Red Bend Software Inc., a Waltham, Mass.-based provider of software for remotely updating mobile phone applications, has raised $10 million in fifth-round funding. Coral Capital Management was joined by return backers Carmel Ventures, Greylock Partners, Infinity Venture Capital, Pitango Venture Capital and Poalim Ventures. The company has now raised $32.5 million in total venture capital since early 2001.
Red Bend Software, the market leader in Mobile Software Management (MSM), today announced that it has secured $10 million in funding to fuel the company's expansion into the mobile and machine-to-machine (M2M) markets. The funding was led by new investor Coral Capital Management, joined in the round by Red Bend's existing investors: Carmel Ventures, Greylock Partners, Pitango Venture Capital, Poalim Ventures and Infinity.
“Coral is known for its investments in companies in high-growth markets that demonstrate the potential to scale and become leaders in significant global industries,” said Yuval Almog, Founder and Senior Managing Director of Coral Capital Management. “With Red Bend's impressive portfolio of innovative products and a growing roster of manufacturer and operator customers worldwide, we are excited to help build even more value into the company during this next phase of growth.”
Red Bend will use the new funds for sales and marketing to grow its position in the mobile market as well as seize new opportunities in licensing its software for other connected wireless devices such as mobile broadband PC cards, USB modems, embedded chipsets and M2M modules. The company also will accelerate investment in research and development for its growing software products portfolio, which includes vCurrent