Averail, developer of mobile content management software, has raised $6 million in Series A financing led by Foundation Capital and Storm Ventures. Paul Holland of Foundation Capital and Tae Hea Nahm of Storm Ventures have joined the company’s board. Formed in 2011, Menlo Park, Calif.-based Averail is focused on the way people access and share enterprise documents on mobile devices.
Averail announced today the completion of its $6 million Series A funding led by Foundation Capital and Storm Ventures. In addition, the company has appointed Paul Holland, General Partner at Foundation Capital, and Tae Hea Nahm, Managing Director at Storm Ventures, to the Board of Directors of Averail.
Averail is developing a mobile content management (MCM) solution to transform the way people access and share enterprise documents on mobile devices. Founded in 2011 by mobile industry veterans John Drewry and Rahul Sharma, Averail’s initial round of funding will focus on advancing product development and expanding the organization. Drewry previously held positions at Motorola and 3Com, and co-founded mobile enterprise startup, Orative, which was acquired by Cisco in 2006. Sharma brings leadership and deep technical expertise from his experience in senior engineering roles at Microsoft, Motorola and Sun Microsystems.
“Smartphones and tablets are increasingly sweeping into businesses and fueling the consumerization of IT. Yet access remains limited, and many employees still struggle with daily tasks that require collaboration across an organization,” said John Drewry, co-founder of Averail. “We are privileged to have strong partnerships with top venture capitalists that have domain expertise in enterprise software and mobility solutions, and who support our mission to provide enterprise customers with a unique solution that liberates content currently locked away inside organizations.”
According to market research firm IDC, 70% of all smartphones are used for business purposes, and mobile tablet usage among businesspeople is also growing rapidly. Both trends are driving employee demand for access to more business information on mobile devices.
“Averail is a Storm incubated company pursuing a massive opportunity,” said Tae Hea Nahm at Storm Ventures, who previously incubated Airespace and MobileIron. “This is a stellar team with a unique approach to solving a real business problem. We look forward to working closely with them to deliver a powerful and winning solution.”
“Averail is addressing an urgent need, as more and more organizations adopt BYOD policies for their employees,” said Paul Holland at Foundation Capital. “Managing sensitive or confidential documents on mobile devices requires a fundamentally different approach from what has been deployed on PCs. Averail is working on an exciting solution that promises to revolutionize what is currently available on mobile devices.”
The company expects to introduce its first offering in the second half of 2012.
Averail is an early-stage, enterprise mobile software company developing a mobile content management solution for smartphones and tablets. The company is based in Menlo Park, CA, and has received investment from Foundation Capital and Storm Ventures. To learn more, visit Averail at www.averail.com.
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