CyanogenMod closes $23 million Series B funding round


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.

Latest News

Groundbreaking operation experienced by Vicky the orangutan
Sleep positions say a lot about your relationship
Pet cat gives meningitis to kid
Bar set higher for foreign doctors to work in England
Nose can be a pathfinder
NPD: Xbox One and PS4 sales have surpassed 5 million and 7 million units respect
Nissan expands "No Charge to Charge" promotion, offers new EZ-Charge cards to Le
Dropbox acquires two startups --- Loom and Hackpad
Alex Springer CEO Mathias Dopfner strongly criticizes Google in open letter
NWS issues flood warnings around Maine rivers
Microsoft launches All-in-One Media Keyboard
Bigwig tech companies and wireless carriers back anti-theft tools agreement