Private equity firm TCV is aiming to disrupt the "entrenched" $100bn WAN market after pumping $90m of strategic investment into Silver Peak.
Silver Peak, which is duking it out for supremacy with the likes of Cato Networks and VMware and Aryaka in the red-hot SD-WAN space, said it will use the money partly to expand its go-to-market strategy.
According to analyst Futorium, the SD-WAN market is set to grow from $1.5bn in 2019 to $2.5bn in 2021.
Tim McAdam, general partner at TCV, which has previously invested in the likes of Airbnb, Splunk and Rapid 7, said it had run the rule over all the SD-WAN market's key players before parting with its cash.
"It's rare that we see an opportunity to disrupt a massive, entrenched $100bn technology category supporting mission critical applications and communication," he said.
"After researching all the players in the multi-billion-dollar SD-WAN market and speaking with enterprise CIOs, it is clear that Silver Peak has the most complete solution, clear market differentiation and traction, and a unique vision for the future of the new WAN edge. We look forward to working with the team to rapidly grow the business."
Silver Peak CEO David Hughes added: "With more than $100bn spent on the WAN every year by enterprises, much of it on technology that pre-dates the cloud, Silver Peak has an enormous opportunity as we deliver disruptive new WAN edge solutions for enterprises.
"TCV has a proven track record for identifying high-growth markets and investing in those innovative companies with the right solution and the right team in place to achieve market leadership."
Automation firms UiPath and Automation Anywhere close out their funding rounds with $265m and $300m respectively
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