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Andreessen Horowitz leads $23m financing for Android phone software maker CyanogenMod

20 Dec 2013

AndroidUS venture capital firm Andreessen Horowitz has led a $23m financing round for Android smartphone operating platform developer CyanogenMod.

The deal comes just months after the business picked up $7m of Series A financing from Benchmark Capital and Redpoint Ventures.

Peter Levine from A16Z will join the CyanogenMod board of directors as part of the deal.

The company said the new influx of capital would primarily be used to grow its engineering team and improve its user experience, design, and product teams.

Earlier this week Weathergage Capital partner Tim Bliamptis said the venture capital industry was aiming to cash in as “software eats the world”.

Bliamptis said the largest driver for the venture capital industry was the rapid innovation taking place in the software space, with VC fundamentals often closely tied to technology cycles.

He said, “We happen to be at the point in the cycle right now where there is a confluence of innovation that is pretty unique.

“What is happening is smart entrepreneurs can assemble game-changing businesses from a toolkit that has been developed over the last five to ten years.”

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