Total amount raised
$79.4 Millions
Latest funding date
8/1/2020
Location
Mode has successfully raised $16 million in a Series B funding round, with notable investors including Google Ventures and New Enterprise Associates. The platform is designed to unite data teams and business teams, driving business outcomes through advanced data analysis and interactive dashboards.
Keep reading to explore the intricacies of Mode's fundraising journey and the investors backing this innovative platform.
What Is Mode?
Mode, founded in October 2014, is based in San Francisco, California. The company was co-founded by Kevin Tang and Nithin Michael, both of whom are Cornell computer scientists.
Mode specializes in providing a high-performing software-defined core network (SD-CORE) that powers various applications, including SD-WAN, Cloud Access, and Unified Communications. Their platform is designed to enhance enterprise WANs with reliable connectivity and cloud elasticity.
With a team of 11-50 employees, Mode continues to innovate in the field of modern business intelligence, uniting data and business teams to drive impactful business outcomes.
How Much Funding Has Mode Raised?
- Series B
- Amount Raised: $16M
- Date: June 4, 2018
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the development and expansion of Mode's autonomously controlled networks and their Mode Core product.
- Grant
- Amount Raised: $1.4M
- Date: March 18, 2016
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fund research and development efforts.
- Series A
- Amount Raised: $6.8M
- Date: November 10, 2015
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the company's operations and expand its market reach.
- Grant
- Amount Raised: $150K
- Date: December 11, 2014
- Lead Investors: National Science Foundation
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support initial research and development activities.
Total Amount Raised: $24.35M. Current Valuation: Not publicly disclosed.
Key Investors
- Google Ventures
- Details: Google Ventures, now known as GV, is the venture capital arm of Alphabet Inc. It provides seed, venture, and growth-stage funding to technology companies.
- Investment Focus Areas: Life sciences, consumer products, enterprise technology.
- Notable Investments: Uber, Slack, Nest.
- National Science Foundation
- Details: The National Science Foundation (NSF) is an independent federal agency in the United States. It supports fundamental research and education in all the non-medical fields of science and engineering.
- Investment Focus Areas: Science, engineering, education.
- Notable Investments: Provides grants to support research projects in universities and other research institutions.
- New Enterprise Associates
- Details: New Enterprise Associates (NEA) is a global venture capital firm. It invests in technology and healthcare companies at all stages of growth.
- Investment Focus Areas: Technology, healthcare, enterprise software.
- Notable Investments: Robinhood, Coursera, Duolingo.
What's Next for Mode?
Mode stands at the cusp of significant growth, driven by the increasing demand for reliable and high-quality private networks. Their software-defined core network (SD-CORE) supports a range of applications, from SD-WAN to ultra-low latency services like interactive streaming and real-time machine learning. This broad application spectrum positions Mode to tap into expansive market opportunities.
With the successful Series B funding round, Mode is well-poised for future fundraising. The involvement of prominent investors like GV and the National Science Foundation underscores the potential for continued financial backing. However, Mode must navigate challenges such as competition from other SDN providers and the need for continuous innovation to stay ahead in a rapidly evolving industry.
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