Telstra Ventures provides Series D funding for Kony Solutions
Telstra Ventures, the VC arm of Australian telecom operator Telstra, has committed $18.3 million in a Series D round of funding for Kony Solutions, a US-based mobile applications developer. The size of its stake was not disclosed.
In addition to accelerating its US operations, Kony will use the funding to expand its footprint in Asia, and invest in the development of cloud-based solutions, according to a statement.
The company received its Series C round, worth $15 million, last year, led by Insight Venture Partners and Georgian Partners.
Telstra has also reached an agreement to resell Kony's solutions to its own customers. The program will allow Telstra to provide added value to its enterprise customers through cloud-hosting solutions, infrastructure and other services.
"Kony offers business and enterprise customers a library of innovative pre-built mobile applications including the Kony Platform that enables customers to write their own applications and deploy them across multiple channels simply and at low cost," said Mark Sherman, Telstra Ventures' managing director.
Founded in 2011, the Australia and Silicon Valley-based VC unit focuses on technologies that leverage the parent company's assets and help expand its product range.
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