NTT DOCOMO Ventures and Verizon Ventures led a $10.8 million Series B funding in Kinvey, an enterprise software business. Existing investors Avalon Ventures and Atlas Ventures have joined the funding round. Kinvey’s has raised a total of $17.8 million.
Kinvey (http://www.kinvey.com), the leading enterprise Backend as a Service (BaaS) platform, today announced $10.8M in Series B funding.
Driven by new investors NTT DOCOMO Ventures and Verizon Ventures, and joined by existing investors Avalon Ventures and Atlas Venture, this financing brings Kinvey’s total amount raised to date to $17.8M. The new funds will be used to drive product development, accelerate enterprise IT sales, and expand channel partnerships with a focus on cloud and systems integrator partners.
“Mobile is driving the adoption of cloud in the enterprise, and both of these platforms are happening together simultaneously,” said Jeffrey Black, Director, Verizon Ventures. “These are two monumental platform shifts and Kinvey is well positioned to take advantage of these trends through its ability to provide a fully managed platform from front end app development, to connections to existing enterprise applications, delivered as a service via the cloud.”
“Enterprises are standardizing on a mobility platform to help drive innovation across their business. In most companies, the mobility platform is being delivered via cloud, and Kinvey’s Backend as a Service platform is the right solution to meet this market need,” said Mr. Nobuyuki Akimoto, Executive Vice President and COO, NTT DOCOMO Ventures. “Kinvey’s world-wide developer adoption, coupled with its ability to run its platform on public or private cloud infrastructure, puts it in a unique position where it has the proven capability to support any mobile, tablet, web, or Internet of Things use case, on an enterprise-grade cloud service.”
A proven track record
Today, IT departments at enterprises including Schneider Electric, Game Show Network, Holder Corporation, Johnson & Johnson, Macquarie Bank, and VMware are using the Kinvey platform to empower their lines of business to quickly design, build, and scale innovative mobile, tablet, web, and Internet of Things apps by leveraging a robust and secure backend – all in the cloud. The result is increased responsiveness to market opportunities and a greater focus on adding value to the front-end mobile user experience.
Most recently, Schneider Electric standardized on Kinvey to drive development of innovative apps that complement and add value to their existing energy product offerings. Additionally, VMware has partnered with Kinvey to launch Kinvey on vCloud Air to help drive adoption of their hybrid cloud platform. VMware IT also uses Kinvey in-house to reduce management and maintenance overhead for their customer-facing applications.
“Successful enterprise platform companies are the ones that prove they can sell to Enterprise IT, and their platform then becomes the standard across the enterprise,” said Sravish Sridhar, CEO of Kinvey. “Kinvey is the only Backend as a Service company that has repeatedly demonstrated success with Enterprise IT. Other vendors sell to lines of business and just have 1-2 apps using their technology. But by focusing on getting enterprise IT to standardize on Kinvey, we have tens to hundreds of apps running on Kinvey with every customer.”
Kinvey is the leading enterprise Backend as a Service (BaaS) platform that helps enterprises, agencies, and developers launch successful and engaging apps. Kinvey provides comprehensive support for native, hybrid, and mobile Web applications and out of the box enterprise capabilities including identity management, integration with enterprise data sources and a data store and file store for new mobile data, ability to run customized business logic, and a rich set of mobile engagement services. Kinvey runs in a multi-tenant cloud or in a dedicated public or private cloud. On average, Kinvey customers launch applications twice as fast and at half the cost of traditional methods. For more information, visit http://www.kinvey.com.
About NTT DOCOMO Ventures
NTT DOCOMO Ventures, a Corporate Venture Capital Unit for both NTT DOCOMO and NTT Holdings group, is operating DOCOMO Innovation Fund and NTT Investment Partners Fund, both are $100M size. NTT is a Japanese telecommunications company and one of the largest telecommunications groups in the world, owning more than 800 companies as subsidiaries worldwide.
About Verizon Ventures
Verizon Ventures LLC seeks and invests in promising entrepreneurial companies who are tackling some of today’s biggest challenges for Verizon’s consumer and enterprise customers. Over the last decade Verizon Ventures has invested in more than forty companies covering a range of industries, technologies and market segments. Verizon Ventures offers support to its portfolio companies with technology and product development, market planning and sales, and access to the networks and platforms of Verizon Communications. For more information visit http://www.verizonventures.com