Mobio nets $8M Series A
Date: Friday , March 31, 2006
Palo Alto, CA based mobile applications startup Mobio Inc. has raised $8 million in Series A. Storm ventures and Interwest Partners led the funding.
Started by industry veteran, Ramneek Bhasin, the company remains in stealth mode. However Bhasin says that Mobio has developed “personalized mobile lifestyle data applications.”
Bhasin says Mobio Inc. will use the new funding to build out a "product family." Bhasin said that the Series A closed in late February, and was preceded by an undisclosed amount of seed funding from Storm Ventures in mid-2005. Bhasin had been an entrepreneur-in-residence at Storm Ventures.
Besides it will develop mobile data applications like mobile messaging and remote access to data that is related to the métier of Vialto, Bhasins’ first company that was acquired by Cisco Systems in 2004.
Speaking about the VC interest in his company, Bhasin says, “Given the large market opportunity Mobio is going after, investor interest was quite high. However, $8 million was a fairly large A-round already and we had to turn down a few investors.”
Bhasin says Mobio should launch its product in the third quarter of this year, and Mobio is aggressively hiring, Bhasin said, adding that he is only partially taking the company out of stealth mode now, “because we have to recruit.” The company presently has four employees.