Austin’s Phunware Raises $22M for App Development Platform

Austin—Phunware, which makes mobile apps for multinational corporations, announced Wednesday that it has raised $22 million.

The funding brings the company $10 million shy of its goal of $50 million for its Series F round. The investment was led by Khazanah Nasional Berhad, the strategic investment fund of the government of Malaysia; Wavemaker Partners; and PLDT Capital, the investment arm of Philippine Long Distance Telephone Company.

The round includes additional capital from previous investors Fraser McCombs Capital, Maxima Ventures, WWE, Central Texas Angel Network, and Baylor Angel Network, among others. The investment brings the total raised by Phunware since inception to $90 million, the company reported in a press release.

Phunware’s customers include NASCAR, Jawbone, E! Entertainment, ESPN, and Qualcomm, each of which uses what the company calls its “Mobile as a Service” platform that allows companies to interact with consumers in more than 190 countries and in 10-plus languages.

“This funding will help turn every one of our global application touch points into an opportunity to reach, engage with, and convert users on a 1:1 basis, and will further our vision of having every device in the Internet of Things touch the Phunware platform by 2020,” Alan Knitowski, the CEO and co-founder of Phunware, said in a press release.

Angela Shah is the editor of Xconomy Texas. She can be reached at ashah@xconomy.com or (214) 793-5763. Follow @angelashah

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