July Systems Raises $7 Million in Series C Funding
Date: Monday , March 29, 2010
Ashok Narasimhan and Rajesh Reddy co-founded July Systems closed its Series C funding of $7 million, led by Intel Capital. Also, the existing investors Sequoia Capital and Footprint Ventures participated in this round of financing. With this round of funding, the company plans to strengthen its market leadership by investing in technology and operations, and catalyze an ecosystem of publishers, advertisers and distribution channels to deliver incremental monetization for all stakeholders.
Reddy, who is also the CEO of July Systems, says, “We chose to raise this new round to drive incremental revenues into our ecosystem through July-led programs.” Founded in 2001, Santa Clara based July Systems, a provider of integrated mobile internet publishing and monetization solutions for the media entertainment and sports segment, is the first to launch Mobile 3.0 publishing platform.
The ‘Mi’ platform launched by the company, offers innovative features such as Cross - platform publishing and distribution, Freemium model based monetization, and personalized push based customer relationship management. Claiming to be a pioneer in the mobile internet space across the globe, July Systems helps brands publish, distribute and monetize their mobile internet services.
In the current financial year, the company has experienced strong growth, achieving 300 percent increase in revenues, driven by the exponential growth in mobile internet consumption and a rapidly growing customer base. Also, it has recently added clients like ESPN Cricinfo, Univision and Discovery Networks. “Over 80 of the premium media brands in the world are powered and monetized by July’s Mi platform and this is the foundation for our growth,” says Reddy.
With 200 employees under its umbrella, July Systems currently operates in the U.S. and India, and now with current round of funding, the company plans to further consolidate its position in the North American and Asia Pacific region. Also, it plans to strengthen its team by adding 100 new people by 2010 end.