Home FinTech Israel-based Infotech startup Veego bags US$ 13 Million in Series A funding

Israel-based Infotech startup Veego bags US$ 13 Million in Series A funding

Veego Software, a Ramat Gan, Tel Aviv-based infotech SaaS platform, has secured a fundraise of US$ 13 Million in a Series A funding round, held on August 25 2021. Magenta Venture Partners, a venture capital firm focused on early-stage Israeli startups in the AI, IoT, and enterprise software domains led the venture round. Veego acquired capital from its subsisting backers in this recent funding round, including State of Mind Ventures (SOMV), Robert Bosch Venture Capital GmbH, North First Ventures (N1V) Amdocs Ventures, with additional investors.

What the CEO has to say

Co-Founder and CEO of Veego, Amir Kotler, stated, “We are excited to have Magenta Venture Partners join our family of incredibly supportive investment partners. Veego is the only solution on the market providing Communication Service Providers (CSPs) with Application-level Home Quality of Experience data and actionable insights, enabling them to personalize and optimize their service offerings. We are building on these successful engagements with global CSPs and ecosystem partners to enable further expansion.”

He added, “This round will also enable us to enhance our machine-learning models that deliver real-time analytical capabilities across multiple use cases and expand our reach globally.” 

What the Investors have to say

Co-Founder & General Partner at Magenta Venture Partners, Ran Levitzky, who would be joining Veego’s board of directors, said, “In a post-pandemic world, the Connected Home takes increased importance as a place of work, study, and play. End-users expect ubiquitous Customer Experience to support their use of various applications, while CSPs are mostly blind to the in-home Customer Experience. Our investment will help Veego entrench its position as the Connected Home data and insight leader, revolutionizing the way CSPs, app vendors, and content providers understand and address their home users’ experiences and needs.”

About Veego

Founded in 2018 by Amir Kotler, Denis Sirov and Reffael Caspi, Veego is an Israeli high-tech startup committed to becoming the world leader in Visibility, Customer Experience (CX), and Insights. The company uniquely applies breakthrough AI and ML capabilities, along with other cutting-edge technologies, to overcome the challenges facing CSPs, Content Providers, Device and Service Vendors, and other Data Consumers. From its vantage point in home routers, hubs, and extenders, and delivering unique, real-time services from the Cloud, Veego provides accurate fingerprinting, classification, and measurement of the performance and behaviour of each connected device and service in every home and the experience of users engaging with them. 

Veego’s SaaS Home Insight Platform (HIP) and innovative solutions automatically and continuously perfect each home user’s experience while generating vast volumes of new data that enable a wealth of valuable insights and opportunities. Veego customers slash Customer Care costs while upgrading their users’ CX and gaining an incisive understanding of their installed base, internet usage, trends, markets, competition, and more. For more information, visit https://www.veego.io/

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