Funambol, a cloud solutions provider, will accelerate its global expansion through a new round of financing.
Funambol's $5.75 million in funding and working capital line will allow it to strengthen its success with large service providers in North America, Europe, Africa and Asia, the company said. These customers are deploying Funambol’s OneMediaHub for users to wirelessly share digital content with mobile devices via the cloud.
"As we look at new investment opportunities, we are pleased that Funambol has signed major customers in a very short time span," said Fred Sturgis, managing director at HIG Growth Capital. " ... Mobile and personal clouds are one of the fastest growing segments in the industry."
The market for personal clouds is transitioning from "silos" to services that support multiple brands and enable users to store all of their content in one cloud for convenience. As the demand for personal cloud services reaches its tipping point, mobile providers are recognizing an opportunity to offer personal clouds that support multiple device brands, the company said.
"Major global mobile providers are seeking a white-label personal cloud solution, and we are delighted to work with them to grow their customer acquisition and retention capabilities," said Amit Chawla, Funambol CEO.
Chawla added that the company's new financing is "validation of this surging market demand."
