Kaloom makes an impact with $10.7m series A
Posted on 28 March, 2017 by Thierry Heles, editor
Fonds de solidarité FTQ led the series A round, which closed in December 2016 but has only been disclosed now.
Canada-based software developer Kaloom has raised $10.7m in a series A round led by Fonds de solidarité FTQ, the state-mandated investment arm of the labour body of Quebec.
Somel Investemtns, MBuzz Investmetns, Griffin II, the company’s executives and other existing, unnamed investors also contributed to the round, which closed in December 2016 but was only announced last Friday.
Kaloom is developing software aimed at data centre management. The company’s technology enables virtual network functions to operate at scale by relying on commodity hardware, merchant silicon and existing data centre architecture.
The company is currently recruiting more staff and is expected to release product information and demonstrations later this year.
Alain Denis, senior vice-president, innovation at Fonds de solidarité FTQ, said: “Kaloom is building a solution that is critical and well timed as the demands on data centre operators and customers increase and the hyper-scale data centre market evolves to serve telecom, financial services, government, healthcare and related markets.
“The shift to open networking and white box appliances dictate that the old way of doing things in networking is rapidly coming to an end. Kaloom is well positioned, through its experienced management team and highly technical engineering group, to capitalise on this trend.
“We are also very excited that a company such as Kaloom will base its engineering, support and related functions in Montreal, thus taking advantage of the high quality, technical workforce available in the province of Quebec.”
See more from this Government Report: Canada
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