Lightyear’s Series B funding led by Altos Ventures will expand platform automating enterprise telecom management and procurement for network infrastructure.
Lightyear, a software company that digitises telecom infrastructure management, has secured US$31m in Series B funding led by Altos Ventures, with participation from Ridge Ventures, Amplo, Zigg Capital and Susa Ventures.
The New York-based company, founded in 2019 by Dennis Thankachan and Ryan Schrack, has developed a Telecom Operating System – software that manages procurement, inventory and billing for enterprise telecommunications services.
The platform currently handles quote requests, installations and contract renewals for internet connectivity, Wide Area Networks (WANs) which connect enterprise locations and voice systems.
Digital transformation of telecom management
Presently, the telecommunications management sector faces particular challenges around data transparency and standardisation across global carriers. Lightyear’s platform aims to address these issues through automation of procurement processes that have traditionally required manual intervention.
The platform’s Network Inventory Manager tracks over 30 data points per service, including technical specifications like static IP addresses and commercial details such as contract terms. This centralises information traditionally managed through disparate spreadsheets and email chains.
It also maintains comprehensive records of telecommunications assets and services, enabling enterprises to track their entire telecommunications infrastructure through a single interface. This includes monitoring of contract expiration dates, service levels and account details across multiple carriers and locations.
For finance teams, Lightyear consolidates multiple carrier invoices into a single monthly bill, aimed at reducing payment processing complexity and service disruption risks. The system maintains records of account identifications and contract terms to streamline renewal processes.
“Our software addresses longstanding problems in telecom management by introducing transparency, standardised workflows and automation,” explains Dennis Thankachan, CEO of Lightyear.
Lightyear currently serves more than 300 enterprise clients, including retailers Alo Yoga, Five Guys and Pandora Jewellery, as well as telehealth provider Teladoc. Its platform is used by more than 5,000 enterprise users globally who utilise the system for procurement and ongoing management of their telecom services.
Market position and investment strategy
The telecommunications infrastructure management sector has traditionally relied on manual processes and fragmented systems. Lightyear’s digital platform ultimately represents a shift towards centralised management of these services.
Zac Mohring, Principal at Altos Ventures, says: “Lightyear’s software has modernised the way enterprise IT and networking teams manage their telecom infrastructure, saving them countless hours of tedious work.”
This latest funding will expand Lightyear’s three core services: procurement, network inventory management and bill consolidation. Development plans include AI capabilities for network monitoring and tools for managing multiple site deployments simultaneously.
Likewise, the platform’s procurement tools also incorporate pricing intelligence features designed to help enterprises evaluate service options. This includes functionality for managing quotes and installations across multiple locations and service types.
The bill consolidation service addresses specific challenges in enterprise telecom management, where organisations manage multiple carrier relationships across different territories and service types. The system processes these invoices and presents them in a standardised format, reducing the administrative burden on finance teams.
Funding will also support enhancement of customer support services, though specific details of these improvements have not been disclosed.
“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,” says Dennis.
“This Series B funding is a testament to the years of hard work from our team.”
