CENX, a U.S.-based company with key operations in Canada through its Ottawa office, announced today that it is finalizing a new equity investment totalling USD $12.5 million in a Series D funding round.
CENX raised the money from existing investors, which included Verizon Ventures and Highland Capital Partners, while BDC Capital, Mistral Venture Partners and VMWare also joined the round as new investors.
“CENX is at the forefront of the fast-rising LSO market with its Cortx Service Orchestrator, and we are delighted to support its continued global business growth,” said Ron Warburton, managing partner of the IT Venture Fund at BDC Capital. “This is a great opportunity to bring Canadian innovation to mobile, wireline and cloud service providers worldwide.”
As a global company that works on Lifecycle Service Orchestration solutions for software-defined visualization networks, CENX will use the funding to accelerate its global market expansion, and will address emerging requirements for Lifecycle Service Orchestration (LSO) for service providers that are evolving to Software-Defined Networking (SDN) and Network Functions Visualizations (NFV) technologies. CENX’s LSO solutions automate fulfillment of data services and harness big data and analytics to navigate data services across SDN and NFC technologies.
At the forefront of CENX’s innovation in the industry is their Cortx Service Orchestrator product, which is an essential enabler of SDN and NFV networks.
“We welcome the market, business and partnership perspectives that VMware, BDC Capital, and Mistral bring to CENX,” said Ed Ogonek, president and CEO of CENX. “We are seeing tremendous demand worldwide for our Cortx solution, delivering tangible value in today’s networks and empowering the evolution to virtualized networks and services with NFV and SDN.”
According to the recent Rayno Report, a publication that analyzes specific emerging technology markets in cloud technology, the LSO market is expected to reach $2.7 billion in 2019. The report states that the ever-growing demand for enterprise and consumer cloud-based applications is driving service providers to change the way they operate their networks, and to turn to software systems that support agile service delivery and real-time service assurance.
