ItsOn, Inc. Receives Cisco Investment
ItsOn technology described as key strategic enabler for mobile service market growth
REDWOOD CITY, Calif., September 3, 2014-- ItsOn Inc., a leader in Mobile Smart Services™, today announced that Cisco Investments has invested in the second and final tranche of its Series C equity financing round. ItsOn is using the Series C funding for sales expansion beyond the U.S. Specific financial details were not disclosed.
ItsOn previously accepted the first $12.5 million series C investment tranche led by Tenaya Capital while reserving the second tranche for an investment by an industry investor with complementary products and vision. In addition to Cisco Investments, the second tranche also includes funding from other undisclosed investors.
In October 2012, privately held ItsOn announced $15.5 million in Series B funding led by Andreessen Horowitz and an investor group led by Jim Davidson. Previous investors also include Vodafone Ventures and Verizon Investments. In all, ItsOn has raised $47.5 million in venture capital funding.
ItsOn CEO Greg Raleigh said, "Cisco is a world leader in core mobile-networking products. ItsOn's platform and Cisco's products are complementary, providing potential for market accelerating synergies as mobile operators around the world adopt and deploy virtual network systems. We are excited to welcome Cisco Investments as an investor in our company."
"ItsOn's virtual, cloud-based platform combines real time service creation and deployment capabilities with a comprehensive and flexible self-care OSS/BSS, enabling mobile operators to rapidly create and deliver a new generation of personalized, interactive and context-relevant mobile network services," said Hilton Romanski, senior vice president Corporate Development at Cisco. "We believe this is an innovative approach and can help drive the next phase of growth in connected mobility for consumers, businesses and the mobile Internet of Everything. Cisco Investments is pleased to make an investment in ItsOn."
ItsOn has delivered the world's first commercial cloud-based solution for network traffic policy, charging policy and BSS/OSS. The ItsOn platform enables operators and MVNOs to virtualize service policy control, billing, traffic-management and on-device user self-care functions in a single, integrated service design and orchestration environment. The self-care features include an intuitive on-device user interface for consumers and business IT managers to customize their wireless services to fit their needs. This combination gives operators the ability to offer highly personalized user-context-based service offers, applications-based plans, sponsored application services and network capacity enhancements – the key to introducing a whole new generation of mobile services.
Through a simple cloud-based overlay onto existing mobile networks, ItsOn's cloud platform orchestrates all facets of voice, text and data connections policies as well as BSS/OSS processes across all operator systems. This makes it possible to quickly design and deploy flexible new smartphone, tablet and "Internet of Everything" wireless services – while also lowering operating costs.
ItsOn was formed by world-leading pioneers in the wireless field to fundamentally change how mobile services are delivered and consumed. ItsOn began leading the Smart Services™ revolution five years ago. The company launched its services platform for mobile operators in the U.S. and globally last year. The company is headquartered in Redwood City, Calif. For more information, please visit: www.itsoninc.com or follow @itsoninc on Twitter.
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