Cloud-based Mobile App Provider July Systems Secures $15M
Cloud-based mobile app platform provider July Systems has raised $15 million in a funding round led by Updata Partners, with participation from Intel Capital and WestBridge Capital as well. The capital raised will help accelerate the tech firm's product roadmap, boost its sales momentum and increase the market reach.
Founded in 2001 by Rajesh T.S. Reddy, a US-based entrepreneur of Indian origin, July Systems caters to businesses worldwide. Its flagship product Mi Platform allows companies to build, manage, market and monetise rich mobile apps.
Last year, the company reported an increase of over 60 per cent in the revenue run rate across the USA and other international markets, including the UK, the Middle East and Asia. Toys R Us, NBC Universal, Gannett Publishing and Just Dial are among its new customers.
"Making our platform easier to build and manage cross-platform mobile applications for customers, employees and our ecosystems of partners will be a key focus area for us. In addition, we will use the funds to increase market awareness at a global level," said Reddy, founder and chief executive officer of July Systems.
"Our investment in July Systems represents our belief in the platform, the management team and the mobile market. July Systems has a seasoned and highly experienced team, a market-leading product, and a top-tier, global customer base," said Carter Griffin of Updata Partners, a technology-focused growth equity firm.
Intel Capital (Intel's global investment arm, which makes equity investments in technology start-ups and companies worldwide) and Indian private equity firm WestBridge Capital also joined Updata Partners in this round of funding.
WestBridge was revived last year by former managing directors of Sequoia Capital India â€“ Sumir Chadha, KP Balaraj, Sandeep Singhal and SK Jain. They had set up WestBridge Capital at the turn of the century to invest in early-stage technology firms in the country.
In a short span of six months, WestBridge mopped up $500 million for its debut fund WestBridgeCrossover Fund, focusing on investments in public markets and late-stage private companies.