ItsOn Inc. has just received a $15.5 million round of venture funding from Andreessen Horowitz. They have previously received funding from Verizon Communications, Vodafone Group Olc and Best Buy.
Their goal is to have technology powering a new service for one of the top three U.S. mobile providers by early 2013 with their software that supports many mobile billing options.
Founded four years ago by Charlie Giancarlo and Greg Raleigh, ItsOn is also currently receiving funding from Silver Lake AG and SV Angel; but the majority of their funding is coming from Andreesen Horowitz.
As Marc Andreesen explained,
“This is a much more advanced way to do usage based pricing. Carriers at the moment depend on “very crude pricing plans.”
As chief executive Greg Raleigh explained, ItsOn technology could be used for temporary sponsorship of wireless data connections for: online shipping, personal email, social networking, sporting events and more.