Wednesday, April 23, 2008

Red Bend Software, the market leader in Mobile Software Management has secured $10 million in funding

What Company Is Offering:
Red Bend Software helps mobile phone manufacturers and network operators to accelerate the adoption of new services and features, respond rapidly to customer needs and reduce support costs through mobile software management solutions. LG Electronics, Motorola, NEC, Sharp, Sony Ericsson and other large handset manufacturers use Red Bend's firmware over-the-air (FOTA) mobile client software to quickly and reliably deliver compact firmware updates to more than 305 million mobile phones in the hands of consumers.

How Much They Got From VCs:
Red Bend Software, the market leader in Mobile Software Management (MSM), today announced that it has secured $10 million in funding to fuel the company's expansion into the mobile and machine-to-machine (M2M) markets. The funding was led by new investor Coral Capital Management, joined in the round by Red Bend's existing investors: Carmel Ventures, Greylock Partners, Pitango Venture Capital, Poalim Ventures and Infinity.

"Coral is known for its investments in companies in high-growth markets that demonstrate the potential to scale and become leaders in significant global industries," said Yuval Almog, Founder and Senior Managing Director of Coral Capital Management. "With Red Bend's impressive portfolio of innovative products and a growing roster of manufacturer and operator customers worldwide, we are excited to help build even more value into the company during this next phase of growth."

How They Will Use New Fund:

Red Bend will use the new funds for sales and marketing 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 M2M modules. The company also will accelerate investment in research and development for its growing software products portfolio, which includes vCurrent Mobile for firmware over-the-air (FOTA) updating, vRapid Mobile for software component management and vDirect Mobile? for device management.

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