Japan's Midokura raises $20m Series B

According to a statement, INCJ is contributing $10 million to the round, which also includes participation by Japanese financial technology company Simplex and Midokura board member Allen Miner. The capital will support the company's product development and business expansion.

Midokura's technology offers companies the ability to build isolated software-based networks that overlay existing hardware-based network infrastructure. This service is targeting growth in sectors such as the internet-of-things by allowing enterprise users to optimize operations through enhanced network scalability. The company's core MidoNet product is already in use by organizations in 122 countries.

"Network virtualization and SDN [software defined networking] provide the network with the agility and flexibility it needs to support hybrid cloud initiatives and next-generation workloads based on containers and microservices," Brad Casemore, director of research for datacenter networking at International Data Corporation, said in a separate disclosure. "As a network virtualization vendor, Midokura understands these market dynamics and customer requirements, and this new round of funding will help it scale the business accordingly."

Founded in 2010, Midokura maintains offices in Tokyo, San Francisco and Barcelona, Spain. It raised $18.6 million in Series A funding in 2013.

INCJ has the capacity to invest up to JPY2 trillion ($18.7 billion) under its remit to promote next-generation businesses in Japan.

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• Topics
• North Asia
• Technology
• Support services
• Expansion
• Innovation Network Corp. of Japan (INCJ)
• Japan
• USA