Celtro, an ECI spin-off, develops transmission solutions for the backhaul mobile networks.
Sources inform ''Globes'' that start-up Celtro Inc. recently closed a $7 million internal financing round. The company’s investors ECI Telecom Ltd. (Nasdaq: ECIL), Genesis Partners, Cedar Fund and Momentum Management participated in the round
Cetro, an ECI spin-off, develops transmission solutions for the backhaul mobile networks. The company’s technology improves wireless network efficiency, enabling operators to triple the number of calls made over the same infrastructure. Celto chairman and CEO Ron Zor and CFO and COO Zohar Heiblum run the company. Zor and Heiblum are also general partners in Momentum Management, which specializes in founding high-tech companies spun off from corporations that did not exploit technologies. Zor was CEO of MINT Communications and VP business development at Oshap, which was acquired by SunGard Data Systems (NYSE: SDS). Heiblum co-founded Tefen Operations Management Consulting Ltd. (TASE: TEFN) and founded HB Investments
Early this year, Celtro obtained a $1.5 million bridge loan from Plenus Venture Lending Fund. The company will post $20 million in sales in 2006, after increasing sales every quarter this year.
Published by Globes [online], Israel business news - www.globes.co.il - on September 12, 2006
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