BANGALORE: mFormation Technologies Inc, the market leader of mobile device
management solutions for the mobile industry, announced the close of a $15.3
million financing to extend the Series D round to $24.5 million.
This brings the total investment in the company to about $50 million,
mFormation said in a statement. Existing investors Alex Brown Venture Partners,
Battery Ventures, Carmel Ventures, Intel Capital and North Bridge Venture
Partners participated in the financing.
The release of the new funds is expected to enable mFormation to continue its
drive to expand its operating activities. The additional fund will be used to
expand operations reflecting the buoyant demand for its products, further its
geographical expansion including the Asian market, and to raise the company
profile in line with the customer successes that have been secured.
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