CHELMSFORD, Mass.-Operating system company SavaJe Technologies raised $40 million in equity financing, which the company said it plans to use to enhance its sales and marketing efforts.
Investcorp’s Technology Ventures Fund II led the round, while existing investors VantagePoint Venture Partners, Ridgewood Capital, RRE Ventures and Vodafone Ventures also participated. As part of the financing, T. Raj Singh, a partner in Investcorp’s Technology Investment Group, will join SavaJe’s board of directors.
The funds come as SavaJe works to refresh itself ahead of the release of the first phone running its operating system. The company recently appointed a new chief executive officer and a new chief financial officer, and recently named Lamar Potts as its senior vice president of business development. Potts formerly was vice president of PalmSource Inc., which was recently acquired by Access Co. Ltd.
SavaJe last month announced LG Electronics Co. Ltd. plans to release a handset running its Java-based operating system next year.
“A significant influencing factor in Investcorp’s decision to invest was the recent announcement from LG Electronics that it has completed development of SavaJe’s OS on a reference LG handset,” said Savio Tung, head of technology investment at Investcorp. “We are excited by SavaJe’s prospects in the mobile phone market, where we believe it is poised for significant growth.”
