The company has raised $14 million from Benchmark Capital and Giza Venture Captal.
Sources inform ''Globes'' that Xeround Systems Ltd., which is developing database solutions for telecommunications providers, has raised $7 million in its second financing round from Benchmark Capital and Giza Venture Capital. The company raise about the same amount of capital in its first financing round from the same funds two years ago, for a total of $14 million raised. “Globes” ranked Xeround second in its 2007 list of promising start-ups.
Xeround CEO Dr. Gilad Zlotkin and Sharon Barkai founded the company in 2005. The company offers a flexible database that can absorb the increase in the number of users of telephony networks resulting from the switch to IP networks. The company’s technology is based on grid networks, which provide greater computing resources without the need to buy hardware.
Xeround’s target audience is the world’s tier-one telecommunications equipment companies, such as Ericsson SA (Nasdaq; SAX:ERIC), Nokia (NYSE; LSE; HEX:NOK), and Alcatel-Lucent (NYSE; Euronext:ALU). These are not easy customers to win. Xeround posted a few hundred thousand dollars revenue from consultancy services in 2006. Based in Or Yehuda, and with new offices in London and New York, the company has 40 employees.
Published by Globes [online], Israel business news - www.globes.co.il - on April 18, 2007
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