Ashok's July secures $10 million in VC funding

By SiliconIndia   |   Monday, 23 August 2004, 07:00 Hrs
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BANGALORE: 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 $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.

The new round of funding will be used to fuel the expansion of July's multi-discipline product team in Bangalore, which includes domain specialists in mobile services infrastructure and applications engineering, mobile data services design, mobile services management and operations, global marketing, and business development. As part of the accelerated team expansion, the company is moving to its new state-of-the-art product center in Bangalore. The latest round of funding will also be used to strengthen global sales and marketing activities. July currently has a presence in UK, Germany, Italy, Singapore, Australia, Korea and Japan apart from its US corporate headquarters and Bangalore-based product center.

"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".

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