Kony Solutions Secures $19.1 Million in Series A Financing From Insight Venture Partners
Kony Solutions, Inc., provider of a Write Once, Run Everywhere mobile platform and vertical market mobile solutions that enable Fortune 500 companies to offer their customers feature-rich mobile applications, announcedtoday that it has secured $19.1 million in Series A financing from Insight Venture Partners, a leading global technology and Internet investment firm. The initial tranche of $13.4 million will enable Kony Solutions to expand its research and development related to the Kony Mobile Application Platform TM, which serves millions of users worldwide. In addition, the funding will be used to accelerate the global rollout of Kony's sales and marketing.
"The marketplace for mobile web and mobile applications is rapidly expanding, and Kony's Mobile Application Platform, which allows companies to future-proof their mobile investments, is now an essential part of our clients' long-term market strategy to serve consumers on the move," said Raj Koneru, CEO of Kony Solutions. "Our new collaboration with Insight will support our efforts to expand Kony's reach and advance our products and services to provide our clients with feature-rich, mobile applications that optimize consumer engagement."
The Kony Mobile Application Platform provides clients with Kony's proven Write Once, Run Everywhere single application definition for designing, developing, deploying and managing holistic mobile applications across all mobile systems on the market today. This includes more than 8,500 mobile devices, tablets and popular operating systems, including truly native applications for iPad, iPhone, Android, BlackBerry, Symbian, J2ME, Windows Phone 7, and Palm devices. In addition, Kony's platform also supports device-optimized mobile websites for more than 15 browsers, such as Apple Safari, Google Chrome and Firefox with support from WML through HTML5, depending on browser capabilities and device form factors. Kony's technology provides the best available user experience with a super-set of mobile capabilities that are uniquely optimized for each mobile device and are exposed within the Kony API and Kony Studio toolset. This ensures that all applications and mobile websites running on all devices and platforms can be developed using a single code base — the Write Once, Run Everywhere value of Kony's Mobile Application Platform.
United Airlines, Toyota Motor Sales, U.S.A., and a leading global financial services company with presence in more than 46 countries are among the 35 Fortune 500 global companies that use Kony Solutions for the development, deployment and maintenance of their mobile offerings. Kony's clients include leading companies in the travel, media, retail, automotive, insurance, healthcare and financial services markets.
"We have been impressed with Kony's deep technology solutions, industry leadership and the Company's impressive global growth," said Deven Parekh, managing director at Insight Venture Partners. "Kony's success is being driven by management's dedication to offering innovative products and services that meet the needs of their clients for sophisticated, comprehensive and easy-to-use mobile solutions. We are excited to contribute to Kony's growth and worldwide expansion."
About Kony Solutions
Kony Solutions and the Kony Mobile Application Platform TM enable Fortune 500 companies to offer consumers and employees feature-rich mobile applications in less time and at lower costs than any other solution. Leveraging a Write Once, Run Everywhere single application definition, applications are designed and developed just once, in a device-independent manner, and deployed across multiple channels, including native applications, device-optimized mobile web, SMS, web gadgets, desktop applications, and tablets. Kony's unique platform is proven to future-proof a company's mobile investment by enabling applications to be changed once for all channels, ensuring faster adoption of new operating systems and standards as they are introduced, while eliminating maintenance, upgrade and future development costs.
About Insight Venture Partners
Insight Venture Partners is a leading private equity and venture capital firm focused on the global software, internet and data services industries. Since 1995, Insight has provided flexible equity financing to support growth stage companies, and paired this with a team of experienced investors and operating executives to assist Company management teams achieve success. Insight Venture Partners has been recognized by Red Herring Magazine as one of the Top Ten venture investors globally. The company is headquartered in New York City. For more information visit insightpartners.com
NEWS SOURCE: www.konysolutions.com
