Tuesday, April 22, 2008

Red Bend's fifth VC round closes at $10M

Red Bend Software Inc. reports that it has closed a $10 million Series E round of funding, increasing total capital raised by the company to $34 million.

Waltham-based Red Bend, which develops over-the-air update technology for mobile phones, plans to use the additional capital to fuel the company's expansion into the mobile and machine-to-machine markets, company officials said.

The funding was led by new investor Minneapolis-based Coral Capital Management. Other investors include Greylock Partners, which operates an office in Waltham, as well as Pitango Venture Capital and Carmel Ventures of Israel.

Red Bend also reported record first-quarter sales of its software, shipping to more than 305 million mobile phones compared with 105 during the same period last year. The privately held company, which employs 85 workers, has added 15 positions during the past year, officials said.

Founded in 1999, Red Bend Software operates offices in China, Israel, Japan, Korea and the United Kingdom. Customers include LG Electronics Inc., Motorola Inc., NEC Corp. and Sharp Corp.