As our cellphone bills get increasingly expensive and complicated, a startup called Validas has come up with a technology, dubbed VERA, that can help make sense of the mess.
Thanks to a new round of funding from existing investor Huntsman Gay Global Capital, the company is emerging from stealth with the hopes of eventually delivering its analysis technology to consumers, Validas told VentureBeat exclusively. The company wouldn’t divulge the funding amount, but we’re hearing it may between $50 and $100 million.
Validas was founded in 2007 by former Verizon employees Tom Pepe (CEO) and Todd Dunphy (President), who tell me they were fed up with the general confusion around cellphone bills and services in the mobile industry. “Ultimately what we’re doing is revealing the information that’s locked in your cellphone bill,” Pepe said.
While phone bill analysis isn’t exactly a new concept, the pair tell me that their experience at Verizon has given them some useful insight into fixing confusing bills.
Validas’ VERA platform automatically analyzes your cellphone bill, compares it to similar bills, and offers up recommendations on how you can save money. It’s also unique because it lets you communicate directly with your carrier. Validas has been operating in stealth since 2009 and has focused on Fortune 500 companies and government customers so far.
The company counts the state of California as one of its biggest success stories. Using Validas’ technology, the state was initially able to save over $500,000 monthly, or 28 percent of its wireless bill, across 50,000 lines. California has since doubled those figures and is now saving $1.25 million monthly.
Pepe and Dunphy tell me that Validas’ VERA platform will launch later this month. They specified that VERA isn’t about convincing customers to leave their carriers; instead it will help them discover aspects of their bill that could be easily cancelled to save money.
The Missouri City, Texas-based company has raised small angel and seed funding rounds before, but this latest round is its biggest yet.