Red Bend inks $10m funding bonanza
Mobile software management outfit Red Bend has got itself a $10 million in funding this week, thanks to Coral Capital Management, which was joined in the investment round by Red Bend’s existing investors: Carmel Ventures, Greylock Partners, Pitango Venture Capital, Poalim Ventures and Infinity.
According to Red Bend, the company will use the investment for sales and marketing to try to expand further into the mobile and machine-to-machine markets, as well as licensing its software for new devices like 3G data cards and embedded modems. It will also use the funding for more R&D work.
It’s easy to see the potential for products that can manage software and applications over-the-air without the user having to take any action, especially as operating systems get smarter and operators push more and more online services. It’s also a major plus for the enterprise market, giving companies the ability to lock down their users’ devices without having to get them all back to the office.
