BOULDER — Techstars graduate Stateless has raised $1.4 million in a seed stage funding round.
The round was led by European VC Speedinvest, with additional funding from EVO Venture Partners, Techstars, PV Ventures, Service Provider Capital and angel investors.
Boulder-based Stateless developed technology to allow network functions to be offered through the “as-a-service” model.
Stateless’ technology provides network functions, such as firewall protection and intrusion detection, but is deployed in a way that prevents disruption and network failure.
The technology was developed by way of research at University of Colorado Boulder. Stateless is a 2017 Techstars graduate and received two grants from the National Science Foundation.
Speedinvest, the lead investor, has $120 million under management.
“We are delighted to support Stateless in developing and rolling out their ‘network as a service’
platform to early customers and scaling an already fantastic team,” Erik Bovee, managing
partner at Speedinvest, said in a prepared statement. “Stateless is a rare organization, in that they have taken cutting edge research, applied it successfully in a commercial setting and have introduced not only enormous gains in network performance and flexibility, but also potentially revolutionized the way network services are consumed, not only from a technical but from a business perspective.”
Not only will Speedinvest be offering funding but also operational resources to help Stateless expand.
“What excites us most about Speedinvest is their experience with early stage companies with a
technical focus,” Murad Kablan, CEO of Stateless, said in a prepared statement. ”Not only do they come with deep knowledge of what it takes for companies like ours to be successful in the long term, but they also are willing to provide hands on guidance with customer and market development.”