Swedish Telness announces €5M funding for US expansion

Telness Tech, a software company for the telecommunications industry located in Stockholm, has received €5 million in funding from its two main shareholders, Industrifonden and Viltor (JCE Group).

The funding will support the growth of their diverse music licensing platform, Freshsound, as reported by Tech Funding News. The Swedish startup, led by females, aims to disrupt the telecoms market, according to Tech Funding News.

Telness Tech will be able to speed up its global expansion, particularly in the US, thanks to the funding. Moreover, two of the founders of Telness and Telness Tech have exchanged their operational positions in order to effectively oversee the company’s growing operations.

Jonas Cedenwing, one of the founders, has taken on the role of Chief Operating Officer and will be spearheading the company’s expansion into new continents. Meanwhile, Martina Klingvall, another founder, has been appointed as the CEO of Telness Tech.

User-Centric Telecom Solutions in the Digital Age

Telness Tech, established in 2016 by Martina Klingvall, Carl Sahlin, and Jonas Cedenwing, offers a platform for cloud-based mobile operators and other telecommunication businesses to implement user-focused digital solutions.

This will greatly enhance customer satisfaction and reduce OPEX (Operating Experience) costs through full automation.

Claimed to be a completely automated system, this platform aids in cutting costs for telecom companies by 80%, reducing time to market to just 2 months, and boosting customer satisfaction by 3 times.

In a span of six weeks, Telness Tech successfully integrated their software with 11 mobile operators, and currently has 18 mobile operators operating live. Their pipeline, which has an estimated value of 200 million SEK in annual recurring revenue, has already gained clients in both the US and Europe.

According to Jonas Cedenwing, the Founder and future Chief Operations Officer, expressed that their growth has been remarkable.

“The pace of our growth has been extraordinary, we registered our US company in December and signed our first two US clients in February. That’s a good start in 2024. We must scale up rapidly to meet the demands of our expanding client base. As I focus all my time on our new international clients in this unprecedented growth, scaling our organization accordingly, Martina will oversee managing the leadership team and reporting to the board”, says Jonas Cedenwing.

According to Martina Klingvall, the Founder and future CEO of Telness Tech, said that it’s crucial for the company to have their best employees heavily involved in carrying out its operations due to their current growth.

She also added that in her role as CEO, she will primarily be responsible for overseeing the leadership team, while Jonas will take on the lead for essential technical and operational tasks. This ensures that they maintain their momentum as they quickly expand into new markets.