OnRelay gets funding lead by IQ Capital
OnRelay, provider of what it claims is the world’s first private global mobile branch exchange, completed a funding round lead by IQ Capital, together with chairman Richard Cunningham, an experienced telecoms entrepreneur, and a number of existing shareholders.
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The fixed mobile integration solution from OnRelay provides enterprises and operators with the first faultless fixed mobile integration solution – this integrates employees’ mobile phones with existing corporate voice systems (or PBXs), therefore mobilising or replacing desk phones. The company’s patented telephony internetworking protocol (TINP) introduces a revolutionary approach to solving complex mobile and fixed telephony integration issues that current standardised voice protocols cannot handle. Current distribution partners include Swisscom (which sells OnRelay’s MBX as One Phone) and IBM.
Commenting on the investment, Max Bautin of IQ Capital (who will be joining OnRelay’s board following the investment), said, “I have known the company and its founders for a few years and have been struck by both the capabilities and disruptive potential of its product, the quality of its management team and their achievements to date. The company is already generating substantial revenues and has an impressive client and partner list including tier 1 operators and Fortune 500 businesses. OnRelay is currently at the forefront of the converged next generation mobile IP PBX market, a market estimated to be worth $15 billion in 2012, with crucially the only known system that allows a mobile to completely replace a deskphone while maintaining full functionality.”
OnRelay president and CFO, Marie Wold, added, “The funds will be used to extend our international expansion into North America and further into Europe, whilst also supporting our investment to maintaining our product’s leadership in the market. We are earmarking a significant war-chest for Intellectual Property protection too.”
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