Bangalore: AdStringO, a Mumbai based mobile content compression software firm, raises $350,000 from Indian Angel Network (IAN). The funding was led by 40 angel investors from IAN like Arihant Patni, Vishal Khare, Viswanath Ramachandran, along with former Aditya Birla Realty Fund head Bharat Banka and Signal Lake Venture Capital’s Managing Director Satish Mehta. The company will utilize the funds to strengthen its R&D team to discover other new useful possibilities and aid companies who use compressed content with lower data usage. Apart from this, AdStringO also plans to reach out to the rural consumers with poor internet bandwidth. The company is also looking to raise $3-5 million in pre-Series A round of funding to launch its B2C platform in September this year.
Founded in September 2014 by Mohan Chandrasekaran, former chief technology officer at Reliance Capital Ltd. and Sankar Mahalingam, AdStringO largely aims to help companies to use compressed content with lower data usage while reaching out to the rural consumers to counter poor internet bandwidth issues in the hinterland. The company also claims that it reduces the size of any data such as image, video and digital documents up to 90 percent without losing the quality of the data.
AdStringo is currently a business-to-business product which has clients such as L&T Finance, Club Mahindra, Johnson & Johnson and Tata Teleservices among others. The firm is currently increasing its work force by hiring 30-40 professionals for its B2C segment and has also tied up with solution providers to provide its technology to the end consumer.