The software company spun-off from Swedish MVNO Telness has secured a €5 million cash investment as it drives expansion in the US and works to restructure its top team.
Telness Tech separated from Telness in 2021 and is currently expanding its footprint. The software provider said in a statement that it registered its U.S. operations in December 2023 and has since secured multi-year contracts with two customers in the new market.
The company revealed that the new capital injection will primarily come from existing shareholders Industriforden and JCE Group, and that the funds are designed to support the company's international push.
The company added that its expansion and “unprecedented pace of growth over the past few months” prompted the reorganization of the management team.
This includes Telness Tech founder Jonas Cedenwing (Photo, center) and CEO of Telness Martina Klingvall (Photo, right) Switch operational roles in the software business.
Mr. Cedenwing will serve as COO and lead the company's international expansion. As CEO of Telness Tech, Mr. Klingvall will focus on managing the leadership team.
“There's a chance,” Klingvall, who spoke at one of the keynote addresses at MWC23 Las Vegas, said at the time. [in US] No one is using it yet. ”
Telness Tech has so far provided digital and fully automated solutions to 18 mobile operators.
