Israeli start-up Traiana Inc. recently closed its $15 million fourth financing round, led by Pitango Venture Capital. Traiana’s existing investors, Evergreen Partners, Gemini Israel Funds and Sequoia Capital also participated.
Founded five years ago, Traiana develops trading relations management (TRM) solutions for the financial market. TRM automates multiparty foreign currency trading. The software is installed at banks for $1-4 million, providing solutions for the complex management of multiparty systems and transactions between large financial institutions and the banks serving them (prime brokerage).
Traiana’s second product is an inter-bank ISP service, which is basically a message service. Traiana wants to expand use of this service.
Traiana currently has about ten customers who have bought its TRM platform, and three who have bought its ISP service. Its customers include American International Group (NYSE:AIG), Deutsche Bank (NYSE: DB; LSE: DBK; XETRA, AEX, SWX, ATX: DBKG), JP Morgan Chase Co. (NYSE:JPM), Societe Generale, and other top tier international financial institutions.
Traiana plans to use the proceeds from the financing round to expand into two adjacent areas: the development of additional financial products, and approaching general business customers in addition to prime brokers.
Following this round, Pitango partner Rona Segev-Gal will join Traiana’s board. She previously served on Traiana’s board when she was a partner at Evergreen, another investor in the company. She said today, “Traiana is one of the best software companies founded in Israel in the past decade. It is a natural investment for Pitango. The market is growing on one hand, and Traiana’s dominance in the market on the other make it one of the most interesting and attractive Israeli start-ups.”
Published by Globes [online], Israel business news - www.globes.co.il - on October 9, 2005