The Mobile sector reversed its previous multi-quarter decline, with 17 companies securing $55 million in new funding, representing a 90% increase in funding amounts versus the previous quarter. The number of companies funded increased from nine, an 89% increase versus the previous quarter.
Mobile Iron raised $11 million in a new round of financing. The company's technology aims to reduce smartphone computing costs for the enterprise by moving smart phone data to the cloud via its Virtual Smartphone Platform. The funding was provided by Storm Ventures, Sequoia Capital and Norwest Venture Partners.
There were a number of Series A funding rounds during the quarter:
The Communications sector saw the largest percentage increase in funding volume, with companies in this sector raising $33 million during the quarter, an increase of 400% versus the previous quarter. The number of companies funded totaled 5, the same as the previous quarter.
The largest funding event of the quarter was for Tervela, which received $18 million from a syndicate of venture capital and private equity firms. The company has developed what it calls the first hardware-based messaging platform that is a hybrid of networking and middleware technology. Proceeds purposes from the funding round were not disclosed.
In an unpublished funding, Ubicom received approximately $4.4 million from its existing group of investors. The San Jose, California-based firm is developing communications and media processor and software platforms that speed multimedia content delivery to the digital home.
NeoEdge Networks secured $4 million in its series A round of funding from undisclosed investors. The company said that the proceeds would be used to help accelerate its advertising services revenue growth.
Venture Funding Activity – 3rd Quarter 2009
||- 62 %
|| - 60 %
||+ 31 %
||+ 90 %
||+ 89 %
||+ 400 %
||+ 36 %
||+ 16 %