Richardson, TX - May 30, 2011 - Mavenir Systems, the leading innovator of mobile infrastructure solutions for LTE operators, today announced it has raised $40 million in its fifth round of funding. New investor August Capital lead this round that included North Bridge Venture Partners, Austin Ventures, Alloy Ventures, Greenspring Associates and Cross Creek Capital that also joins as a new investor.
Mavenir has now raised a total of $105 million since October 2005.
The 4G/LTE market includes over 200 global operators who are investing in LTE with more than 400 Million subscribers expected by 2015. This funding will fuel Mavenir’s continued expansion into fast-growing 4G/LTE markets and ensure we maintain the highest level of support services for our increasing customer base which now exceeds 120 mobile operators worldwide.
“This is a key investment round that enables Mavenir Systems to make significant strategic growth moves that further strengthen our portfolio, resource and client base in the LTE wireless infrastructure space.” said Pardeep Kohli, president and CEO, Mavenir Systems. “Our acquisition of Airwide Solutions increases our global presence and with our combined experience, will instill a greater confidence in our customers as they rely on Mavenir to launch innovative LTE services quickly and cost effectively."
This funding follows some significant milestones for Mavenir that demonstrate a strong foothold in the market with the win MetroPCS for LTE messaging and recently announced voice and messaging products (VoLTE) that that are essential for 4G/LTE wireless networks.
"With key customer wins in 4G/LTE deployments, Mavenir Systems has proven itself as an innovative wireless infrastructure player at a time when operators are looking into building smarter networks to keep up with smarter mobile devices." said Vivek Mehra, General Partner, August Capital.
With this investment round, Vivek Mehra of August Capital joins Mavenir’s Board of Directors.