ITSON INC. RAISES $12.5M IN SERIES C FUNDING LED BY TENAYA CAPITAL, WITH ADDITIONAL INVESTMENT FROM ANDREESSEN HOROWITZ
Investment will finance mobile solutions provider’s global expansion
ItsOn Inc., the leader in Mobile Smart Services announced it has received $12.5 million in a Series C round of funding led by Tenaya Capital with participation from existing investor Andreessen Horowitz.
ItsOn’s cloud-based service platform enables mobile operators around the world to radically change the mobile experience for their customers. By delivering highly differentiated contextual services and on-device purchases, the technology promises to reduce customer churn and drive increased loyalty. The ItsOn platform simplifies operators’ business processes and allows them to more quickly deploy new services at a fraction of the current legacy system costs.
Furthermore, because it provides value that is relevant to the end user, ItsOn helps operators monetize the Internet ecosystem by accelerating the consumption of data services and creating new revenue sources.
“We are now selling our SaaS platform services to large, global mobile operators and our company has transitioned from startup to revenue-growth stage,” said ItsOn founder, CEO and Chairman Greg Raleigh. “We are thrilled to partner with the very experienced and successful team at Tenaya to build our company. The purpose of this financing is to accelerate the market launch for our cloud-based virtual OSS & BSS platform and grow our mobile operator customer revenues in Europe, Asia, Middle East and South America.”
As a result of the funding, Stewart Gollmer, Managing Director at Tenaya Capital, will join ItsOn’s board of directors.
“Tenaya is very excited about our new investment in ItsOn,” Gollmer said. “Our research shows that mobile operators will replace their current, antiquated, hardware-based OSS and BSS systems with 100 percent cloud-based solutions much more quickly than analysts are projecting. ItsOn is the clear global leader in the virtualization of service policy controls, charging and billing for mobile networks and this is a space that will experience very rapid growth.”
“ItsOn is the only company in the world with a turnkey, end-to-end cloud platform that provides exactly what mobile operators need today in order to overcome current limitations and change the mobile service experience and make it significantly better for the end user,” added Gollmer. “ItsOn saves mobile operators a great deal of resources, time to market and money when compared to their current spending. ItsOn’s platform also provides new operator growth opportunities with exciting on-device offer that are very relevant to the mobile consumer and provide a great way for operators to differentiate themselves in the mobile application ecosystem.”
Privately held ItsOn previously secured $15.5 million in Series B funding led by Andreessen Horowitz along with SV Angel and an investor group led by Jim Davidson. Previous investors include Vodafone Ventures and Verizon Investments. In all, ItsOn has raised $40 million in venture capital funding.