Content delivery network provider EdgeCast Networks announced on Thursday it has secured $54 million in new financing, led by Performance Equity Management, with participation from EdgeCast’s existing investors Menlo Ventures and Steamboat Ventures.
The Series D growth investment will help EdgeCast develop and launch new web acceleration, routing and security services, further strengthen its intellectual property portfolio, aggressively expand its global network, and improve its international sales and marketing efforts.
The equity portion of the financing was augmented with a debt facility from Silicon Valley Bank.
Now in its fourth consecutive year of profitability, EdgeCast continues to grow rapidly in a market that will is expected to grow to $6 billion annually by 2016, according to AccuStream Research.
“Millions of people use EdgeCast every day – when they use Twitter, Pinterest, Tumblr, Hulu, or any other of the thousands of sites we accelerate worldwide. We deliver more than 4 trillion digital items a month to almost every Internet user in the world,” said Alex Kazerani, EdgeCast chairman and CEO. “We are proud that our investment partners recognize our incredible performance and share our enthusiasm about our continued growth.”
The investment will be used to continue accelerating growth as it continues to focus on the key areas of performance, quality and reliability, and security.
With the addition of more than 2,000 accounts in the past year, EdgeCast has more than 6,000 accounts serving some of the largest web brands including Twitter, Pinterest, Sony, and Hulu.
Earlier this year, EdgeCast Networks expanded its reach to new markets in Europe and South America.