Tuesday, May 31, 2011

Mavenir Systems Raises $40M, Acquires Firm

Richardson-based Mavenir Systems, the developer of LTE and mobile infrastructure products led by Pardeep Kohli, said today that it has raised $40M in a fifth round of funding. Mavenir also said it has acquired Airwide Solutions, a provider of mobile messaging solutions. The new round was led by August Capital, and also included North Bridge Venture Partners, Austin Ventures, Alloy Ventures, Greenspring Associates and Cross Creek Capital. The firm said the new funding brings its total raised to more than $105M. Financial details of the acquisition of Airwide Solutions was not disclosed. Mavenir's products are used for LTE wireless infrastructure. More information »