PowerCloud Systems, a leading software platform provider for enabling Networking as a Service (NaaS), has secured USD6 million in Series B financing. The round was led by Qualcomm via its venture investment arm, Qualcomm Ventures. PowerCloud Systems’ existing investors – Walden Venture Capital, Javelin Venture Partners and PARC – all participated in the round.
Quinn Li, Senior Director of Qualcomm Ventures, says: "Qualcomm Ventures is focused on funding transformative business opportunities," said Quinn Li, senior director of Qualcomm Ventures. "PowerCloud’s technology platform enables powerfully simple networking-as-a-service solutions that can redefine the small-business networking market. PowerCloud’s innovative business model is compelling for both vendor and channel partners, and we’re excited to help propel its growth."
Jeff Abramowitz, Founder and CEO of PowerCloud Systems, says: "PowerCloud is extremely pleased to add Qualcomm Ventures to our board," said Jeff Abramowitz, president and CEO of PowerCloud Systems. "Qualcomm has a tremendous track record in boosting the business growth of companies with broad enabling technologies. We have a backlog of opportunities, and we are now poised to accelerate our market leadership."
