Sunday, May 29, 2011

Mavenir Systems Raises $40 Million for LTE Solutions

Mavenir Systems, a start-up based in Richardson, Texas, raised $40 million in its fifth round of funding.

The company's Mavenir mOne Convergence Platform enables mobile operators to deploy enhanced voice, video and messaging services across any generation of mobile devices and broadband access networks. The Mavenir mOne™ supports a wide range of applications and functionalities to deliver services over 2G, 3G, WiFi and LTE networks – such as Voice over LTE (VoLTE) , LTE Messaging, Mobile Video, Rich Communication Suite (RCS) and Converged IP Messaging (CPM) – all from a single platform.

The new funding will fuel Mavenir's continued expansion into fast-growing 4G/LTE markets. The company said it currently has over 120 mobile operator customers worldwide, including a recently announced win with MetroPCS for LTE messaging.

New investor August Capital leads this round that includes North Bridge Venture Partners, Austin Ventures, Alloy Ventures, Greenspring Associates and Cross Creek Capital that also joins as a new investor. Mavenir has now raised a total of $105 million since October 2005.

"This is a key investment round that enables Mavenir Systems to make significant strategic growth moves that further strengthen our portfolio, resource and client base in the LTE wireless infrastructure space," said Pardeep Kohli, president and CEO, Mavenir Systems. "Our acquisition of Airwide Solutions increases our global presence and with our combined experience, will instill a greater confidence in our customers as they rely on Mavenir to launch innovative LTE services quickly and cost effectively."

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