July Systems raises $ 7 mn in series C funding

BANGALORE, INDIA: July Systems, a provider of integrated mobile Internet publishing and monetization solutions for the media entertainment and sports segment, recently 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, said a press release.

Details of the investment instrument were not disclosed.

July Systems also said that it has experienced strong growth over the past year, achieving 300 per cent increase in revenues driven by the exponential growth in mobile Internet consumption and a rapidly growing customer base.

The raised funds will be used to grow the company's sales, business development and operations teams in the North American and Asia Pacific region, deepen the R&D investment in the company’s Mi platform, and Catalyze an ecosystem of publishers, advertisers and distribution channels to deliver incremental monetization for all stakeholders, said the release.

“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,” Reddy added.

“ 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 long term investors and our participation in this round of investment is testimony to the faith that we have in the company”