GiantLoop Network raises $120M in Series C financing
Waltham, Mass. -- GiantLoop Network, Inc. (www.giantloop.com), the leader in Enterprise Optical Networking services, today announced that it raised $120 million in Series C funding from venture firms, strategic partners, and leading technology companies.GiantLoop has raised a cumulative total of $160 million in the 10 months since its inception. GiantLoop will use its Series C funding to continue enhancing its Operational Support System (OSS), Network Control Center, and software development capabilities.
Some of the participants in the Series C investment were Greylock Partners, Pilot House Ventures and Roger Marino (one of the founders of EMC Corporation.)
Also participating in this round were Nortel Networks [NYSE/TSE: NT], 360networks, Sycamore Networks, Inc., Cabletron Systems and CNT.
"GiantLoop has shown an uncanny knack for defining market needs, attracting great talent, and executing on its business plan. This funding will provide the necessary capital for GiantLoop to become a major force," said David Aronoff, general partner at Greylock Partners.
"Pilot House Ventures is enthusiastic about GiantLoop's prospects," said Bill Schleyer, principal of Pilot House Ventures. "This management team has shown an ability to develop enterprise-class, high-demand products and services backed by a strong team. We believe GiantLoop's management team is certainly capable of repeating the success they enjoyed in roles at other world-class firms."
"This represents a significant milestone in GiantLoop's growth. Our investors have reaffirmed their belief in our business model and did so during a difficult capital market," said Mark B. Ward, president and chief executive officer of GiantLoop. "This round of funding now gives GiantLoop a fully funded business plan and we're ready to get on with the business of providing optical networking solutions to our enterprise customers."
GiantLoop is the only company to offer Enterprise Optical Networking services that aggregate data (IP, Ethernet, ATM), storage (Fibre Channel, ESCON, FICON), and enterprise systems (ESCON, FICON, ISC/ETR) protocols over optical networks that span campus, metropolitan, or inter-city geographies for Global 250 companies.
GiantLoop features a comprehensive customer care model that includes: professional services for optical data and storage network design; fiber procurement and provisioning; equipment selection and testing; network deployment and integration; and ongoing network monitoring and management. GiantLoop also provides its customers with business automation capabilities through the "MyGiantLoop" portal.
"In a very short period of time, GiantLoop has demonstrated an impressive technical sophistication and maturity around data center and enterprise networking requirements," said Leonard E. Neuzil, executive vice president and corporate information officer at Options Clearing Corporation (OCC) in Chicago. "They were able to rapidly embrace and accelerate OCC's aggressive business initiatives through a combination of professional services, and experienced enterprise optical networking talent. GiantLoop's professional commitment and in-depth understanding of the link between meeting OCC's evolving business requirements and application of emerging enterprise technology compliment our own corporate-wide commitment toward providing unparalleled industry-wide customer service."
"We view GiantLoop as an attractive investment and a strong partner," said Greg Maffei, president and chief executive officer of 360networks. "Working together, GiantLoop and 360networks bring an unparalleled combination of metropolitan and long-haul broadband services over end-to-end optical networks. Our combined offering will meet the growing data needs of Global 250 companies."
About GiantLoop Network
GiantLoop Network is the first and only provider of Enterprise Optical Networking services for Global 250 enterprises. GiantLoop builds and manages campus, metropolitan, and inter-city optical networks that aggregate multiple data and storage networking protocols and eliminate critical network bandwidth bottlenecks. GiantLoop's AGILITY Professional Services provide a full portfolio of planning, design, and implementation services that match business needs with the right optical network infrastructure.
The company's managed Enterprise Optical Networking services deliver seamless, scaleable, multi-protocol networking solutions. GiantLoop is headquartered in Waltham, Mass., with offices in New York, Chicago, Dallas, San Francisco and London. For more information about GiantLoop, including white papers about Optical Storage Networking and Enterprise Optical Networking, visit www.giantloop.com.