Bangalore: Big Data Analytics solution provider, Flytxt raises $11 million in a funding round led by Sunrise Capital GmbH and Big Data Investments B.V. Existing investors of Flytxt, Cliffton Holding Inc. (The Netherlands), IVC Venture Capital AG, RM Beteiligungsverwaltung GmbH and Schnell Consult GmbH (Germany) also participated in the round. The company will utilize the funds to expand their market reach, introduce new products for Communication Service Providers (CSPs) to produce greater economic value in the area of Operational Analytics and Network Analytics. It plans to extend its mobile consumer analytics solutions to other industry verticals as well. As a part of the deal Brigitte Mohn (Sunrise Capital GmbH) and Frits Baron van Dedem (Big Data Investments B.V.) will join the Flytxt Board of Directors.
“We are delighted to welcome Dr.Brigitte Mohn and Frits Van Dedem on our Board. Their rich business leadership experience will be a significant asset for Flytxt in the next phase of our growth,” says Joerg Swoboda, Chairman, Flytxt. “The company already has a unique standing in Big Data Analytics market with a sustainable business model, proven technology, impressive customer base and an exceptional team. And the potential is huge,” he added.
Founded in 2008 by Vinod Vasudevan, Flytxt is a software product company that specializes in Big Data Analytics enabled solutions for telecom industry. It provides Big Data analytics powered revenue and customer experience management solutions for Communication Service Providers (CSPs) that help the latter generate measurable economic value from their existing data. Through its external monetization solutions, Flytxt enable the brands to reach their targeted customers in a most defined manner by reducing media wastage and increasing the impact on every dollar spent.
Flytxt claims to have more than 50 customers across 32 countries which include major CSPs like MTN Group, Vodafone (India), Airtel (Africa), Idea Cellular (India), Vodacom (Mozambique), Robi Axiata (Bangladesh), Hutch (Sri Lanka), Etisalat (Afghanistan), Aircel (India) and brands like Samsung, Caterpillar, Nokia, P&G, Flipkart and Marico (in India and Bangladesh).
The company has also won many industry awards like Stevie International Awards, Frost & Sullivan ICT Award, Red Herring Asia 100, Aegis Graham Bell Award, IEEE Cloud Computing Challenge and NASSCOM Emerge 50 League of 10 companies.