Red Bend Software announced its fifth round of venture funding, this time for $10 million, bring the company’s total to $34 million, officials of the over-the-air software company said.
New investor Coral Capital Management led the round, along with existing investors Carmel Ventures, Greylock Partners, Infinity, Pitango Venture Capital and Poalim Ventures.
Red Bend intends to expand into embedded wireless devices within the machine-to-machine (M2M) sector. More details will be disclosed within six months, officials said. The new funding also will be used for general sales, marketing and research and development.
As part of the funding, Coral’s Yuval Almog joined Red Bend’s Red Bend’s board of directors.
In other Red Bend personnel moves, Morten Grauballe, formerly executive vice president of marketing, is now executive vice president of mobile software management. Lori Sylvia, formerly vice president of corporate marketing, gets Grauballe’s old title. Dominique Jodoin, formerly executive vice president of business strategy, is now executive vice president of mobile software services.