Mobile Backend as a Service startup Kinvey announced Tuesday it has raised $10.8 million in Series B financing to fuel the growth of the startup's product offering and team.
New investors NTT DOCOMO Ventures and Verizon Ventures participated in the round, and were joined by existing investors Avalon Ventures and Atlas Venture. The newfound financing brings the company's total amount raised to $17.8 million.
The news comes on the heels of the Techstars Boston alum announcing its seven-figure, multi-year deal with Schneider Electric. The international energy management company is using Kinvey as its internal enterprise mobility tool. Roughly 4,000 of Schneider's developers are utilizing Kinvey for their mobile requirements across 100 countries, and building apps across both consumer and commercial markets.
The IT departments of the Game Show Network, Holder Corporation, VMware and Johnson & Johnson are also among those using Kinvey to design, build and scale apps, whether web, mobile, tablet or Internet of Things.
Kinvey CEO Sravish Sridhar told BostInno via email he expects other companies to follow suit, saying:
Enterprise IT is undergoing a monumental platform shift from web-based client-server systems to a mobile-cloud platform. This shift has caught the attention of all the major tech vendors. In the next year, you will find Kinvey outpacing the competition by enhancing our platform and growing our team, while we continue to win competitive enterprise IT contracts against legacy technology vendors like Oracle, IBM and SAP.
NTT DOCOMO Ventures' Executive Vice President and COO Nobuyuki Akimoto lauded Kinvey's ability to corner the BaaS market in a statement, adding:
Enterprises are standardizing on a mobility platform to help drive innovation across their business. In most companies, the mobility platform is being delivered via cloud, and Kinvey’s Backend as a Service platform is the right solution to meet this market need.
Since its founding in 2010, Kinvey has grown to roughly 30 employees.
Image via Kinvey
