CAMBRIDGE, Mass., Oct. 01, 2020 (GLOBE NEWSWIRE) -- Solo.io, the modern API infrastructure company delivering application networking from the edge to service mesh, today announced a $23 million Series B round of financing, bringing the company’s total funding amount to $37 million. Co-led by prior investors Redpoint Ventures and True Ventures, this latest funding round lands amidst continued company, product and cloud-native community innovation in 2020, including new strategic, first-to-market product offerings and an industry specification.
“We launched Solo.io with the understanding that the application network will be critical for growing adoption of microservices architecture and believe that service mesh is the future. In the past few years, we’ve worked closely with our customers to build products that help them modernize their existing applications and make it easier to build and deploy new applications using innovative technologies like Envoy, service mesh, and WebAssembly,” said Idit Levine, founder and CEO, Solo.io. “This latest financing is focused on scaling our operations to meet the rapidly growing customer demand.”
Solo.io delivers API infrastructure that helps enterprises adopt, secure, and operate modern application networks from the edge to the service mesh. The cross-industry move to microservices and cloud-native architecture is API-driven and sets the foundation for developers, partners, and customers to interact with application services quickly, effectively, and securely. Today’s enterprises are actively using Kubernetes and service mesh technologies in production, and with this level of adoption comes a need for more tooling to manage and federate security, traffic routing, observability, and integration points.
“Solo.io continues to deliver on high customer demand for forward-looking cloud-native technologies – and this is a huge part of why we’re doubling down on our investment in the company,” said Puneet Agarwal, partner, True Ventures. “The Solo.io team is setting the cloud-native technology agenda for the industry by leading the effort to make WebAssembly and service mesh accessible to more companies. They have a clear vision of how to bring the advantages of modern technologies to every application – and they’re executing on it effectively."
In addition to the new funding round, Solo.io is also announcing:
- Gloo API Gateway 1.5: Includes improvements to multi-cluster failover, security, traffic control, and the dev-to-ops experience
- Developer Portal for Gloo and Istio: Provides enhancements to portal customization, security, and routing
- New customer Crealogix: Solo.io and Crealogix partner to deliver a secure digital banking platform on Kubernetes
“Idit Levine and the team at Solo.io have taken an initial technical vision and made it a successful reality in rapid pace – and they have the customer validation and industry leadership to prove it,” said Astasia Myers, investor, Redpoint Ventures. “That’s why we’re increasing our investment in the company. Solo.io is bringing forward technologies that uniquely unify the application network across legacy and modern applications. We look forward to seeing what’s next for the company as it continues to grow, evolve, and innovate.”
During 2020, Solo.io has spearheaded and developed the following industry-leading products and initiatives across the focus areas of modern API infrastructure:
- Service Mesh: Open-sourced and updated Service Mesh Hub for single and multi-cluster service mesh management plane and the industry-first (and only) Developer Portal for Istio to catalog, secure, and expose running APIs to internal and external developers
- API Gateway: Federated multi-cluster, API gateway management plane and a Developer Portal to catalog, secure, and expose APIs to internal and external developers
- WebAssembly: Developer experience for WebAssembly for Envoy Proxy to build, share, and deploy WebAssembly modules for Envoy, Istio, and Gloo – and a WebAssembly module image specification to drive industry-wide collaboration and standardization
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About Solo.io
Solo.io, the modern API infrastructure company, delivers application networking from the edge to service mesh, helping enterprises adopt, secure, and operate innovative cloud native technologies. APIs drive microservices and cloud native technologies, forming the foundation for developers, partners and customers to interact with application services quickly, effectively, and securely. Solo.io brings developer and operations tooling to manage and federate security and traffic control and tie together the integration points to enable and observe the application network. Founded in 2017 in Cambridge, MA, Solo.io is backed by Redpoint Ventures and True Ventures. For more information, visit https://www.solo.io/ or follow @soloio_inc.
Media contact:
Danielle Salvato-Earl
Offleash PR for Solo.io
solo@offleashpr.com