Entrepreneur Rajesh T.S Reddy led July Systems Raises $ 7 Million in Series C Funding
Entrepreneur Rajesh T.S Reddy led July Systems Raises $ 7 Million in Series C Funding; investment intended to strengthen its leadership in mobile internet publishing and monetization
- Intel Capital leads round
- July Systems achieves 300 percent growth in revenues
- Announces ESPN Cricinfo, Univision and Discovery Networks among its recent wins expanding its customer base to over 80 leading global media brands.July Systems, a leading provider of integrated mobile internet publishing and monetization solutions for the media entertainment and sports segment, today announced it has turned cash flow positive and secured a new $7 million Series C investment. The investment round was led by Intel Capital, with existing investor Sequoia Capital and Footprint Ventures participating. Details of the investment instrument were not disclosed.
July Systems also today announced that it has experienced strong growth over the past year, achieving 300 percent increase in revenues driven by the exponential growth in mobile internet consumption and a rapidly growing customer base. July Systems intends to use the funds to:
- Augment its leadership position in the North American and Asia Pacific region by growing July System’s sales, business development and operations teams.
- Deepen the R&D investment in the company’s Mi™ platform, including its cross-platform publishing across mobile web and native applications, rich media advertising technologies, real-time interactive video and micro-payment management systems.
- Catalyze an ecosystem of publishers, advertisers and distribution channels to deliver incremental monetization for all stakeholders.
“Over 80 of the premium media brands in the world are powered and monetized by July`s Mi™ platform and this is the foundation for our growth,” said Rajesh Reddy, Founder and CEO, July Systems. “We chose to raise this new round of funding to further strengthen our market leadership by investing in technology, operations and bolstering our team. In addition, we will also focus on driving incremental revenues into our ecosystem through July-led programs. We are pleased to have attracted funding from Intel Capital, and to continue our relationship with Sequoia Capital & Footprint Ventures.”
“July Systems has demonstrated strong growth through innovation in the mobile internet space and by delivering value to some of the world’s largest media brands. Strategically, July Systems’ middleware platform and global customer base complements Intel Capital’s portfolio; and Intel Corporation’s focus on the rapidly-evolving mobile internet segment,” said Sudheer Kuppam, Managing Director, Intel Capital India, Japan, Australasia and South East Asia.
Surendra Jain, MD, Sequoia Capital said, “We are very impressed with the performance of Rajesh and the management team at July Systems. We are long term investors and our participation in this round of investment is testimony to the faith that we have in the company”
About July Systems | Mi™ = mobile internet
July Systems is a leading mobile media company. July Systems’ product suite – the Mi™ Platform - helps brands publish, distribute and monetize their mobile internet services. It is the industry’s first Mobile 3.0 publishing platform and powers several premium Media, Entertainment, News, and Sports brands. These user-centric mobile internet channels result in significantly increased usage, advertising inventory for publishers, and an engaged opportunity for advertisers.
Pioneers in the mobile internet space, July Systems’ multi-domain team have over a decade of experience in building and launching mobile internet products worldwide. July Systems is privately held and operates out of offices in New York, Los Angeles & Bangalore.
The Mi™ Platform powers some of the most popular brands in the world. United States: CBS Sports, Vh1, Fox Entertainment Group – Fox Mobile, Fox.com, Fox Reality, FX, Speed, National Geographic, Comedy Central, Nickelodeon, NBA, NASCAR, PGA Tour, GOLF.com, Indy Racing League, NBC Sports, Travel Channel, Travel + Leisure Magazine, Lifetime Network. India: NDTV - NDTV Profit, NDTV Cricket Network 18 – IBNLive, Moneycontrol, CricketNext, HT Media’s Mint – an exclusive partner of the Wall Street Journal, and the Times Group’s Zoom TV.
Mi™, Mi™ Platform, Mi™ box, Mi™ Channels and Mi™ Studio are trademarks of July Systems.
About Intel Capital
Intel Capital, Intel's global investment organization, makes equity investments in innovative technology start-ups and companies worldwide. Intel Capital invests in a broad range of companies offering hardware, software, and services targeting enterprise, home, mobility, health, consumer Internet, semiconductor manufacturing and cleantech. Since 1991, Intel Capital has invested more than US$9.5 billion in over 1,050 companies in 47 countries. In that timeframe, 175 portfolio companies have gone public on various exchanges around the world and 241 were acquired or participated in a merger. In 2009, Intel Capital invested US$327 million in 107 investments with approximately 38 percent of funds invested outside the U.S. and Canada. For more information on Intel Capital and its differentiated advantages, visit http://www.intelcapital.com.
About Sequoia Capital
Sequoia Capital India currently manages funds capitalized at close to US $1.8 billion and invests across venture, growth and late stage opportunities. It takes a long term view on investments and plays the role of an active, value added partner to entrepreneurs, business families and management teams. Over the last 8 years, Sequoia Capital India has invested in more than 50 Indian companies including Applabs, Bharti Telesoft, Café Coffee Day, Dr Lal Pathlabs, Edelweiss Capital, Firstsource, GVK Biosciences, Idea Cellular, Shaadi.com and SKS Microfinance. Sequoia Capital India operates out of offices in Bangalore, Mumbai and Silicon Valley.
Globally, Sequoia Capital has an unparalleled track record of partnering with entrepreneurs to create global market leaders. Sequoia Capital has been an early investor in companies such as Google, Cisco, Yahoo, YouTube, Oracle, and Apple Computers. Sequoia Capital maintains dedicated teams in the US, China, India and Israel. For more information, kindly visit: http://www.sequoiacap.com/india/venture-capital/