Venture Capital News: PacketZoom Bags $5M in Series A
SAN MATEO, CA, Company re-defining mobile application performance via in-app mobile networking technology, announced today that it has raised $5 million in Series A funding.
PacketZoom (www.packetzoom.com), the company re-defining mobile application performance via in-app mobile networking technology, announced today that it has raised $5 million in Series A funding to scale the development and adoption of its Application Performance Management and Optimization (APMO) platform. The round was led by Baseline Ventures, with participation from First Round Capital, Tandem Capital and Arafura Ventures.
"PacketZoom has proven to be an innovator in mobile app performance, a segment where we have not seen much innovation in years," said Steve Anderson, founder of Baseline Ventures. "The company has demonstrated consistent growth and positioned itself as a market leader in mobile app networking."
"Today's announcement is a testament to PacketZoom's success," said Shlomi Gian, CEO of PacketZoom. "Poor network quality causes mobile app publishers operational challenges and costs them millions in lost monetization opportunities. PacketZoom's platform is the only solution that's been designed from the ground up to address these issues. Our platform provides mobile app developers with real-time insights, control and optimization capabilities without needing to make any code changes."
The funding comes on the heels of PacketZoom's launch of a free Mobile APM tool, Mobile IQ, which is bundled with PacketZoom Mobile Expresslane in a single SDK to create the industry's first complete Mobile APMO (Application Performance Management and Optimization) platform. Mobile IQ allows developers to analyze, troubleshoot and control app performance, while Mobile Expresslane offers optimization technology that eliminates performance roadblocks such as speed network errors. PacketZoom's platform also reduces infrastructure and CDN costs significantly.
PacketZoom has grown internationally throughout 2017 as well. In June it opened an office in Southeast Asia, and more recently it announced partnerships with apps in the region such as Sephora, Inshorts and NetMeds to increase app speed up to 2x while rescuing more than 60% of session disconnects. PacketZoom also added Belcorp in South America and has improved its app response time 75%, with 86% Network Disconnect Rescue.
The funding will be used to continue the company's business expansion with additional presence in Southeast Asia, Europe and Latin America. Together with its China operation, PacketZoom is well positioned to serve app developers in the fastest growing mobile markets.
The funding will also enable PacketZoom to fill key positions in its executive team.
About Baseline Ventures
Baseline Ventures is a seed-stage capital firm founded by Steve Anderson in late 2006. Bringing his diverse experience from eBay, Microsoft, Kleiner Perkins, Starbucks and Digital Equipment Corporation, Steve founded Baseline to in order to help entrepreneurs build and grow their ideas into companies. Since its inception, Baseline has invested in more than 75 companies and helped more than 25 companies exit profitably for founders and investors alike. Baseline is proud to be a seed investor associated with highly promising companies such as Instagram, Crashlytics, Rupture, IndexTank, Sendori, Versely and many others.
PacketZoom increases mobile app engagement through superior in-app networking technology.
Designed specifically for native mobile apps, PacketZoom's Mobile APMO (Application Performance Management & Optimization) platform offers an end-to-end solution to analyze, detect and resolve mobile app networking issues in real-time without changing the app code.
PacketZoom's Mobile IQ provides insight into mobile app performance issues, while Mobile Expresslane immediately fixes them: it speeds up mobile apps by up to 3x, rescues up to 90% of network errors and reduces CDN costs. PacketZoom's customers include mobile game publishers, shopping, travel and news apps. For more information visit: www.packetzoom.com.
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