Cloud-based solutions provider Knowlarity Communications has secured $16 million in series B funding from US based venture capital firms, Sequoia Capital and Mayfield. The company will use the funds for its Research and Development (R&D) activities and expansion of its international business to markets in Southeast Asia, the Middle East and Latin America.
Sequoia was the first institutional investor in Knowlarity, which invested $6.6 million to acquire a minority stake in the company in 2012. Prior to this, the company had raised $2 million from US based angel investors to commence its business in 2009. The company has now raised a total of about Rs 1.5 billion in three rounds of funding. The funds raised at the recent round have valued the company at about Rs 3 billion.
Knowlarity provides a phone platform for startups and small and medium enterprises capable of handling over a million calls an hour. The company replaces expensive communication hardware system with affordable cloud-based telephony solutions for small and large businesses. The company follows a customer acquisition model that includes online marketing, field visits and channel partners. It plans to use the same model to increase its presence in overseas markets. At present, Knowlarity has over 6,500 customers worldwide, ranging from startups to large enterprises.
