Cash-U Mobile Technologies today that it has closed a $15 million round of financing led by Carmel Ventures and with participation of its current large investors Greylock, Pitango and Fidelity Ventures. The investment will be used to accelerate the company’s growth including product development, sales, and marketing programs.
In addition, the company announced that it has successfully finalized the acquisition of Niragongo, a leading provider of solutions for mobile Internet and the renaming of the new integrated company, as Unipier Ltd.
Unipier headquarters continue to be based in Netanya, Israel with sales offices in Europe and Asia.
The $15 million round of financing provides Unipier (formerly Cash-U) with the ability to expand the company’s sales and marketing efforts and to further advance its product offering. This includes expanding on existing capabilities to support the delivery of advanced data services with complementary components for mobile service delivery.
Unipier Ltd. CEO Gabby Levy said, "This new funding allows us to accelerate our product development and market positioning as a leading provider of components that complement, enhance and manage the complexity of service delivery.”
Carmel Ventures general partner Shlomo Dovrat, who joins Uniper as board chairman, said, “With Cash-U's advanced mobile gaming platform and Niragongo's comprehensive smart content solutions, the merged company contains the core components of a mobile entertainment delivery platform."
Cash-U’s solution for mobile entertainment service delivery will be compined with Niragongo’s Lava Smart Proxy. Lava Smart Proxy gives operators control over their mobile data service environment and provides easy implementation of branding and style-guides.
“With this acquisition and corporate re-branding we are combining years of experience and product lines to create a suite of components that enable mobile service providers to shorten time to market of their value-added services, while reducing costs and complexity,” Levy said.
Published by Globes [online] - www.globes.co.il - on Tuesday, October 19, 2004