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March 31, 2015

CafeX Receives $21 Million in Series B Funding


CafeX Communications, headquartered in New York and founded in 2013 as a spin off from unified communications vendor Thrupoint, offers software called Live Assist which enables real-time, WebRTC-based communications services that can be embedded directly into mobile apps. The company has evolved into a market leader for its innovative cloud-ready software platform that leverages WebRTC technology to power contextual real-time communication experiences within enterprise applications. These services include voice, video, file sharing and annotation.

After closing a Series B round of funding, CafeX will receive $21 million. Some of the participants in the funding round included Intel Capital, individuals who fall under the category of angel investors and a subsidiary of The United Services Automobile Association—a Texas-based Fortune 500 diversified financial services group of companies and subsidiaries that offer banking, investing and insurance to people and families that serve, or served, in the U.S. military.

USAA is in the process of expanding its mobile application that allows members to use streaming video and audio capabilities when filing insurance claims in real time. CafeX is therefore the type of company that falls right into USAA’s way of doing things. Michael Burns, assistant vice president, claims system development at USAA, comments, "Helping our members repair and rebuild quickly after they experience property damage is a priority for USAA. We're always on the lookout for technology that improves our claims service and saves members time."

During the 2014 Enterprise Connect conference, which is considered to be the largest business communications conference in the U.S., CafeX's Live Assist solution was recognized with Best of Show honors. Later that year, the company also received a New Product Innovation Award from market research firm Frost & Sullivan. More recently, CafeX has expanded its distribution channel by adding a combination of direct, reseller and OEM relationships.

Rami Musallam, who is the chief executive officer for CafeX, said "In just a few short years, CafeX solutions have been adopted by some of the world's largest banking institutions, leading U.S. based insurance companies, and major customer relationship management (CRM) platform providers. We plan to use this new injection of funding to penetrate new markets and accelerate our pace of innovation. CafeX is grateful for the confidence that our investors continue to show in the company, and we are eager to intensify our development, engineering, sales and marketing efforts to meet our customers' escalating demand for next-generation mobile engagement technologies."




Edited by Dominick Sorrentino
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