Lightyear, a leading provider of enterprise telecom management software, announced the completion of a $31 million Series B funding round led by Altos Ventures, with participation from existing investors Ridge Ventures, Amplo, Zigg Capital, and Susa Ventures.
This new funding round comes at the heels of major product milestones, such as the launch of Lightyear’s Network Inventory Manager, Bill Consolidation, and API offerings, as well as major achievements in revenue and customer growth.
Launched by Dennis Thankachan (CEO) and Ryan Schrack (CTO) in 2019, Lightyear’s Telecom Operating System has revolutionized the enterprise telecom experience with AI software that streamlines and digitizes network service procurement, inventory management, and bill payment. And enterprises that utilize Lightyear across the full telecom lifecycle spend exponentially less time on telecom management while reducing telecom costs significantly.
Lightyear is trusted by 300+ enterprises and 5,000+ enterprise users worldwide, such as Alo Yoga, Palo Alto Networks, Five Guys, Pandora Jewelry, and Teladoc. Lightyear also works with 1,000+ ISPs and telecom service providers spanning the globe.
The Series B funding round will be directed toward continued product innovation within Lightyear’s Telecom Operating System platform, adding depth within its three core product lines (Procurement, Network Inventory Management, Bill Consolidation), while also building new products and features around network monitoring, AI, bulk site procurement and more. And the Series B funding round will enable Lightyear to invest more deeply in customer experience and support improvements.
KEY QUOTES:
“Enterprise telecom management is a decades-old problem that’s exceptionally difficult to solve due to the lack of data transparency, workflow standardization, and digitization that exists across the thousands of global carriers. This Series B funding is a testament to the years of hard work from our team, culminating in the first-ever software product to properly address each problem area of the telecom lifecycle. With this new funding, we’re poised to continue aggressively innovating against customer pain points.”
– Lightyear CEO Dennis Thankachan
“Lightyear’s software has modernized the way enterprise IT and networking teams manage their telecom infrastructure, saving them countless hours of tedious work. The company’s top-tier growth, retention, and commitment to excellence are driving the industry forward. We’re extremely proud of what Dennis, Ryan, Suhith, Rob, and the entire Lightyear team have built, and are thrilled to be a part of their journey.”
– Zac Mohring, Principal at Altos Ventures
