In an announcement, Fastback Networks said that it has closed its US$15 million Series B financing. The funding round was headed by the Matrix Partners and others such as Juniper Networks through its Junos Innovation Fund, Granite Ventures and Foundation Capital.
The investment would be utilized for acceleration and scaling of customer engagements, enhancement of customer services and support capabilities as well as facilitate the product development of the Fastback Intelligent Wireless Transport solutions.
Also as part of the investment, Stan Reiss, General Partner of the Matrix Partners becomes a member of the board for Fastback Networks.
According to Reiss, ""Fastback is well positioned to extend their technology advantage and lead the market in removing the barriers to widespread deployment of small cells within the new emerging mobile network,. Fastback is leading the transformation of small cell backhaul, enabling the high capacity and density demanded by the explosive growth of mobile data usage."
"We are proud and pleased to welcome Matrix as an investor, and look forward to Stan's contributions to the Fastback Board of Directors as we scale the company and expand our market engagement in the re-architecting of the mobile network. Our Series B funding allows us to build on our success and address the opportunity as today's disaggregated mobile networks seamlessly converge across public, private, LTE and Wi-Fi networks," said Kevin J. Duffy, CEO & Co-founder, Fastback Networks.
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