Viptela Raises $75M for Global Expansion
San Jose, Calif.-based Viptela announced that it has raised $75 million in a Series C round of financing to meet global demand for its Software-Defined Wide Area Network platform. The round brings the company’s total funding to nearly $110M. “Our ability to raise this level of financing, while many technology vendors are struggling to raise capital or experiencing ‘down rounds’, is a testament to our team, technology and execution,” said CEO Amir Khan. The Viptela SD-WAN platform has already been implemented by more than 25 Fortune 500 enterprises. The company has licensing partnerships with Tier-1 carriers Verizon and Singtel and has been recognized as a Gartner Cool Vendor and a Next Billion Dollar Startup by Forbes.
Honda Plans Many New Models for India
Honda Cars India Ltd. plans to introduce several new models in India over the next two years to compete in the growing car market. Besides the new compact SUV BR-V, Honda plans to launch a cross-over (code-named 2FM) based on the Jazz platform in 2017. It is also working on a new generation Brio compact car, Amaze sedan and a new generation Accord and CR-V.
Staples Nominates Three New Directors
Staples Inc. announced the nomination of three new directors: Curtis Feeny, Deb Henretta and John Lundgren. “I’m pleased that we are nominating three highly qualified individuals to join our Board of Directors,” said Staples nominating and corporate governance committee chair Vijay Vishwanath. “Curtis, Deb, and John each bring fresh perspectives and a wealth of diverse experiences, and we are excited to welcome them to our Board.” Feeny has been managing director of Voyager Capital since January 2000. Henretta currently serves as senior adviser to SSA & Company and spent 30 years at Procter & Gamble. Lundgren is chairman and CEO of Stanley Black & Decker Inc.
myofficecab Books Tesla Model 3
The Tesla Model 3, one of the first mass-produced electric cars that Tesla recently launched, has been booked by myofficecab. The booking is the first of its kind by an Indian cab company. The Tesla Model 3, which runs 215 miles in a full charge and costs $35,000, already has more than 250,000 bookings globally. The U.S.-based company was visited by Indian Prime Minister Narendra Modi in September 2015 and Tesla CEO Jay Vijayan said he plans for the company to enter the Indian market for the Model 3 release. myofficecab is the first Indian cab company which has also gone ahead with the booking of Tesla’s Model 3. myofficecab will be contributing on an average three times more positively to the environment through the Tesla Model 3. It will be taking an average of three to four employees to their office and back, through which the reduction in pollution becomes three times more compared to a normal electric car and also contribute significantly in reducing peak hour traffic, the company said. Vijay Shekhar Sharma, founder of mobile wallet company Paytm, venture capitalist Mahesh Murthy, Vishal Gondal of wearable and fitness technology company GOQii, and Sujayath Ali, CEO of online fashion platform Voonik, are among those who tweeted about booking the Model 3.
Pandit, Atairos Group Create Financial Services Company
Vikram S. Pandit and Atairos Group, an independent private company focused on supporting growth-oriented businesses, announced that they are creating The Orogen Group, a new operating company that will make control and other strategic investments in financial services companies and related businesses. Orogen will be governed by a board of directors including representatives from both Atairos and Orogen, with Pandit serving as chairman and CEO as well as a senior adviser to Atairos. The financial services industry is going through a significant re-architecture driven by changes in regulation and new technology and data-driven business services solutions. Orogen believes that over time the industry will evolve from one dominated by large, leveraged conglomerate banks and unregulated non-bank financial companies to a broader and more decentralized network of vertical financial services companies. By leveraging the combined expertise and resources of its partners, Orogen will focus on building significant long-term strategic partnerships with growth companies with proven business models where it sees an opportunity to create value as the financial services industry evolves. “I look forward to working with Michael (Angelakis, Altairos chairman and CEO) and his team to identify exciting opportunities in the financial services sector and drive long-term value creation in our underlying businesses,” said a statement by Pandit.
TA Associates Announces Investment in 10bis
Boston, Mass.-based TA Associates, a global growth private equity firm, announced it has completed an investment in 10bis, a B2B and B2C online food ordering marketplace and payment platform in Israel. “With its highly scalable, easy-to-use, multi-channel technology platform, 10bis has become the leading B2B and B2C food marketplace and payment provider in Israel,” said TA Associates managing director Naveen A. Wadhera. “10bis is the only business of its type serving both the corporate and personal end markets, and is highly regarded by customers and restaurants alike. We are very pleased to partner with the dynamic and talented 10bis management team and to collaborate on the company’s continued profitable growth.”
Stem Closes $15M Investment from Mithril
Stem Inc., a software-driven energy storage company, announced several company milestones. The company has surpassed 68 MWh of systems operating and under contract and closed $15 million in funding from leading technology growth investor Mithril Capital Management. “Integrating clean-tech solutions at scale is an important goal but a huge challenge,” said Mithril co-founder Ajay Royan. “Stem’s technology creates a self-healing grid that increases efficiency and resilience through real-time co-optimization between generators, power users and utilities. The company’s software capabilities are the most sophisticated on the market, as evidenced by its traction with businesses, utilities and grid operators.” Mithril’s investment brings Stem’s Series C to $68 million. Stem’s energy storage helps businesses automatically reduce electricity bills and more efficiently manage daily energy use. Stem’s network now spans over 440 facilities in California and Hawaii and has customers such as Wells Fargo, Safeway, Whole Foods and Reliance Steel.