INTEL : systems raises $7 mln in Intel capital-ded round

systems raises $7 mln in Intel capital-ded round

The Series C round also saw participation from existing investors Sequoia Capital and Footprint Ventures.
July Systems, a mobile media company, has raised $7 million Series C investment in a round led by Intel Capital. Existing investors in the firm, Sequoia Capital and Footprint Ventures too participated in the round, the company said in a statement.
The company plans to utilise the fund in strengthening its sales and distribution platforms in North American and Asia Pacific region. It will also make substantial investment in R&D, added the statement.
July Systems helps brands publish, distribute and monetise their mobile internet services. It has also announced that it has turned cash flow positive and has achieved a 300% growth in revenue over the last year driven by the exponential growth in mobile internet consumption and a growing customer base. July Systems has recently added clients like ESPN Cricinfo, Univision and Discovery Networks.
July Systems founder and CEO Rajesh Reddy, said, in a statement: “We chose to raise this new round of funding to further strengthen our market leadership by investing in technology, operations and bolstering our team. We will also focus on driving incremental revenues into our ecosystem through July-led programmes.”
Privately-held July Systems has offices in New York, Los Angeles and Bangalore.
Intel Capital, the corporate venture capital arm of world's largest chip maker Intel, has so far invested $9.5 billion across 1,050 portfolio companies globally.
In November last year, the fund announced follow-on investments in two Indian companies, Financial Information Network & Operations Pvt. Ltd (FINO) and Wortal, Inc, owned local entertainment events portal Buzzintown.com. Some of its other investments in India include mobile services company One97
Communications, online B2B marketplace IndiaMART.com and vocational training institute Global Talent Track.
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