Canaan Partners Invests $6 Mln in CallmyName


CallmyName said Monday that it has raised $6 million from Canaan Partners. The company has previously raised $3 million from private investors. CallmyName has developed technology to allow name dialing for mobile devices.

PRESS RELEASE

CallmyName, an innovative mobile startup company, today announced the completion of capital raise of 6 million USD from Venture Capital firm Canaan Partners.

CallmyName was founded in 2007 and developed a unique ground-breaking SIM technology for dialing names via mobile devices. This is the company’s second capital raise, its first capital raise was of 3 million USD from private investors.

The capital raised will be used to expand the company’s global footprint operations as well as for further development of its technology. CallmyName has signed contracts with the leading SIM manufacturers whom are expected to implement the new technology in their SIM card assembly lines. CallmyName is currently negotiating with numerous operators and device manufacturers in several countries.

Canaan Partners is a multi-billion dollar global venture capital firm focusing on investments in early stage companies in the IT and healthcare sectors with a wide portfolio of successful investments such as DoubleClick, Commerce One and Mobilitec.

Izhar Shay, General Partner, Canaan Partners: “CallmyName has developed a revolutionary technology with a business model designed for both businesses and consumers. The company’s technology and services hold great potential for the global markets as they produce immediate value for businesses and consumers from day one. I believe that within the next few years most consumers and businesses worldwide will possess a call-name from CallmyName, and name dialing will be the way to communicate. In light of this, we have decided to lead the company’s capital raise and take part in the global revolution of name dialing”.

Ariel Efrati, CEO, CallmyName: “As a leading global venture capital, Canaan has taken part in several ground-breaking technologies via investments made in companies like DoubleClick, Mobilitec, N-trig and PrimeSense. These companies developed new user experiences for millions worldwide. Canaan’s investment in CallmyName is a vote of confidence in our technology and its global market potential. Canaan partners are much more than financial investors – they are professional partners who will assist us with further technological development and global market expansion. Thanks to our revolutionary technology, we predict that in two years time, memorizing phone numbers will be matter of history. By then we’ll see a world where people call each other intuitively, using names rather than digits”.

About the technology

CallmyName’s technology provides a SIM based solution & a smartphone platform for dialing names, making every handset that uses it “call-name” enabled. Using this technology, the SIM card facilitates dialing of alphanumeric characters in lieu of phone numbers on almost any GSM handset. Individuals and businesses around the world can now choose a meaningful call name comprised of letters, digits and symbols in any sequence, combination, language or length.

Businesses, for instance, can choose to advertize names such as “Rose Flowers”, “Handy Man”, or “Mortgage Direct” as an impossible-to-forget call- name to be easily reached by their clients. Individuals can choose call names such as “Dave Anthony” or “Cool Dave” to identify and brand themselves.

About CallmyName

CallmyName is an innovative hi-tech company, which specializes in developing technologies and algorithms for the cellular industry. The company was founded in 2007 by well known and accomplished veterans of the hi-tech industry, whose vision was to change in the way consumers and businesses interact via cellular phones. The company’s groundbreaking technology creates a whole new ecosystem within the mobile market which allows more meaningful communications between individuals or companies.

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