Onavo secures $10 million

Onavo has secured $10 million in Series B funding lead by the Horizons Ventures, the private investment arm of Li Ka-shing along with Motorola Mobility Ventures, the strategic equity investment arm of Motorola Mobility.

Jason Wong from Horizons Ventures has joined Onavo’s board of directors as part of the round.

Onavo offers free apps to stretch data plans and save on mobile data costs. The company plans to use the additional funds to continue to expand its product offering and reach.

The Onavo iOS app, which compresses mobile data by up to 80 percent, and the Onavo Android app, which includes crowd sourced information on each app to warn of data hogs, have been hugely popular since launching in 2011, saving mobile users more than 5 million dollars in data charges.

''As the leading service to help consumers get more out of their data plans, we are thrilled to bring on board leading partners from both Asia and the US, and to have the ongoing support of our existing investors,'' said Guy Rosen, co-founder and CEO, Onavo.

''Mobile data use continues to grow exponentially, which creates issues for carriers and consumers alike. With that backdrop, we believe Onavo's unique data compression solution will prove compelling to both carriers and consumers,'' said Jason Wong, Horizon Ventures.

''We are very excited about joining Horizons Ventures, Sequoia Capital and Magma Venture Partners in investing in this very promising company, which we believe provides an elegant solution as consumers increasingly use mobile data in their everyday lives,'' said Wallace Pai, VP of corporate development for Motorola Mobility and executive MD of Motorola Mobility Ventures.