Stateless raises $11.3 million Series A

BOULDER — Stateless Inc. has raised $11.3 million in Series A funding.

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 investment was spurred by demand to extend connectivity beyond the data center and to connect workloads across data centers, the cloud and on-premises.

The Series A was oversubscribed and led by Drive Capital, with participation by existing investor Speedinvest.

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“Stateless aims to take network applications to the next level with a ground-breaking approach to connectivity,” Murad Kablan, co-founder and CEO of Stateless, said in a prepared statement. “The world of colocation and cloud service providers is rapidly transforming, and providers risk losing the value of their existing networking assets if they do not optimize for new use cases. The platform we are building is designed to elevate existing network assets to provide greater security, visibility and control, no matter the endpoint.”

The Series A funding will be used to expand deployment and the company’s operations activities, as well as to optimize the Stateless platform.

“Stateless brings together a truly unique collection of talent, experience and vision for delivering a revolutionary architecture for network applications, and we are excited to be working with it on its next phase of growth,” Andy Jenks, partner at Drive Capital, said in a statement. “Networks have not seen the same magnitude of benefits from virtualization that compute and storage have achieved. We believe Stateless’ unique architecture is the key to the next generation of networking.”