Financial Technology

Financial Technology

Share
November 03, 2011

Modo Labs Closes $4M Venture Capital Investment



Storm Ventures (News - Alert) and New Magellan Ventures have announced investing $4M in Modo Labs, a provider of open source content delivery solutions for mobile platforms and devices.

Kurogo by Modo Labs -- an open-source mobile development platform that empowers developers at educational institutions and enterprises to build advanced mobile websites and native applications, is being used by around 150 enterprises and universities.

Universities using Kurogo include: Algonquin College (Canada), Boston College, Brown University, Georgia State University, Harvard University, Middlebury College, Rochester Institute of Technology (News - Alert), St. Edward's University, Union College, University of Central Florida, University of North Carolina Chapel Hill, University of Sunderland (UK), University of Vermont and more.

“Modo Labs is grateful for the adoption and support of our open source Kurogo Framework by the leading universities and enterprise customers around the world," said Andrew Yu, chief executive officer of Modo Labs. "What started as a project to provide information to mobile device users at MIT (News - Alert) back in 2007 has now grown into a robust open source platform that provides mobile solutions to higher education and corporations worldwide.”

With top tier customers and very strong customer references, and with Kurogo satisfying the customers' desire for an open source middleware optimized for mobile, Storm Ventures stated that the company was impressed with Modo Labs's traction.

This investment complements Storm Ventures’ other mobile investments, such as Appcelerator, AireSpace (acquired by Cisco), Berkana Wireless (acquired by Qualcomm), Cellfire (News - Alert), Com2us (KOSDAQ IPO), MobileIron and Splashtop, the company stated in a press release.

Recently, the company announced that it received the 2011 MITX Innovation Award in the Best User Experience category for its work with Harvard University's mobile project.

The MITX Innovation Awards recognize technology innovations developed in New England. Modo Labs and Harvard University used the Kurogo Mobile Framework, a mobile development platform that empowers educational institutions and corporations to easily create rich mobile sites, to design the award-winning Harvard Mobile project.



Raju Shanbhag is a contributing editor for TMCnet. To read more of Raju’s articles, please visit his columnist page.

Edited by Jennifer Russell
Share


blog comments powered by Disqus


FREE eNewsletter

Financial Technology Industry News