Thinking Phone Networks raises $16.5m in round led by ATV, Bessemer Venture Partners
Thinking Phone Networks, a Cambridge company that provides cloud-based communications services to corporate customers, announced a $16.5 million investment led by venture capital firms Advanced Technology Ventures, or ATV, and Bessemer Venture Partners.
As a privately held company, Thinking Phone Networks does not disclose revenues, but it said that its revenues have doubled in each of the last three years.
In a press release, the company said it plans to use the financing to expand its sales, marketing, and support services internationally, to enhance its “communications delivery ecosystem,” and to continue to grow its global partnership network.
Thinking Phone Networks provides outsourced or “cloud” communications application software to midsize and larger companies. Thinking Phone Networks’ software runs desktop phones as well as the increasing number of smartphones and tablet devices used by employees located in corporate offices, in home offices, and on the road.
According to Thinking Phone Networks, its software greatly lowers communications costs and makes corporate customers more efficient and productive.
Companies using Thinking Phone Network services include Arm & Hammer, John Hancock Financial, Sony, and Century 21, the Thinking Phone Network website notes.
Thinking Phone Networks has 80 employees, including 50 in Massachusetts, the company said.
Bob Hower, general partner at ATV, and Bob Goodman, partner at Bessemer Venture Partners, have joined Thinking Phone Networks’ board of directors. ATV has an office in Boston. Bessemer has an office in Cambridge.
Thinking Phone Networks was founded in 2005, and it had raised $1.2 million in venture funding before this week’s announcement. It has also received financing from company executives and angel investors.Chris Reidy can be reached at firstname.lastname@example.org.