Telness Tech, whose software automates user interface design for telecommunications companies, has raised €5M in funding as it gears up for expansion into the US.
Telness first launched in Sweden in 2017 and has now signed multi-year contracts with their first two US clients, earlier than expected.
With valuation projections of 200M SEK (Swedish Krona) in annual recurring revenue and clients secured in both US and Europe, the funding was provided by key shareholders Industrifonden and Viltor (JCE Group).
In response to the raise, Telness has restructured its executive team to effectively manage its expanding operations, with two of the original founders swapping operational roles. Founder Jonas Cedenwing is now Chief Operating Officer, leading the charge in the company's international expansion across new continents and Martina Klingvall is CEO of Telness Tech.
Jonas Cedenwing, founder and incoming COO, commented "The pace of our growth has been extraordinary, we registered our US company in December and signed our first two US clients in February. That’s a good start on 2024. It's imperative that we scale up rapidly to meet the demands of our expanding client base. As I focus all my time on our new international clients in this unprecedented growth, scaling our organization accordingly, Martina will oversee managing the leadership team and reporting to the board.”
Martina Klingvall, founder and incoming CEO added, "With our current growth trajectory, it's essential to have our top talent closely involved in the execution of our operations. As CEO, I will focus on managing the leadership team, while Jonas will lead critical technical aspects and operations, ensuring that our momentum remains as we rapidly enter new markets."
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