Data shrinking co Onavo raises $3m in first round

Sequoia Capital and Magma Venture Partners made the investment.

Data shrinking solutions start-up Onavo Mobile Ltd. has raised $3 million in its first financing round from Sequoia Capital and Magma Venture Partners. The company has raised $4 million to date.

Onavo CEO Guy Rosen and Roy Tiger founded the company in 2010. The company's technology aims to reduce mobile data costs by compressing data consumption and to help users understand how to use their devices. The company launched its first app for the iPhone and iPad last month.

Onavo won won two awards at the TheNextWeb Startup Rally organized by blog The Next Web earlier this month.

Published by Globes [online], Israel business news - - on May 18, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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