SONIM TECHNOLOGIES GETS $16 MILLION
I met Paul from Sonim back in April in Seoul and introduced him to LG Telecom as a favor to my friend. They are in an interesting and crowded space with about nine companies fighting to be the leading Push-to-Talk (PTT) technology provider to wireless companies in the world. Push-to-Talk definitely is a sticky service that creates higher monthly ARPUs (average revenue per user) and decreases churn rates. Nextel's success is the example everyone points to since they have the highest ARPUs and lowest churn rates.
They just closed a round of financing for $16 million, but back in February of this year they closed a round of $28 million. I know they didn't raise $28 million with the expectation of raising more money within a year. I wonder what made them go back to the well?