Onavo Mobile Ltd., which is developing an app to compress data on mobile phones, has raised $10 million in a series B funding round. The company's applications result in major cost savings because they can compress data in smartphones by up to 80%.
The fundraising round was led by Horizons Ventures, the private investment arm of Li Ka-shing together with Motorola Mobility Ventures, the venture capital investment arm of Motorola Mobility Inc. Jason Wong from Horizons Ventures has joined Onavo's board.
The company had previously raised $4 million from Sequoia Capital and Magma Venture Partners.
Wong said, "Mobile data use continues to grow exponentially, which creates issues for carriers and consumers alike. We believe Onavo’s unique data compression solution will prove compelling to both carriers and consumers.”
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 year.
Onavo is headquartered in Ramat Gan's Diamond Exchange district.
The company will use the funds raised to expand the products it offers and distribution. Existing applications are based on the iOS operating system for iPhones and smartphones based on Google's Android.
Published by Globes, Israel business news - www.globes-online.com - on January 24, 2012
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