Portuguese startup Codavel closed an investment round of 1.3 million euros. The company whose mission is to ensure that mobile applications are always fast regardless of the network they use (3G, 4G, 5G or Wi-Fi) wants to increase the team of developers and expand to the Asian and North American markets.
The investment round was led by Armilar Venture Partners and counted with the participation of the public venture capital operator Portugal Ventures and Ideias Glaciares business angels. Already with an operational base in the USA, Codavel has developed software that promises to reduce the time that apps take to load content, such as images or videos, by 20% to 80%.
“We have already proven that we make a substantial difference in the users' experience, even in the most adverse network conditions. For most industries, improving the user experience has a direct impact on revenue, and we help prevent the instability of communication networks from destroying business investment to ensure a perfect experience, ”says Rui Costa, president and co-founder of Codavel.
José Guerreiro de Sousa, an investor in Armilar Venture Partners, says that the startup fits “very well” in the technology transfer fund. “The company came about following doctoral work at the University of Porto and at MIT and has exclusive intellectual property rights that are very relevant to the execution of its strategy”.
This is the sixth investment made through the TechTransfer Fund, the 60 million euro fund that Armilar Venture Partners launched in February 2019. “We are continuing the initiative to invest in companies with disruptive solutions that are the result of scientific research and technology in the academic ecosystem, and which prove the potential of the results of research and developments achieved in Portuguese laboratories and universities ”, adds José Guerreiro de Sousa.
For Rui Costa, in the 15th century, the Portuguese revolutionized the way goods were transported globally, bringing together the best technology to efficiently use the few resources available. “We mobilized a small country towards an ambitious vision of how the world was better connected. We believe that one of today's most valuable resources – digital content – needs a similar revolution. A revolution that can dramatically change the way users are connected in this digital world ”, he says.