Graphite Software raises $8 million in Series B financing

Mobile virtualization provider Graphite Software announced the completion of an $8 million Series B round of funding yesterday, led by investors from the Beijing-based Zhongguancun Private Equity & Venture Capital Association (ZVCA) and includes participation from Toronto-based strategic investor Green Century Investment and Series A lead investor Celtic House Venture Partners.

In May, Graphite announced that its Secure Spaces™ Android virtualization platform had launched with Xiaomi’s MIUI 8 and would be deployed to over 150 million devices by year end. Xiaomi, the world’s fifth largest smartphone maker, sold more than 70 million phones in 2015 and has been recognized as one of the most innovative companies in the world. With offices in Ottawa, Sunnyvale and Beijing, Graphite will leverage the new funding to further accelerate the deployment of its virtual phone technology by Android mobile device OEMs worldwide.

“We are very pleased with the strong support shown by the ZVCA, Celtic House, Green Century and Invest Ottawa as we expand the deployment of our virtual phone technology in the Android mobile device market,” said a statement from Alec Main, CEO of Graphite Software. “The closing of the financing round demonstrates investor confidence in the market opportunity and our ability to execute. It will allow us to expand the Graphite team in both Ottawa and Beijing and accelerate growth as we capitalize on an enormous market opportunity.”

Invest Ottawa made the original introductions between ZVCA and Graphite, which culminated in the ZVCA, Graphite and Celtic House signing a financing deal in November 2015, as part of the Ottawa mayor’s economic trade mission to China.

For more on this financing, click here.

LaBarge Weinstein acted as counsel to Graphite Software.