Red Bend Software, the market leader in Mobile Software Management (MSM), 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® Mobile for firmware over-the-air (FOTA) updating, vRapid Mobile(tm) for software component management and vDirect Mobile(tm) for device management.
“With its software now reaching more than 305 million mobile phones worldwide, Red Bend has achieved something only a handful of players in the mobile industry can claim,” said Harel Beit-On, Chairman of the Board of Red Bend Software and General Partner of Carmel Ventures. “This mass market success with mobile phones and recent deals for modems and M2M devices demonstrate the vast market potential for the company’s products.”
To further accelerate market adoption of over-the-air mobile software management, Red Bend is announcing three executive appointments:
Morten Grauballe, Executive Vice President, MSM Platforms – Grauballe will lead the company’s efforts to develop a mobile ecosystem for Red Bend’s MSM products, focusing on partnerships with independent software vendors and mobile platform providers. He has 11 years of experience in the wireless industry and most recently served as Red Bend’s EVP, Marketing. Prior to Red Bend, Grauballe was VP of product management for Symbian Ltd., where he helped establish the company as a leading provider of mobile smartphone software.
Dominique Jodoin, Executive Vice President, MSM Services – Jodoin will develop new channels to market for Red Bend through business relationships with telecommunications equipment providers, systems integrators and mobile network operators. Jodoin will continue to serve as President of Red Bend US. He previously served as Red Bend’s EVP, Business Strategy. Jodoin has 22 years of experience in the wireless industry and formerly was VP of business development for mobile systems at Alcatel and EVP at WaterCove Networks, a venture-backed company acquired by Alcatel in 2004. He spent 16 years with Ericsson, including president of Ericsson Belgium and EVP and general manager for Ericsson North America.
Lori Sylvia, Executive Vice President, Marketing – Sylvia is responsible for Red Bend’s worldwide marketing efforts, including product management and corporate marketing. She has 13 years of experience in marketing and communications in the networking and telecommunications sectors, previously serving as Red Bend’s VP, Corporate Marketing. Prior to Red Bend, she was director of marketing for General Dynamics’ $3 billion IT services division, and served in various product marketing and management roles at venture-backed start-ups including OpenReach and Indus River Networks, acquired by Enterasys Networks in 2001.
In addition, Yuval Almog of Coral Capital Management has been appointed to Red Bend’s board of directors. Almog has 35 years of experience in building, directing and operating successful companies, including: Advanced Fibre Communications (acquired by Tellabs; Nasdaq: TLAB), Cerus (NASDAQ: CERS), Macromedia (acquired as a public company by Adobe Systems; NASDAQ: ADBE), Magnet Communications (acquired by Digital Insight; Nasdaq: DGIN), Optical Solutions (acquired by Calix), and vizrt (Neuer Market-Frankfurt: VIZ).
“We are fortunate to have investors who are so committed to Red Bend’s success and who believe deeply in our people, our products and our strategy,” said Yoram Salinger, CEO of Red Bend Software. “Since our last round of funding three years ago, Red Bend has achieved 49% market share in FOTA updating for mobile phones, launched two new products and expanded into new markets. This funding will enable Red Bend to continue its rapid pace of operational growth to meet the increased demand by manufacturers and operators for mobile software management.”
About Coral Capital Management
Headquartered in Minneapolis, Coral Capital Management invests in companies throughout the United States and in select locations internationally. Coral focuses on technology-driven companies with substantial intrinsic momentum that are led by strong management teams, with early demand indicators, such as accelerating revenues, increasing product or service utilization and a growing customer base. The firm has a record of identifying and building market leaders and has invested in more than 50 companies resulting in numerous initial public offerings and strategic sales. Coral is currently investing its fifth fund in late-stage, demand-driven global technology companies.
About Red Bend Software
Red Bend Software helps mobile phone manufacturers and network operators to accelerate the adoption of new services and features, respond rapidly to customer needs and reduce support costs through mobile software management solutions. LG Electronics, Motorola, NEC, Sharp, Sony Ericsson and other large handset manufacturers use Red Bend’s firmware over-the-air (FOTA) mobile client software to quickly and reliably deliver compact firmware updates to more than 305 million mobile phones in the hands of consumers. Founded in 1999, Red Bend Software is a privately held, venture capital-financed company with offices in China, Israel, Japan, Korea, the U.K and the U.S.