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Mavenir Systems Takes $17.5M

Richardson-based Mavenir Systems, which develops mobile convergence products for the telecom industry, said today that it has raised $17.5M in a third round of funding. According to the company, the Series C round was led by a new, undisclosed investor, and also included prior investors Austin Ventures, North Bridge Venture Partners, and Alloy Ventures. The funding brings the company's total raised to $51M. The firm said the funding will go towards expanding its product offering, product implementation, deployment, and extension of its geographic coverage and customer support. More information »