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Publish Date : 15-Sep-2012

Aerohive Networks, the pioneer in controller-less Wi-Fi and cloud-enabled enterprise networking, today announced $22.5 million in Mezzanine Equity financing, led by Institutional Venture Partners (IVP), a premier later-stage venture capital and growth equity firm. Existing investors Kleiner Perkins Caufield & Byers (KPCB), Lightspeed Venture Partners, New Enterprise Associates (NEA), Northern Light and Four Rivers also participated in the round. This funding will be used to accelerate product development and increase market leadership, enabling Aerohive to capitalize on the exploding demand for its solutions.

The mobile device explosion is driving increasing demand for enterprise Wi-Fi. According to Infonetics, the enterprise Wi-Fi market grew 25 percent Q2 2012 over Q2 2011. However Aerohive is dramatically exceeding these numbers, delivering annual sales growth of over 150 percent for the last two years.

Over the last year Aerohive has almost tripled its customer base, growing it to over 5000 customers and expects to surpass an annualized sales run rate of $100M before the end of 2012.

The company has also been recognized as a leader by industry influencers, which includes being named a “Visionary” in Gartner’s recent Wired and Wireless LAN Access Infrastructure 2012 Magic Quadrant; awarded over 20 company and corporate awards such as CRN Emerging Vendors 2012, AlwaysOn Global 250, OnDemand Top 100 Private Companies and Infoworld 100; and was one of a select few networking companies to be invitedto speak at this year’s Apple Worldwide Developers Conference 2012.

Aerohive\'s decision to take additional funding at this time is driven by the company’s desire to continue this rapid growth and capitalize on its opportunity in the hot cloud-enabled enterprise Wi-Fi and networking market. Aerohive\'s decision to take additional funding at this time is driven by the company’s desire to continue this rapid growth and capitalize on its opportunity in the hot cloud-enabled enterprise Wi-Fi and networking market.

Founded in 2006, Aerohive had raised $72 million in previous rounds of funding.

“The mobile enterprise is forcing businesses to reevaluate their network infrastructures, making the market an attractive one for new solution providers like Aerohive,” said Steve Harrick, General Partner at Institutional Venture Partners (IVP). “At IVP, we carefully select who we back based on superior technology and go-to-market strategy. We chose to invest in Aerohive because the company delivers a proven, next-generation enterprise networking solution and has demonstrated strong business momentum and rapid growth. We are excited to be working together.”

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