MONTRÉAL, Sept. 9, 2015 /CNW Telbec/ - NoviFlow, a global leader in high-performance networking technology, today announced that it has closed a $9 million financing round led by the Fonds de solidarité FTQ, with the participation of W3 Investments, Somel Investments Inc., other current investors and the firm's officers.
Based in Montréal, NoviFlow is specialized in the development of software and systems for intelligent SDN network switches.
"Thanks to its founders' dedication and persistence, Montréal-based NoviFlow has become a world leader in information technology based namely on research done at UQAM. With these new investments, NoviFlow will be able to continue growing and creating jobs in Québec's IT sector," said Alain Denis, Senior Vice-President, New Economy, at the Fonds de solidarité FTQ.
"These investments recognize NoviFlow's continued growth in the high performance IT sector, as well as the expertise of its team and the great potential of its unique solutions based on innovative software," added Nicolas Bélanger, co-founder and senior partner of W3 Investments.
According to NoviFlow President and CEO Dominique Jodoin : "Data transfers are growing exponentially due to the widespread use of mobile phones, social media, cloud computing, as well as the availability of new content. NoviFlow delivers cutting-edge technology in the form of software for intelligent network switches to help resolve the growing problem of network congestion caused by this data transfer explosion. These new investments will allow NoviFlow to pursue its growth beyond its current base of clients in North America, Asia and Europe."
"With this round, NoviFlow is embarking on a new growth phase. I am extremely pleased to welcome our new investors and members of the Board. I would also like to thank our current directors, as well as Aligo Innovation, Québec's Ministère de l'Économie, de l'Innovation et de l'Exportation, the Réseau des Entreprises du Sud-Ouest (RÉSO), CAE Capital, Prompt, the Plug & Play Tech Center, Canada Economic Development, the Fonds de développement Emploi-Montréal (FDEM) and the Centre d'Excellence en Efficacité Énergétique for supporting NoviFlow since its inception," said NoviFlow Chairman Roch L. Dubé.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as of May 31, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's development. The Fonds is a partner, either directly or through its network members, in more than 2,550 companies. With 610,605 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.FondsFTQ.com.
NoviFlow Inc. provides high-performance OpenFlow-based switching solutions to network carriers, data center operators and enterprises seeking greater control and flexibility over their networks. NoviFlow has offices in Sunnyvale CA, Seattle WA and Montreal, Canada. For more information, please visit www.noviflow.com. Follow us also on Twitter @NoviFlowInc.
SOURCE Fonds de solidarité FTQ
For further information: For media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile : 514 703-5587, Email: firstname.lastname@example.org; Marc LeClerc, Vice-President Marketing & Strategy, NoviFlow Inc., Phone: 438-807-4363, Mobile: 514-402-5948, Email: email@example.com