Skyfire Secures $10 Million in Series D Funding to Fight Mobile
Warming Across the Globe
Panorama Capital leads latest fundraising round to accelerate global growth of Skyfire's video optimization and mobile cloud solutions into European and Asian markets
MOUNTAIN VIEW, Calif. – October 11, 2012 – Skyfire, a leader in mobile video optimization and cloud solutions for mobility, today announced it has raised $10 million in its Series D financing to fuel the company’s expansion into Europe and Asia.
With mobile video consumption expected to rise steeply over the next three years, Skyfire aims to battle what its CEO Jeff Glueck has coined 'mobile warming,' or the strain put on mobile networks that are dealing with exponentially greater data use. The Skyfire Rocket Optimizer, the company’s powerful carrier-grade network video and data optimization platform, provides breakthrough bandwidth savings for wireless operators, with an average of 60 percent data savings for videos and 50 percent for images. Skyfire is currently being deployed to deliver optimized video to tens of millions of Americans through its Tier One operator client base.
Panorama Capital, a new investor in the company, is leading the round with participation from current Skyfire investors Verizon Ventures, Matrix Partners, Trinity Ventures, and Lightspeed Venture Partners. Skyfire will use these funds to meet the demands of its growing list of wireless operator customers and to increase its global sales and marketing resources, with further aggressive expansion within Europe and into Asia. The company plans to scale its team and hire staff to cover existing relationships and new opportunities in Eastern Europe, Japan, Southeast Asia and Australia, thereby adding to its London and Silicon Valley offices.
“With the current boom in mobile video, we believe Skyfire’s cloud-based data optimization technology represents a disruptive advancement that will change the economics for wireless operators around the world,” says Shankar Chandran, a founding partner at Panorama Capital.
“Data deluge is crushing mobile operators, straining the user experience, and squeezing operating margins,” says Jeff Glueck, CEO of Skyfire. “Operators in Europe have announced that bandwidth on 4G LTE networks is being filled 85% by video alone. Our new funding lets Skyfire take our proven technology in North America to new regions on a global scale.”
Skyfire continues to innovate on other cloud-powered products as well, with the recently launched Skyfire Horizon browser extension platform. Skyfire Horizon allows users to customize their default mobile browsers with extensions, plug-ins, and toolbars similar to how consumers currently personalize their desktop browsers. A Tier One North American carrier has deployed the Skyfire Horizon platform across their upcoming lineup of Android-powered mobile devices.
For more information on Skyfire Horizon visit: http://www.skyfire.com/en/for-operators/skyfire-horizon, and for more information on the Rocket Optimizer platform visit: http://www.skyfire.com/en/for-operators.
Skyfire is dedicated to leveraging the power of cloud computing to improve radically the mobile Internet experience for both Operators and Consumers. Skyfire’s solutions include the Rocket Optimizer for video and traffic optimization, and Skyfire Horizon browser extension platform for augmenting mobile browsers. Skyfire products provide game-changing cost savings, better end user experiences, and compelling incremental revenue opportunities. Skyfire was recognized as no. 4 on Light Reading’s 2011 Startups to Watch list; was honored by Red Herring as a top 100 private company in America; and won 1st place in the first-ever TIA Venture Network Challenge. As both a laboratory and showcase for new capabilities, Skyfire has honed its technology through a variety of consumer apps, which have more than 16 million downloads to date.
Skyfire is based in Mountain View, Calif., in the heart of Silicon Valley. For more information, visit http://www.skyfire.com, or follow Skyfire on Twitter at http://www.twitter.com/skyfire.
NOTE: Skyfire and Skyfire Horizon are trademarks of Skyfire Labs, Inc. All other registered or unregistered trademarks are the sole property of their respective owners.
VSCpr for Skyfire