AUSTIN, Texas, July 10, 2017 /PRNewswire/ -- Telestax®, the Restcomm company, today announced that it has raised a $4.7 million funding round led by LiveOak Venture Partners.
The new investment will enable Telestax to meet the growing and strong demand for its Communications Platform-as-a-Service (CPaaS) enablement platform and RestcommONE™Marketplace. Telestax plans to use the additional capital to accelerate product capabilities, grow the operational support team and expand market reach.
"We are thrilled to bring Telestax into our portfolio of promising companies. The exceptional team, high-value technology and resulting customer adoption of Telestax's offerings made this a compelling investment for us," said Krishna Srinivasan, General Partner at LiveOak Venture Partners. "We look forward to helping Telestax with their market and product expansion."
Telestax's newly launched RestcommONE Marketplace offers participating service providers a new business opportunity by providing in demand real-time applications and solutions that are certified and integrated into the RestcommONE Platform. This CPaaS-enabled computing paradigm blends traditional telecommunications with new enterprise applications to create and deliver real-time communications business solutions that scale.
"Since our investment in late 2015, the Telestax team has done an outstanding job delivering on the revenue growth while simultaneously launching the cloud and the marketplace platforms. The growth of contextual communications is creating a great opportunity for Telestax and its partners. I am delighted to welcome Krishna to the Telestax family", said Arun Ramamoorthy, Partner at Pinnacle Ventures.
Since launching its groundbreaking RestcommONE platform in 2011, Telestax has seen exponential growth, with the platform currently supporting 900 million calls per day and 200 million messages per day on premise, and 500 million calls per week and 5.5 million messages per week in the cloud. Telestax has gained over 170 commercial customers on every continent, including industry leaders Avaya, MetTel, Ping An Bank, T-Mobile, Unifonic and NTT-AT.
"The last 12 months have been remarkable for Telestax", said Ivelin Ivanov, Telestax CEO and co-founder. "We launched RestcommONE, our CPaaS enablement platform, and our RestcommONE Marketplace; and today we have added another business partner with strong proven expertise in telecom and infrastructure software".
Telestax is quickly becoming the catalyst for bringing real-time communications into the mainstream. Our RestcommONE platform is scalable, highly available and is the only WebRTC platform that supports cloud, on premise and hybrid deployment configurations. RestcommONE is fast becoming the platform of choice for rapidly building enterprise class real-time messaging, voice and video applications. RestcommONE Marketplace connects these new Omnichannel applications with RestcommONE CPaaS-enabled (Communications Platform as a Service) service providers and increases the revenue opportunity for both. The RestcommONE Marketplace is generating a positive disruption in the real-time communications market by changing the way organizations acquire and utilize their business software. Telestax is a privately held global company with headquarters in Austin, TX.
About LiveOak Venture Partners:
LiveOak is a $109MM Fund based in Austin, TX and was founded by Ben Scott, Krishna Srinivasan, and Venu Shamapant (all formerly of Austin Ventures). While many of LiveOak's investments begin in the early stages, LiveOak is a full lifecycle investor focused on technology and technology-driven service companies based in Texas.
With over 16 years of successful early stage investing in Texas, the Founders of LiveOak have helped entrepreneurs create industry-leading companies, such as Spatial Wireless (acquired by Alcatel-Lucent), Navini Networks (acquired by Cisco Systems), LifeSize Technologies (acquired by Logitech), Mavenir Systems, and StackEngine (Acquired by Oracle).