Weaveworks Raises $15M to Grow its Container Networking Business
Container networking vendor Weaveworks revealed on May 11 that it has raised $15 million in a Series B round of funding, led by GV (formerly known as Google Ventures) and including the participation of Accel.
The new financing brings Weaveworks' total funding to date to $20 million. Weaveworks raised $5 million in its Series A round in December 2014.
"As is very typical, when we decided we wanted to do a Series B, we did the round of different venture capital firms up and down Sand Hill Road in Palo Alto," Weaveworks Chief Operating Officer Mathew Lodge told eWEEK.
The new funding will be used to help Weaveworks expand its commercial products and sales strategy. When it came to determining how much money the company needed, Weaveworks looked at the growth of the container market and what would be required to capitalize on the opportunity, Lodge said.
The new funding will help Weaveworks build out its container networking platform as competition heats up in this emerging market.
Weaveworks' lineup includes Weave Net, recently updated to version 1.5, that provides a software-defined networking (SDN) layer for containers. The company also has a beta of Weave Scope, a visualization tool for container microservices. Weaveworks is also working on a new project called Weave Flux, which recently shipped its 0.03 update, Lodge said.