StartupCentral

Cross-platform mobile solutions provider July Systems has raised $15 million as part of a growth capital round led by Updata Partners. Existing investors Intel Capital and WestBridge Capital also participated in the round, said a press release. This takes the total capital raised by the New York and Bangalore-based company to nearly $50 million across six rounds of funding (based on the disclosed value of deals available in the public domain). Significantly, the growth capital round comes at the end of a prolonged and often tumultuous relationship between July Systems and its posse of venture capital backers.

Founded in 2001 by Rajesh Reddy and Ashok Narasimhan, both US-based entrepreneurs of Indian origin, July Systems has raised capital from as many as eight different venture capital firms since 2002. Several of those investors sold off their stakes at different stages through the company’s evolution as it hit highs and lows steadying its business model. It raised the first tranche of its Series A round at $5.5 million in 2002 from WestBridge, Jumpstartup (which has since folded shop) and Acer Technology Ventures (now known as ID Ventures America).

The same year, it raised a second tranche of Series A funding worth $2.05 million from NeoCarta Ventures and WestBridge. The idea at the time was to create a wireless superstructure that would combine mobile applications, networks, services and devices to deliver wireless data to enterprises. The Series B round, worth $10 million, came in 2004 and was led by Charles River Ventures, with participation from existing investors WestBridge, NeoCarta, Jumpstartup and Acer. The following year, Motorola Ventures, reportedly, led a $10 million round  in which Charles River, NeoCarta, WestBridge and Silicon Valley Bank participated.

Soon after, in 2006, forced by market dynamics, the company had to undertake an overhaul of its business model. Instead of targeting the broad-brush enterprise market, the founders decided to focus on media companies. Their first two customers were Viacom and Fox Networks and the company has since added a slew of others including ESPN and CBS in the US and Network 18 and NDTV in India. In 2010, the company raised a $7 million round of funding led by Intel Capital and joined by Sequoia Capital (which had merged WestBridge with itself in 2006) and Footprint Ventures. By this time, most other investors had exited the company. The transition to the new business model was mostly Reddy’s initiative. Co-founder Narasimhan decided to step back from the company, though he continues to be associated as an investor.

The latest round of funding will be used to accelerate the product roadmap, boost sales and expand market presence. The company’s flagship cloud-based Mi Platform is currently used by over 100 brands in markets such as the US, United Kingdom, the Middle East and Asia.