Inside Lightyear's US$31m Telecom Procurement Fund
Managing telecom infrastructure for large enterprises is notoriously complex, but Lightyear, founded in 2019 by Dennis Thankachan and Ryan Schrack, has turned this challenge into an opportunity for innovation.
The company has developed the first Telecom Operating System - a comprehensive digital platform that simplifies the entire lifecycle of telecom services.
From procurement to payment, Lightyear’s tools are saving IT and networking teams time and money, making it a trusted partner for more than 300 enterprises across the globe.
The company's efforts have been rewarded with a US$31m Series B funding round led by Altos Ventures, alongside significant contributions from existing investors Ridge Ventures, Amplo, Zigg Capital and Susa Ventures.
Simplifying telecom management
At its core, Lightyear addresses inefficiencies inherent in telecom management. Its suite of tools automates processes that once demanded significant manual effort.
The procurement platform enables IT teams to streamline tasks like requesting quotes, managing installations and handling renewals for services including internet, WAN (Wide Area Networks) and voice systems. Built-in pricing intelligence ensures enterprises secure the best deals without compromising on quality.
Lightyear also provides an industry-first digital system of record for network inventory.
By tracking more than 30 data points per service, such as static IPs, contract terms and account IDs, the Network Inventory Manager centralises data that is often scattered across spreadsheets and emails. This makes lifecycle management tasks, including renewals and service changes, far more efficient.
The Bill Consolidation tool removes the headaches of juggling multiple invoices. Instead, enterprises receive one consolidated bill for all their telecom services. This centralised approach not only simplifies budgeting but also minimises risks like missed payments or service disruptions.
“Our software addresses longstanding problems in telecom management by introducing transparency, standardised workflows and automation,” says Dennis.
“This funding validates the years of hard work from our team, culminating in a product that solves challenges across the telecom lifecycle.”
A proven impact
The success of Lightyear’s approach is clear in its client list, which includes household names like Alo Yoga, Five Guys, Pandora Jewellery and Teladoc.
More than 5,000 enterprise users rely on the platform to streamline telecom management, cutting down on labour-intensive tasks while reducing costs significantly.
Zac Mohring, Principal at Altos Ventures, highlights Lightyear’s influence on the sector: “Lightyear’s software has modernised the way enterprise IT and networking teams manage their telecom infrastructure, saving them countless hours of tedious work.
"The company’s growth and commitment to innovation are pushing the industry forward.”
What’s next for Lightyear?
With the Series B funding secured, Lightyear plans to double down on its three core offerings:
- Procurement
- Network inventory management
- Bill consolidation
This includes adding more depth to existing tools and expanding capabilities into new areas. For example, they’re exploring AI-powered solutions, enhanced network monitoring and support for bulk site procurement.
The company also intends to improve customer experience by investing in enhanced support services.
Dennis remains optimistic about Lightyear’s trajectory, explaining: “We’re excited to continue innovating against customer pain points, ensuring that telecom management becomes an effortless experience for enterprises everywhere.”
As the enterprise world grows increasingly digital, Lightyear’s role in simplifying telecom infrastructure will only become more essential.
The company’s leadership and backers appear united in their belief that the best is yet to come.
“Enterprise telecom management is a decades-old problem that’s exceptionally difficult to solve due to the lack of data transparency, workflow standardisation and digitisation that exists across the thousands of global carriers," Dennis concludes.
"This Series B funding is a testament to the years of hard work from our team."
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