OpenSignal raises $8m Series B funding
Mobile network measuring service OpenSignal has raised $8m (£5.6m) in Series B funding from Octopus Ventures.
The London-based company will use the raise, reported in TechCrunch, to expand its team and products.
Founded in 2010, OpenSignal was also bolstered by previous backers Passion Capital, Qualcomm Ventures and O’Reilly AlphaTech Ventures.
The company taps sensors from a 100 million-strong smartphone network in order to report on mobile network speeds, collecting billions of data points in over 200 countries.
It reportedly provides services to telephone companies in more than 20 countries which allows its team to analyse average speed and reliability from network types - including 2G, 3G, and 4G - which includes regulators, financial and industry analysts.
“We now have a lot of data and we see this round as helping us build out more analytics on top of the data,” CEO and co-founder Bredan Gill told TechCrunch.
“The good thing for us is that we’ve taken a strong stance on privacy. We don’t know who our users are, and we don’t share anything with third parties or tracking organizations.”
According to PitchBook, the company's $4m Series A round three years ago valued the company at around $15.5m post-money.
OpenSignal also has offices in California, Mexico and Singapore.