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July Systems Raises US$10 Million in Series B Funding
Santa Clara, California (ots/PRNewswire) -
- Izhar Armony from Charles River Ventures Joins Board of Directors
July Systems, a leading provider of turnkey managed mobile data solutions and service delivery software for service providers and wireless telecom operators, announces that it has secured US$ 10 million in Series B funding. The round was led by the top-tier US venture capital firm Charles River Ventures (CRV), with additional funding from all of the existing investors WestBridge Capital Partners, NeoCarta Ventures, Jumpstartup and Acer Technology Ventures. Silicon Valley Bancshares also joined as a new investor. Izhar Armony, a General Partner at Charles River Ventures has now joined the Board of Directors of July Systems.
"July is pleased to announce this new round of funding. It is a validation not only of our product and market strategy to date, but more significantly, a validation of the long-term potential that the investor community sees in the July Systems team and the mobile data services domain," said Ashok Narasimhan, Chairman, CEO & Co-Founder, July Systems. "We are heartened by the interest and commitments we have received, in spite of the stringent financing environment that still exists today."
"We are excited about July's prospects and are extremely pleased to join the board" said Izhar Armony of CRV. "July has a truly world class team, and has developed a superior technology. Both are at par with the top tier startups we see in the US. They have pioneered a new model, by creating a truly multinational company from day one - performing many of the core activities of a company, such as product management, marketing, and finance, in low-cost, high talent geographies. So they go beyond cost arbitrage and off shoring, attracting the best talent wherever it is, and have set an example of how the technology company of the future should look like".
This new round of funding will be used to fuel the expansion of July's multi-discipline product team in Bangalore, and to strengthen global sales and marketing activities. July currently has presences throughout Europe, North America and Asia, apart from its US corporate headquarters and India-based product center.
About July Systems
July Systems delivers turnkey managed mobile data services and service delivery software solutions for service providers such as portals, content publishers and aggregators, media and brand owners, MVNOs and wireless telecom operators. July's solutions enable its customers to address a key challenge they face today - deploying profitable, next-generation mobile data services for their consumers while ensuring rapid time-to-market and minimal infrastructure and operational investments. Founded in 2001, July Systems is headquartered in Santa Clara, CA, operates its Global Product Center in Bangalore, India, and has a presence across key wireless markets in Europe, North America and Asia. For more information, visit www.julysystems.com
About Charles River Ventures
Founded in 1970, Charles River Ventures (CRV) is one of the oldest and most successful early-stage venture capital firms with approximately $1.8 billion under management. CRV is dedicated to helping exceptional entrepreneurs turn their ideas into the next category leaders in the data communications and software and services sectors. Over the past 10 years, CRV funds have been ranked among the industry's top performers. This superior investment record includes leading companies such as Cascade, Chipcom, CIENA, iBasis, Sonus Networks, SpeechWorks International and Vignette. CRV has offices in Boston, MA and Menlo Park, CA. For more information, visit www.crv.com
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