Motorola, which led the round, is one of NextNine’s customers.
Israeli start-up NextNine Ltd. today announced that closed its third financing round. Motorola Corp. (NYSE:MOT) led the round joined by the company’s existing investors. Sources inform ''Globes'' that the round totaled $10 million. Motorola is one of NextNine’s customers.
NextNine and the investors declined to comment on the report.
NextNine was founded in 1998, and has subsequently undergone many changes and shake-ups. Since 2004, the company has been developing automatic software support solutions, the same business as Gteko Technologies Ltd., which was acquired by Microsoft Corp. (Nasdaq:MSFT) yesterday.
NextNine has endured hard times. In early 2003, it was simultaneously broke and had a high cash burn rate. The company’s board decided to restructure and greatly scale back the company, and it emerged from the crisis in 2004.
Published by Globes [online], Israel business news - www.globes.co.il - on September 27, 2006
© Copyright of Globes Publisher Itonut (1983) Ltd. 2006