Mobile data management app provider Onavo snags $3M in financing

Onavo, which offers a mobile data management app for smartphones and tablets, announced Sequoia Capital and Magma Venture Partners participated in its round of Series A financing of $3 million.

Last month Onavo launched its first app for iPhone and iPad users. The app applies compression techniques without compromising user experience to reduce data consumption, thus reducing mobile data costs for users.

Onavo said the new funding will support further development of its core technology and expansion to additional platforms. The company has already indicated plans to roll out Onavo for Android.  

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