04/22/2008
Mobile software management provider Red Bend secured $10 million
Over-the-air mobile software management provider Red Bend has secured $10 million in funding led by new investor Coral Capital Management, joined by Red Bend’s existing investors: Carmel Ventures, Greylock Partners, Pitango Venture Capital, Poalim Ventures and Infinity.
Red Bend will use the new funds to grow its position in the mobile market as well as seize new opportunities in licensing its software for other connected wireless devices such as mobile broadband PC cards, USB modems, embedded chipsets and machine-to-machine (M2M) modules.
The company mobile software already shipped in 305 million mobile phones worldwide. Red Bend forecasts that in the second quarter its software will reach 360 million mobile devices, including mobile phones, mobile broadband PC cards and modems, and M2M wireless modules.
“With its software now reaching more than 305 million mobile phones worldwide, Red Bend has achieved something only a handful of players in the mobile industry can claim,” said Harel Beit-On, Chairman of the Board of Red Bend and General Partner of Carmel Ventures. “This mass market success with mobile phones and recent deals for modems and M2M devices demonstrate the vast market potential for the company’s products.”
Red Bend helps mobile phone manufacturers such as LG Electronics, Motorola, NEC, Sharp, and Sony Ericsson to accelerate the adoption of new services and features. Founded in 1999, Red Bend is a privately held company with offices in China, Israel, Japan, Korea, UK and the US.
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19:05 Posted in Mobile Software | Permalink | Comments (0) | Email this | Tags: harel beit-on, red bend, carmel ventures