Mobile Internet developer Saguna Networks has closed a $3.2 million financing round led by SoftBank Ventures Korea Corp. (SBVK) and Akamai Technologies (Nasdaq: AKAM) supported by Saguna's existing investors. These investors include Xenia Venture Capital Ltd. (TASE:XENA), which reports that Saguna has just signed an agreement for an investment of $1.2 million, the second part of a $3.2 million financing round, which began in August 2014.
Saguna will use the funding to expand the company's presence in North America, Asia and Europe as well as accelerate product development.
Saguna is a mobile edge computing pioneer, which makes mobile broadband faster, simpler and more economical.
Saguna helps mobile operators improve user experience, monetization and network economics by bringing internet content and applications into the Radio Access Network (RAN); as close as possible to mobile users. The Saguna CODS Mobile Edge Computing platform creates secure and direct fast-track connections between internet content providers and web applications to mobile users and promotes network-aware content optimization with real-time feedback.
SBVK COO Daniel Kang said, "We are delighted that Saguna Networks will be SoftBank Ventures Korea Corp's (SBVK) first investment in Israel. Driven by users' needs to feel constantly connected, mobile traffic is set to undergo explosive growth in the next 5 years with operators increasingly turning to technology to address bottlenecks. Saguna's -Open-RAN is a compelling solution enabling operators to meet their critical future needs," SBVK's venture partner Ben Weiss will join Saguna's board as an observer.
Akamai emerging mobile business unit VP and general manager Lior Netzer said, "With a combined understanding of mobile network conditions and the content and applications traversing the cellular network, a CDN supports a business model where mobile network operators and over-the-top (OTT) content providers develop smarter applications and create new revenue streams. Working together with Saguna, through both Akamai's investment and technology collaboration, is intended to help broaden the possibilities presented by Saguna's pioneering Mobile Edge Computing solution. Interestingly, Akamai and Saguna have already demonstrated the first CDN operating inside the mobile base station as a proof of concept and are actively exploring new collaborative opportunities. Further, I look forward to joining the Saguna board as an observer."
Based in Nesher near Haifa, Saguna was founded by CEO Lior Fite, and CTO Danny Frydman.
Fite said, "At Saguna, we are proud that industry leaders like Akamai Technologies and SoftBank Ventures Korea Corp. have chosen to invest in our company and the continued support of our existing investors. This is a testament to the value presented by Saguna's Mobile Edge Computing technology for improving the user experience, improving economics and monetizing mobile networks."
Published by Globes [online], Israel business news - www.globes-online.com - on February 15, 2015
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