Speeds, a Delhi-based upcoming mobile app helping reduce mobile data costs, has received an undisclosed amount of seed funding from Rajasthan Angel Investors Network.
Sources close to the matter have told The Tech Portal, that the deal was closed in March this year. The amount invested remains undisclosed. Speeds will deploy these newly raised funds to launch its product into the market as well as for marking efforts. The company is also planning to ramp up its six-member team following the fundraise activity.
The company was founded in 2014 by Nitin Saxena, Parthasarathy Ramanujam and Hemant Kumar. Its mobile application Speeds helps reducing mobile data costs and accumulate real time market insights. Since the product is still not public, there’s hence not much known about the overall functionality of the app. The founders however say, that the app will act as a ‘gateway’ between the user’s mobile phone and the internet, deriving insights from market usage and helping users save cost.
The mobile app Speeds is based on a technology which shrinks data and increases transmission speed. The firm claims users can save 70 per cent on data with Speeds app. As per the company, Speeds has already gained interest from major Indian telecom operators, Wi-Fi operators and video streaming sites.
The mobile app is currently in the final stage of the development phase. As per Nitin Saxena, the mobile application in slated to launch in the coming month.
Rajasthan Angel Investors Network (RAIN) is an angel network that invests in the early-stage startup. It has invested in dozens of startups, most recently in Imaginry – a children’s portal from Toko Innovations Studios and in Blue Box Media, parent company of this website.
Commenting about the investment in Speeds, Mahavir Pratap Sharma, chairman, Rajasthan Angel network, said,
We invested in Speeds because of its path breaking technology and its access to a huge market with bad internet speed, specially in India.
One of the biggest player in the data saving mobile application is Opera Max. It is a data-management and data-savings app that shrinks videos and photos on almost any app on mobile data connections, as well as Wi-Fi. It claims to reduce data usage by 50 percent.