Mobile broadband network developer Stoke has snagged $17 million in Series E funding led by new investor Focus Ventures and previous investors Sequoia Capital, Kleiner Perkins Caufield & Byers, Integral Capital Partners, DAG Ventures, Net One Systems Co., Pilot House Ventures, DoCoMo Capital Ltd and Mobile Internet Capital, Inc. Stoke last raised a $15 million Series Dround back in April 2009 and its total funding to date is a hefty $92 million.
It makes sense. The smartphone industry continues to develop a stronghold over our computing lives (the Stoke press release says that the number of connected devices will reach 50 billion within five years) and companies that alleviate some of the burden for carriers will increasingly be in demand. Providing 3G and LTE infrastructure solutions while helping network operators transition into 4G, Stoke wants to eliminate the information overload experienced by beleaguered networks.
Stoke plans on using the new funding to double its size in 2011, a modest goal for a company that closed 2010 with revenues four times greater than those of 2009 and expecting triple digit growth again in the the next year.
Says Kleiner Perkins’ Matt Murphy:
“We are thrilled with the market validation and high growth rate Stoke is experiencing. Demand for data is increasing at extraordinary pace and with that comes major challenges for carriers including scalability, flexibility, and cost.”
Proof in six words: iPhone 5 on Verizon and AT&T.