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Samsung’s venture arm backs Phunware’s Series E

25 Jun 2014

multiscreenMobile software company Phunware has secured $30.72m in a Series E round backed by Samsung’s venture capital arm.

This is the second and final closing of the Series E round, which brings the Austin, Texas-based company’s fundraising total to $48.25m.

Phunware’s existing investors include Firsthand Technology Value Fund, Fraser McCombs Ventures, Cisco, WWE, Maxima Ventures, Wild Basin Investment and the Central Texas Angel Network.

Phunware, which reported revenues of $22.1m for 2013, currently supports more than 1tn annual transactions on its multiscreen cloud platform across nearly 190 countries.

The company’s customers include E! Entertainment Television, NBC Sports, WWE, NASCAR, CBS, Qualcomm, Edmunds, Jawbone, HomeAway, Turner, UHealth, Transamerica, King, Warner Brothers, AT&T and Adobe.

Samsung Venture Investment Corporation principal Michael Pachos said, “Our investment in Phunware is consistent with our strategy to work closely with established market leaders.

“Phunware is a technology leader and has built a significant business in the MaaS space. The company has demonstrated both a technical and business vision in the industry and we look forward to contributing to the progress their operations.”

Other companies recently backed by Samsung include 3D-on-mobile devices provider Mantis Vision, which raised a $12m round earlier this month.

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