Mobile Internet co Saguna Networks raises $3m

The financing round was led by an international communications equipment supplier and included an investment from major shareholder Xenia Venture Capital.

4 November 12 19:31, Globes correspondent

Mobile Internet company Saguna Networks Ltd. has raised $3 million in a financing round led by an international communications equipment supplier. Saguna is a portfolio company of Xenia Venture Capital Ltd. (TASE:XENA), which is investing $300,000 in the latest financing round, which will give the company a 14.76% stake in the start up.Based in Nesher near Haifa, Saguna was founded by CEO Lior Fite, and EVP technology Danny Frydman. The company has developed a solution for mobile operators enabling the delivery of high quality, rich content (video, music and games) from the core to the edge at a lower cost. Saguna claims that its patent-protected technology substantially cuts delivery costs, while setting new standards for the user experience.

Published by Globes [online], Israel business news – www.globes-online.com – on November 4, 2012

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