Venturing into new markets with €8.5m Industrifonden
Swedish telco cloud start up Telness Tech has been funded €8.5m in order to expand to new markets, starting with the Netherlands and the UK. The connectivity specialist promises better service to customers and lower costs of ownership for mobile network operators with its news disaggregated private branch exchange (PBX) system. Telness Tech has already collaborated with three ‘large telecoms customers’ to deliver sweeping technological change, it says. Two of these telcos have subsequently launched their own cloud PBX.
The Series A funding comes from an investment round led by Stockholm-based venture capitalist Industrifonden and included its original mentor, the JCE Group. “With their talented team, the right investment and clear aspirations Telness Tech will continue to grow into new markets across Europe at a rapid rate,” said Tore Tolke, Senior Investment Director at Industrifonden.
Telness Tech was spun out of the Swedish telecoms provider Telness in 2021 by telecoms executive turned entrepreneur, Martina Klingvall (pictured above) who saw a way to re-engineer all the functions of a PBX by breaking them all down into individual software components and running them independently in the cloud. The versatility created by these independent functions promises to make customers happier, the open nature of the interfaces gives the overall system greater versatility and better orchestration and the hardware independence makes running costs a lot cheaper.
The system is used by parent company Telness to deliver telecoms services to 15,000 business customers in Sweden. A cloud-based PBX allows them to immediately exploit any new inventions that come on the market while keeping their options open if anything better comes along.
“Our platform has already started to transform how services are delivered to end customers, putting customer service first and raising the bar for what people should expect from a mobile provider,” said Martina Klingvall, founder of Telness Tech, “Over the next year we’ll be laser focussed on investing more into the team and making some key strategic hires, plus our expansion into other European markets.”
“We’re incredibly excited to have such fantastic investors on board as we grow Telness Tech across Europe,” said Klingvall.