Stoke Raises $17 Million in Series E Funding
Date: Monday , January 31, 2011
Stoke, a Santa Clara based mobile broadband gateway provider, has raised $17 million in Series E funding led by Focus Ventures. With this, the total funds raised to date by Stoke have reached $92 million. The company plans to use the funding to support its rapidly increasing installed base, and new LTE and 3G network optimization projects with mobile networks in Europe, Asia and the U.S.
The company has delivered over 200 units of its Stoke Session Exchange (SSX-3000) mobile broadband gateway since initiating commercial production in late 2008. According to a new study from ABI Research, about 16 percent of mobile data is diverted from mobile networks today, and that is expected to increase to 48 percent by 2015. The data traffic itself will have grown by a factor of 30, meaning that offloaded data will expand 100-fold. "Stoke, together with solution partners, is delivering advanced and unique solutions for the immediate requirements of accelerating content delivery, traffic optimization service delivery cost reduction and secure LTE deployments. Our outlook for growth in 2011 is promising, given our central role in the strong operator investment focus on optimizing current network assets and preparing for or deploying LTE," said Vikash Varma, President and CEO at Stoke.
Its existing investors also participated in the round, including DAG Ventures, Integral Capital Partners, Pilot House Ventures, Net One Systems, DoCoMo Capital, Mobile Internet Capital, Sequoia Capital, and Kleiner Perkins. "Achieving this level of growth during the global economic crisis is proof of the strength of the company, the relevance of their technology to top tier carriers, and the high potential of the mobile broadband market," said James Boettcher, General Partner, Focus Ventures.