Matrixx Software, a US-based developer of software for the telecommunications industry, secured $40m on Monday in a series C round that included conglomerate CK Hutchison and telecoms firms Swisscom and Telstra.
Venture capital firm Sutter Hill Ventures led the round, which also featured Spring Lake Equity Partners, Greylock Partners and Adams Street Partners, while Telstra and Swisscom invested through their Telstra Ventures and Swisscom Ventures units.
Matrixx has created a digital commerce platform that telecoms operators can use to digitalise their business operations, incorporating features such as customer engagement, service delivery, monetisation, the design of products and the management of their life cycles.
The funding will support an ongoing international expansion that has enabled the company to grow 130% year on year. Stefan Dyckerhoff, managing director at Sutter Hill Ventures, will join Matrixx’s board of directors in connection with the round.
Telecoms company Philippine Long Distance Telephone invested an amount in Matrixx in early 2016 reported by DealStreetAsia to be $5m. Telstra Ventures had led a series C round of undisclosed size that included Swisscom Ventures, Adams Street, Greylock, Innovacom and Tugboat Partners two years earlier.
Swisscom Ventures had initially invested in the company in 2012 as part of a round that included Innovacom and Adams Street, and which closed at $12.6m.
Matrixx had previously raised $11.5m from investors including Greylock and Tugboat across two rounds, and the Financal Times reported that the series C round increased its overall funding to $100m.
Since then, the company has seen 130% year-over-year growth, adding new customers across North America, UK, Europe, Middle East and Asia and this round of funding will be used to fuel its global expansion, the company said.
Susan Buttsworth, CEO 3 International Opportunities Development (3IOD), a CK Hutchison subsidiary, said: “This is a tremendous moment of opportunity for telco’s to reinvent themselves with the customer journey as the driving force for their IT infrastructure decisions. The technology developed by Matrixx Software can help every operator achieve its transformation objectives.”