Singapore-based cloud communications platform Wavecell made an announcement today that it has raised S$11.3 million (about US$8.15 million) in its latest funding round.
The Series B round was led by Qualgro and MDI Ventures, the corporate venture capital arm of Telkom Indonesia, alongside existing investor Wavemaker Partners and other new investors.
This latest financing round also comes at a time when the company is experiencing rapid growth since its Series A in February 2016. Wavecell claims to have significantly increased its enterprise customer base by over 30 percent.
Heang Chhor, the Founder and Managing Partner of Qualgro commented, “With this latest round of funding in place, Wavecell is well-positioned to further expand its leadership position and become one of the most trusted service providers to banks, insurance, e-commerce and other corporate clients in the region.”
The proceeds from the new round of will strengthen the company’s presence in the Asia Pacific region with a particular focus on Indonesia with MDI Ventures onboard.
Additionally, Wavecell also plans to reinforce its relations with both local and global mobile carriers. The company will further develop sales and marketing strategies for both its messaging and live-video solution, as well as hire new engineering talents.
“With millions of customers in ASEAN like Grab, Lazada, Redmart, and tons of wholesalers and app developers, the best thing about Wavecell is that you do not even know if you are already using their technology,” said Nicko Widjaja, the CEO and Investment Director of MDI Ventures.
For instance, Wavecell has enabled car-hailing app Grab’s two-factor authentication through SMS, and Lazada’s text notifications which allow users to know that their orders have been received.
The Singapore startup also recently added another client Telkomsel from Indonesia which is the phone network operator for GSM and UMTS mobile.
Founded in 2010, Wavecell creates cloud communication APIs that help companies reach their customers through multi-channel communication such as messaging and live video chat. It also provides SMS campaigns, analytic capabilities, and technical support.
Its solutions allow users to enable SMS, voice, chat, and video calling into their mobile and web application in order for efficient communication and to enhance customer experience via its messaging and live video interaction solutions.
Olivier Gerhardt, the CEO and Co-Founder of Wavecell said, “This is a very exciting time for all of us at Wavecell. As we continue to serve our customers, along with product excellence, delivered with constant innovation and passion, we are now ready to continue scaling up our sales and marketing activities as well as growing our engineering team.”
