CyanogenMod closes $23 million Series B funding round

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CyanogenMod closes $23 million Series B funding round

According to a CNET report, California-based CyanogenMod has recently closed a Series B funding round, in which the company has raised $23 million for its customized version of Android operating system.

CyanogenMod's Series B funding round was led by venture capital firm Andreessen Horowitz (a16z) and Chinese Web giant Tencent.

With the $23 million amount raised in the Series B funding round, the total funding which CyanogenMod has received till now stands at $30 million. In September, the company completed a $7 million Series A funding round which was led by Benchmark Capital and Redpoint Ventures.

The new funding will be used by CyanogenMod - the company behind the alternative open-source Android distribution which is based on official Android releases - for expanding its present workforce of 25.

According to the information shared by CyanogenMod's CEO Kirt McMaster, the company plans to hire up to 60 more staff members over the next year; with Peter Levine of a16z also likely to join the company's board.

Going by the CNET report, more engineers will be added to the CyanogenMod team, to work on different aspects of CyanogenMod development, including core software, product development, design, and user interface. A part of the funding will also apparently go towards keeping the lights on, offering new services, and having more devices run the Android alternative out of the box.


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