RingCentral Secures More than $55 Million Funding

RingCentral, a provider of cloud computing based business phone systems designed for today's mobile and distributed business world, notes that this fund will support its delivery of new products and services.

Headquartered in San Mateo, California, RingCentral is privately held with backing from Sequoia Capital, Khosla Ventures and DAG Ventures. The company has about 200,000 clients worldwide and sells subscription-based hosted VoIP (Voice over Internet Protocol) systems with everything from fax functionality to smartphone integration.

"The days of on-premise PBX (Private -Automatic- Branch Exchange)'s and unwieldy phone equipment are over – businesses need a cost effective and nimble phone system for today's mobile world," said RingCentral CEO Vlad Shmunis. "Over the past year, we have seen strong growth in adoption of our solutions from businesses in virtually every category, from mom-and-pop retailers to 200+ personal companies. We decided to raise additional capital to furthermore drive our expansion efforts."

Channel business for the company is expected to account for about 15 percent of RingCentral's overall revenue by the end of this year.

Read a related article at TMCnet "Rogers Selects RingCentral to Offer Cloud-Based Phone System Solution."

To find out more about RingCentral, visit the company at ITEXPO West 2011. Happening now in Austin, TX, ITEXPO is the world’s premier IP communications event. Visit RingCentral in booth #1719. Don’t wait. Register now.