Mobile software firm Movius Interactive Corp., which produces cloud-based secure mobile communications software, has raised $8.3 million of a $10 million round goal, according to a filing with the U.S. Securities and Exchange Commission.
It comes three years after the Duluth-based company closed a $45 million round led by JPMorgan Chase & Co. (NYSE: JPM), with existing investors PointGuard Ventures, New Enterprise Associates and Anschutz Investment Co. participating.
Atlanta Inno could not reach Movius for comment.
Funding matters: The latest raise includes eight investors, according to the filing. The 2019 raise brought Movius' total equity to $91 million and was used to support a global expansion in Europe and Asia, plus develop product, the company previously told the Atlanta Business Chronicle. The firm previously raised $15 million in 2017 with plans to add over 200 jobs and raised $13 million in 2014.
About the company: The company was created after IPUnity acquired Duluth-based Glenayre in 2007. It provides privacy and security by separating work-related calls, data, email and applications separately from personal emails and applications. The company originally made software that let telecom providers offer voicemail services on wireless and landline phones. The company relocated its headquarters in 2017 from Johns Creek, leasing about 13,000-square-feet at River Green Business Park in Duluth. Movius has additional locations in Silicon Valley and Bangalore, India, with 130 employees globally as of 2019.
Why this matters: The global enterprise mobility software market is expected to grow to $63.6 billion by 2026, up from $16.6 billion in 2020, at an annual rate of 25.1%, according to market research firm MarketsandMarkets. This raise comes as technology companies have suffered from investors largely pulling back from startups. Inflation and rising interest rates prompted some investors to trade a focus on growth to profits. The pullback has led some fast-growing companies to layoff employees, including restaurant startup Sunday and data privacy company OneTrust. Startups and tech firms across the world have laid off more than 71,000 workers this year, according to startup layoff tracker Layoffs.fyi.
Leadership: Ananth Siva has been CEO since May of last year after serving as chairman of Australia-based Infensa Bioscience Pty Ltd, according to the company's website. John Loiacono previously served as CEO, taking the helm after the 2019 raise and ending his tenure last June, according to his LinkedIn.
