MDI Ventures, the corporate venturing arm of telecommunications group Telkom Indonesia, co-led an $8.15m series B round today for Singapore-based cloud communications platform developer Wavecell.
Venture capital firm Qualgro co-led the round, which included fellow VC firm Wavemaker Partners and undisclosed new investors. Qualgro and Wavemaker had previously invested in Wavecell as part of a $1.6m series A round in December 2015.
Founded in 2010, Wavecell produces messaging and live-video interaction technology that helps businesses and app developers strengthen customer experience and communications capabilities in their products.
Nicko Widjaja, CEO of MDI Ventures, said: “Wavecell has redefined telecom by adding a digital layer to communication, although not entirely replacing the existing value chain. It is transforming telecom, not replacing the existing analogue products and services.”