Onavo raises $3m from Magma and Sequoia for data-saving apps

Will soon roll out Android version of its existing iPhone and iPad app.

Israeli startup Onavo has announced a $3 million Series A funding round, with Sequoia Capital and Magma Venture Partners chipping in.

The company has been causing a stir since the launch in April of its first iPhone data compression app, which aims to shrink down data used by apps. It has since released an iPad version of the app, and is working on an Android version too.

Magma managing partner Yahal Zilka hailed Onavo's "disruptive technology and a talented team", while Sequoia general partner Gili Raanan praised its technology as "a win-win solution for both carriers and end users". Both are joining the Onavo board as part of the funding round.

Onavo has also published some stats on the performance of its apps so far, claiming that it has saved nearly 500GB of data since its launch on 29 April, with people in more than 90 countries using more than 30,000 different apps while having Onavo running in the background.

How will the $3 million be used? "We will be able to focus on our core technology, introduce Onavo to additional platforms and further evolve our services," said Onavo CEO Guy Rosen.