Xevo Lands $20 Million Investment

Advanced Technology Ventures Morgenthaler Xevo

Prism Venture Partners, Catalyst Health and Technology Partners also participated in the financing round, which will be used by Xevo to expand internationally and for further product development on carriers' networks, the company said.

The company said it plans to unveil contracts with large carriers in the near future.

Last week Michael Dering became CEO of Xevo, replacing acting CEO Hal Chapel. Chapel returned to his position as chairman.

Dering was CEO of CrossAccess, a software infrastructure company, before joining Xevo.