Mavenir scores $20.5M in funding

Convergence networking technology company Mavenir Systems Inc. said it snared $20.5 million in a second round of funding.
New investor Alloy Ventures led the round, and existing backers Austin Ventures and North Bridge Venture Partners also participated. Mavenir, which emerged from stealth mode last year, has raised a total of $34 million since October 2005.
The Texas-based firm is touting its mOne solution, which allows fixed-line and mobile operators to deploy multimedia across networks. Mavenir said it will use the cash to “continue to test its product implementation and testing phases with service providers” as well as expanding marketing efforts developing emerging network technologies.
“We truly scrutinized the investment needed, and based on the momentum we’ve been able to achieve, our partners within the venture capital community responded quickly,” said CEO Pardeep Kohli. “This will enable us to executive on our next phase of expansion into the global communications market.”