Mobile data compression app Onavo secures $3M in Series A

Mobile data application provider Onavo closed a $3 million Series A financing round led by Sequoia Capital and Magma Venture Partners. Magma Managing Partner Yahal Zilka and Sequoia partner Gili Raanan will join the board of directors for Onavo.

The Onavo app, issued last month for iPhone and iPad, compresses mobile data to shrink data consumption, improve visibility into device data usage and slash costs without compromising the user experience. Onavo said the new funding will support further development of its core technology and expansion to additional platforms--the startup has already indicated plans to roll out Onavo for Android.  

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