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Summary:

STARTUP: mFoundry, based in Sausalito ELEVATOR PITCH: mFoundry helps businesses mobilize, and targets a variety of verticals, including mobile advertising, mobile banking, and mobile services for the enterprise. WHAT THEY DO: mFoundry provides companies with software that they use to create, deploy and manage mobile applications. […]

STARTUP: mFoundry, based in Sausalito

ELEVATOR PITCH: mFoundry helps businesses mobilize, and targets a variety of verticals, including mobile advertising, mobile banking, and mobile services for the enterprise.

WHAT THEY DO: mFoundry provides companies with software that they use to create, deploy and manage mobile applications.

PEOPLE: CEO Drew Sievers, formerly President of Semaphore Partners-the Publicis network’s interactive offering.

FUNDING: Under $10 million, though the company won’t give an exact amount. Recently the company raised a series B round of $7.3 million, and investors include Apax Partners, GRP Partners, and Ignition Partners.

KEY CUSTOMERS: Citibank, Nestle, Sprint, NBA, Toyota/Lexus, Verizon, Photobucket

COMPETITORS: Action Engine, AppForge

THE DEAL: mFoundry seems like it has more than enough projects in its pipeline. The company will release an upgraded version of its service — version 2.0 — that uses an AJAX framework, along with other enhancements, in the first quarter of 2007. In a few weeks the start-up is helping Sprint launch an ad-supported news stand application, which is based on mobile RSS feeds. And the company is working on a wireless application for photo-sharing site Photobucket that will enable users to wirelessly share and modify photos. (mFoundry CEO Drew Sievers confirmed this recently, which we wrote about in July).

Guess they’ve been busy. But helping companies mobilize is also an oft-targeted market, so the company will have to fight for more big name customers.

  1. I like to bring to your attention a UK startup – Tricastmedia.com – “TWUIK Rich Media Engine” launched recently at CTIA LA. TWUIK is a collection of mobile widgets and user interface libraries that let content developers develop innovative and creative user interface for their mobile applications. It’s like creating smooth fluid Macromedia’s FLASH like kinda animation and user interface effects to enhance interactivity for mobile software.

    By providing richer and more compelling mobile consumer experience, Tricastmedia’s TWUIK standards-based Rich Media Engine (RME) dramatically boosts the consumption and stickiness of mobile content and applications.

    Source: http://mobiko.blogs.com/mutant/2006/06/latestomegade.html

    Watch all their video demos here… http://www.youtube.com/watch?v=83AZV8vHgnw&feature=PlayList&p=2FE22B9F3F6C9029&index=0

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  2. Kelly Rodriques serves on mFoundry’s board. There’s nothing that man can’t sell. Of course they’ll be acquired. On very favorable terms.

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  3. ~$10M venture capital is high. To make the venture successful (say 5x ROI), the acquisition price would need to be close to $100M depending on the % of ownership.

    Needless to say, that’s a high exit target for most Web2.0 companies. Wish ‘em luck, tho’

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  4. Three of the smartest people I met while working at Preview Travel (now Travelocity) work for mFoundry. We’ve come close to working with them a couple times and I really like what they are up to.

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  5. This product seems overly complex for not a lot of gain. I have to learn yet another complex scripting language that does not conform to standards to write apps for a limited set of phones.

    Better off with mobile opera and ajax.

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  6. Agreed. This company has yet to have a breakout hit in the mobile space and generate anything close to enough revenue to become viable or support the company.

    20% downsizing in the recent past and technology that makes most of the applications look near identical does not look impressive.

    Potential suitors should be wary. They will simply be buying what appears to be a very simple menu system that reads and display XML datafeeds on some Java handsets.

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