Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said. The new round, co-led by March Capital and Saudi Arabia's sovereign wealth fund, Sanabil Invest
Nile, a networking startup co-founded by former Cisco Systems executives John Chambers and Pankaj Patel, has raised $175 million in a new round to fund its efforts to build a Cisco competitor, the company said.
Nile, which has previously raised $125 million, did not disclose its valuation, but said it had doubled since the last round. Data from PitchBook pegged the company's valuation at $395 million in 2020. Since its technology became available last May, Nile has signed customers such as Stanford University and startup Carta.
Nile’s services-only offering could save clients 30 per cent to 50 per cent at each location, partly because it is a consumption-based model, so users don't have to pay upfront fees on equipment or spend on maintenance, Patel claims.
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