Telness Tech, a Swedish software company for the telecommunications industry, has secured €5 million in funding from Industrifonden and Viltor (JCE Group), to fuel its rapid international expansion, particularly in the US. The company’s platform enables mobile operators to launch fully digital solutions, reducing costs significantly and speeding up the time to market. With this funding, Telness Tech aims to scale its operations to meet the growing demand, focusing on expanding internationally and managing technical aspects, while ensuring effective leadership to sustain momentum in new markets.
Telness Tech’s full automation platform is now in use by over 18 mobile operators, a number that has grown rapidly since November 2023 when they successfully implemented 11 operators in just six weeks. Additionally, the company has secured multi-year contracts with their first two US clients earlier than anticipated. Telness Tech’s success is further highlighted by its pipeline, which is valued at over 200 million SEK (in annual recurring revenue) and includes clients from both the US and Europe.
The unprecedented pace of growth the last few months has prompted Telness Tech to restructure its executive team to effectively manage its expanding operations, with two of the original founders behind both Telness and Telness Tech, swapping operational roles. Founder Jonas Cedenwing becoming Chief Operating Officer, leading the charge in the company’s international expansion across new continents and Martina Klingvall becoming CEO of Telness Tech.
Jonas Cedenwing, Founder and incoming Chief Operations Officer, comments the swap: “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 of Telness Tech, stated, “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. We can’t wait to tell you more soon.”
Click to read more funding news.
