July 8, 2009
In recent times, the mobile industry is expanding and there are always new emerging markets for new and more sophisticated mobile devices, from hi-tech phones to small pocket computers that fit into the palm of your hand and, the iPhone, of course. These emerging markets in the mobile industry are always a great breading ground for new startup companies and Modu is no exception.
Modu is very unique because it has introduced a very revolutionary product into the market. Not only does Modu create the world’s lightest phone, it also has a modular phone which is a device jacket that can be attached to another portable device, such as an MP3 player. The Modu Jacket is also revolutionary, because you can change a jacket whenever you like and the different jackets that Modu makes can accommodate practically any lifestyle.
One of the jackets that Modu offers is the Modu Express Jacket, which is a jacket that advertises to turn your Modu phone into a playful and entertaining device. The way this works is that the Modu phone is just a phone, but the jacket is the actual interface that gives the basic Modu phone all kinds of features that you could find in multiple mobile devices. The Express Jacket is a jacket that has a slim design and comes in a huge variety in colors and patterns. Furthermore, the Express Jacket is designed to turn your phone into a fun messaging device.
Another of Modu’s jackets is the Modu Music Jacket, which turns your phone into an MP3 player as well as just a mere cellphone. The face of the Modu Music Jacket has graphic equalizers on the display screen and what makes the music jacket so amazing is that it even comes with its own loud speakers that have high quality sound. This MP3 player is not just for headphones anymore. These speakers power excellent sound for their small size, allowing you to blast the neighborhood with the stored music tracks.
Are you an avid bicycle rider? Well, guess what? Modu also has something for you. Introducing the bicycle jacket, which allows you to affix your phone to the handle bar on your bicycle. The jacket also comes with an added accessory that is also affixed to the handle bars on your bicycle. The Modu Bicycle Jacket is also equipped with an extra large display screen with large text that can be easily seen when a call is coming in or scrolling through menus while riding on your bicycle and still being able to pay attention to the road.
The three products mentioned above are only a few of the jackets that Modu has available for its phone. Furthermore, as mentioned above, all these jackets are interchangeable and you can even have several different jackets to suite all your different needs in life.
Modu is based in Kfar Saba, Israel and employs ten people. The company was founded in 2007 and is a privately owned corporation with four people on its management team, who are Dov Moran, CEO; Ronen Faier, CFO; Itay Sherman, CTO; and Udi Weinstein, CIO.
Besides being Modu’s CEO, Mr. Moran is also the founder of the company. Mr. Moran is not new at founding companies, since before founding Modu, he founded Msystems, which is the company that invented both the USB flash drive and the flash chip or card. Msystems became worth more than $1 billion and was acquired by Sandisk.
As the company’s CFO, Mr. Faier oversees all the financial operations at Modu. Before coming to Modu, Mr. Faier was the CFO at Glue Software Technologies and Sandisk Israel. Mr. Faier has quite a bit of experience in corporate finances and also held key positions in the financial departments of Msystems and other tech companies. Mr. Faier was also the financial controller at VocalTec Communications, Ltd.
Mr. Sherman works at Modu as the company’s CTO and oversees all the technical operations at Modu. Before coming to Modu, Mr. Sherman worked for Texas Instruments, where he held key tech positions. Mr. Sherman joined Texas Istruments when it acquired the innovative cable modem developer, Libit; where he worked as the company’s marketing director. Mr. Sherman also worked for the Israeli Defense Ministry.
As Modu’s CIO, Mr. Weinstein is in charge of Modu’s entire IT operations. Mr. Weinstein worked at Sandisk as the company’s vice president before coming to Modu. Mr. Weinstein also has over 10 years of experience in IT, organization, and methods. Mr. Weinstein’s main role at Modu is to make sure that the communications systems of the company work smoothly.
Modu’s main investors are Gemini Israel Funds and Genesis Partners, who funded Modu $20 million in series A funding in June of 2007, and $100 million in series B funding on March 25, 2008. Qualcom also invested $7 million in series C funding for Modu in January of 2009.
Gemini Israel Fund is a vc firm that mainly invests in early stage companies that are based in Israel. The goal of the Gemini Israel Fund is to support Israeli entrepreneurs build successful companies. Some other companies in Gemini’s portfolio include Contextream, Massive Impact, RADLive, WeFi, and others.
Genesis Partners is a leading Israeli vc firm that mainly invests in the tech industry. The types of entrepreneurs that Genesis seeks to invest in are those who are diligent and have an innovative technology, along with the desire to build fast growing companies. Some other companies in Genesis’ portfolio include AGI, ColBar, Elcom Technologies, Lucid, Netect, and others.
Modu does not have any known competitors as of yet.
For more information about Modu, click here.