Mazur, Senior Analyst, IT Infrastructure, Networking, ESG. "Customers demand solutions that are simple to deploy and manage, as well as scale as they grow, all in a cost-effective manner."
About AirTight Networks
AirTight Networks is the global leader in secure Cloud Wi-Fi solutions. The company's award winning family of products and cloud services brings together a true carrier-class multitenant cloud architecture, breakthroughs in Wi-Fi analytics, manageability, ease-of-deployment and cost-effectiveness, as well as AirTight's longtime top-rated WIPS technology. AirTight's global customer base consists of leading enterprises in the government, financial, technology/telecom, manufacturing, health care, retail and hospitality sectors. For more information, please visit us at: www.airtightnetworks.com, or follow us @AirTight.
AirTight is a registered trademark of AirTight Networks; the AirTight Networks logo, and Marker Packet are trademarks of AirTight Networks, Inc. All other trademarks are the property of their respective owners.
SOURCE AirTight Networks