$25 million investment in PacketFabric growth
CULVER CITY, CA – PacketFabric, the highly scalable, connectivity-as-a-service platform and a member of the NantWorks ecosystem of companies, has secured $25 million in Series B funding from lead investor NantCapital to support the rapid growth and high demand for its services since its launch in 2017.
The company has grown rapidly since completing its seed round in 2015, and now operates a U.S. footprint that includes more than 150 Points of Presence (PoPs) in 17 metro markets with a terabit-scale backbone.
‘As a scientist and entrepreneur, I am a firm supporter of market disruptive innovations,’ states Dr. Patrick Soon-Shiong, Chairman and CEO of NantWorks. ‘This next-generation internet innovation of interconnectivity on demand will enable big data transport as a platform for multiple industries, and I am excited to fund this talented team at PacketFabric and their efforts to provide market-defining solutions. By eliminating barriers with its innovative solutions aimed at accommodating enterprises’ need for data transport, PacketFabric has the ability to change the landscape for many industries.’
The company also announces today that Chad Milam has joined PacketFabric as President and Chief Operating Officer, and a member of the board of directors. Chad has held the position of CTO at NantWorks and Mox Networks. Prior to NantWorks, Chad lead the Technical Infrastructure and Systems team at Teza Technologies, and the Global Infrastructure organization at Publicis Group S.A.
‘With the proliferation of performance, security and capacity challenges, and adding on the recent development in net neutrality, the public internet is becoming an increasingly vulnerable venue for enterprise collaboration and service delivery,’ says Chad Milam, President and COO of PacketFabric. ‘PacketFabric is the framework of how businesses securely connect, communicate and transact in the new digital reality.’