Israel-based mobile data saving company Onavo secured $10m on Tuesday from a series B round partly funded by Motorola Mobility Ventures, the corporate venturing unit owned by mobile device and data management corporation Motorola Mobility.
Venture firm Horizons Ventures led the round, which also saw participation from venture capital firms Sequoia Capital and Magma Venture Partners, both of which previously backed Onavo’s $3 series A round in May last year.
Onavo provides free smartphone applications (apps) for iOS or Android that compress data on the phone by up to 80%, allowing for far greater storage. The apps even show the smartphone user how much data each of their other apps are using.
Wallace Pai, executive managing director of Motorola Mobility Ventures, said: "We were impressed by the simplicity and effectiveness of Onavo’s mobile apps, which address a real problem for billions of consumers – the cost of data. We are very excited about joining Horizons Ventures, Sequoia Capital and Magma Venture Partners in investing in this very promising company, which we believe provides an elegant solution as consumers increasingly use mobile data in their everyday lives."
Jason Wong, a director at Horizons Ventures, joined Onavo’s board of directors in conjunction with the financing.