Onavo just launched today. Onavo is an iPhone app that compresses the data that goes through your iPhone and shrinks your overall data usage. Onavo can compress data of many services/apps (like Facebook, Twitter, Google maps, web, e-mail and many others) to make your data plan last longer. Onavo is especially useful when you’re roaming, since data costs are still excessively high and Fon, while approaching 4 million hotspots, is still lacking in coverage.

If you think that you don’t need this app since you never roam you’d be surprised to find out that most “unlimited data” plans actually have limits. Onavo can also get more speed out of your connection when you are on EDGE by sending less data with more information. Onavo works as a background service, so once you install it you don’t have to worry about it again. Plus Onavo shows you how much data is being used by each app and how much you are saving. Android and iPad apps will come later on.

Here’s an interview with co-founder and CEO Guy Rosen on TechCrunch.

Disclosure: I’m an advisor to Onavo.

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