APProtect Technologies Ltd., an Israeli start-up which has developed software protection solutions for game consoles and PCs, has closed its first financing round, in which it raised $745,000. The investors were Vertex Venture Capital, Giza Venture Capital, ProSeed Venture Capital Fund, Technion Israel Institute of Technology, and the Chief Scientist through the Technion Entrepreneurial Incubator Company (TEIC).
APProtect was founded in 2005 by CEO Yaron Ben-Shoshan, and CTO Dr. Yair Koren. The company has developed a technology to prevent illegal use of software that gives software developers real-time control over the scope and extent of the use of their products. Ben-Shoshan and Koren studied together at the Technion, where they joined forces to found the company. The two won first prize in the BizTec competition which was held by the Technion in April 2005.
APProtect’s technology applies an innovative approach to piracy prevention. It enables the removal of sections of code from any application and their storage on a centralized network server, thereby giving users selective access to the software at any point in time. The technology’s advantage lies in its ability to split the software binary code into two parts (residing in different locations) without harming software performance or user experience.
Giza Venture Capital managing director Shuki Ehrlich said, “In addition to constituting the provision of a innovative solution to the problem of software piracy, Giza views APProtect’s platform as a tool that will enable the implementation of software as a service. This model has far reaching consequences for the way software is sold and used, and it represents a monumental conceptual change.”
Vertex investment manager Yifat Oron added, “The investment in APProtect proves yet again that the partnership between the Technion and venture capital funds through the Technion Entrepreneurial Incubator is a successful model that will enable the founding of promising technology companies in Israel.”
Published by Globes [online], Israel business news - www.globes.co.il - on July 24, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006