Telness Tech, a full automation software company for the telecommunications industry, has secured 5 million euros in bridge funding as it continues its rapid international expansion, swapping operational founder roles and preparing for new market entries. More than 18 mobile operators are using Telness Tech's full automation platform and have signed multi-year contracts with their first two US clients much earlier than expected.
In November 2023, Telness Tech successfully integrated its software with 11 mobile operators within a span of just six weeks. Presently, all 18 mobile operators are operational and live on the platform. With a pipeline worth over SEK 200 million (in annual recurring revenue) and clients signed in both the US and Europe, the rapidly growing software company has raised EUR 5 million, primarily from their two largest shareholders, Industrifonden and Viltor (JCE Group).
Telness Tech's unprecedented growth rate in recent months has prompted the company to restructure its executive team in order to effectively manage its expanding operations, with two of the original founders of both Telness and Telness Tech swapping operational roles. Founder, Jonas Cedenwing, will become Chief Operating Officer, leading the company's international expansion across new continents; while Martina Klingvall will become CEO of Telness Tech.
Commenting on the swap, Jonas Cedenwing, Founder and incoming Chief Operations Officer, said, "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 in 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."
