Smartphone app developer Sourcebits raises $10 million from Sequoia Capital and IDG Ventures

Smartphone and tablet app developer Sourcebits got fresh money from Sequoia Capital and IDG Ventures India, each of which contributed $5 million to the company. Sourcebits already has around 300 engineers and designers, which make apps for companies all around the world. They will use the funding to set up engineering and sales centers in the United States, as well as augment a design engineering team in India and Europe. Additionally, the company will also initiate a competition to foster new thought, with the top 3 winning ideas being developed to create mobile applications.

Sourcebits has a strong lineup of mobile apps for an array of platforms, including iOS, Android, BlackBerry, webOS and Windows Phone 7. Among the apps they built are such popular titles as Robokill, Knocking Live, Daily Deeds, Night Stand, Skyfire and Beast Farmer.

Finally, in case you wonder, Sourcebits doesn’t have earlier investors – Sequoia Capital and IDG Ventures are the first VCs to put their money in the company.

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