A Vancouver technology company has raised capital to further power its mobile enterprise networking solution.
Expeto, founded in 2015, is known for its cloud-based NeXtworking platform, which solves mobile complexity for enterprises by making any kind of mobile connectivity a seamless part of a privately managed network.
“Expeto hides the complexity of mobile network management behind an easy interface and powerful routing platform that has been proven to help achieve ambitious mobile connectivity management goals in large-scale commercial deployments,” explains chief executive Michael Anderson, who came on board in 2020.
“Our work with enterprises and MNOs is rooted in solving the challenges enterprises face expanding private networks with cellular connectivity and the role we can play in helping transform industries based on compelling new use cases,” he added.
His company this week announced a $12 million funding round to advance and scale its offering.
Cellular “in all flavours has the potential to power robust private wireless network use cases across industries,” but end-to-end solutions targeting the enterprise tend to be limited by factors like connectivity type, wireless spectrum, or geographic area, according to a statement from Expeto.
In contrast, the open and extensible NeXtworking Platform “can be deployed for secure and scalable connectivity behind a corporate firewall, in a private or public cloud, at the edge or geographically remote sites depending on use case requirements.”
The Series B capital investment was led by Sorenson Capital and included existing investors Evok Innovations, Lavrock Ventures, and Mistral Venture Partners
“Expeto was first to market with public and private networking on a single SIM and we see them with a considerable lead in this market,” said Burke Davis, Partner at Sorenson Capital. “We look forward to working with Expeto as it pursues transformative outcomes for a range of large, complex industry use cases.”
The capital builds on a $10 million Series A round secured last April.
“As an early investor in Expeto, we recognized its ability to elegantly address telco and enterprise requirements in one solution that could help telecom move beyond one-off deployments to drive real growth and revenue generation,” said Code Cubitt, managing director at Mistral Venture Partners.
“We are doubling down on our initial investment following the company’s continued traction and momentum in this burgeoning market,” he added, “and are proud to be working with the Expeto team and play a role in its ongoing success.”
Expeto was cofounded in Vancouver in 2015 by Terje Strand, Ryley MacKenzie, and Brian Baird.