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Issue Date: February 2011, Posted On: 2/8/2011


Kony raises $19.1M VC in first round

VC Report

By Martin Desmarais

Kony Solutions inc. has raised $19.1 million in first round funding from Insight Venture Partners.

The funding will be used for research and development related to the Kony Mobile Application Platform and to expand sales and marketing, according to the company.

The Kony Mobile Application Platform provides clients with a single application for designing, developing, deploying and managing mobile applications across all mobile systems on the market today. This includes more than 8,500 mobile devices, tablets and popular operating systems such as iPad, iPhone, Android, BlackBerry, Symbian, Windows Phone 7 and Palm. In addition, Kony's platform also supports device-optimized mobile Web sites for more than 15 browsers, such as Apple Safari, Google Chrome and Firefox.

Customers that use Kony's platform include United Airlines and Toyota Motor Sales U.S.A. Kony serves clients in the travel, media, retail, automotive, insurance, health care and financial services markets.

"The marketplace for mobile Web and mobile applications is rapidly expanding, and Kony's Mobile Application Platform, which allows companies to future-proof their mobile investments, is now an essential part of our clients' long-term market strategy to serve consumers on the move," said Raj Koneru, CEO of Kony. "Our new collaboration with Insight will support our efforts to expand Kony's reach and advance our products and services to provide our clients with feature-rich, mobile applications that optimize consumer engagement."

Kony is headquartered in San Mateo, Calif., with an office in Hyderabad, India.

"We have been impressed with Kony's deep technology solutions, industry leadership and the Company's impressive global growth," said Deven Parekh, managing director at Insight Venture Partners. "Kony's success is being driven by management's dedication to offering innovative products and services that meet the needs of their clients for sophisticated, comprehensive and easy-to-use mobile solutions. We are excited to contribute to Kony's growth and worldwide expansion."

In other venture capital news:

  • Mobile broadband gateway provider Stoke Inc. has received $17 million in a fourth round of funding. This brings the company's total funding to date to approximately $92 million. The latest investment will be used to support the company's installed base, plus new network optimization projects with carriers in Europe, Asia and the United States. Vikash Varma is Stoke president and CEO.
  • Skytap, a provider of self-service cloud automation product, has raised $10 million in third round funding led by OpenView Venture Partners, with participation from existing investors Ignition Partners, Madrona Venture Group and Washington Research Foundation.

    The investment will be used to increase sales and marketing, and accelerate fund research and development of the company's flagship cloud automation platform. Scott Maxwell, senior managing director of OpenView Venture Partners, will join Skytap's board of directors.

    John Janakiraman is chief technology officer and chief architect of the Seattle-based Skytap.
  • Nistica, a supplier of agile optical networking modules, has raised $8.5-million in a combination of equity and debt financing. Battelle Ventures and Technology Venture Partners co-led a $5.5 million fourth round of funding, while MMV Financial provided $3 million of debt financing.

    Novitas Capital, Fujikura Ltd., NTT Electronics Corp., MMV Investment Partners and other individual investors participated in the equity financing.

    "We have delivered Telcordia-certified full fledge modules with full grid-flexibility since day one, and our customers are leveraging the future-proof nature of our wavelength selective switches in winning new business," said Ashish Vengsarkar, CEO of Nistica, which is headquartered in Bridgewater, N.J. "The infusion of [funding] allows us to launch new products that enable the creation of colorless, directionless networks unconstrained by grids."
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