CorrelSense Ltd. has raised $3 million, from Vertex Venture Capital, ProSeed Venture Capital Fund (TASE:PRSD), and eXeed Technology. The company develops IT service level agreement (SLA) management software solutions, and it flagship product, SharePath, is currently installed in several multinational organizations.
CorrelSense CEO Oren Elias told "Globes" that the company would use proceeds from the round to complete product development and begin sales, which he expects by the end of the year.
Elias founded CorrelSense in 2005 together with CTO Lanir Shacham. The company is a graduate of Technion Entrepreneurial Incubator Co. Ltd. (TEIC), and is now located in the Matam high-tech park in Haifa. It has 20 employees, and has raised $4.1 million to date. Part of the current funding will also repay a bridge loan the investors extended in 2007.
CorrelSense operates in the Business Transaction Management (BTM) market, an emerging class of products which are considered to be the next generation of IT systems management tools. These products enable tracking and control of critical business processes within enterprise applications, addressing a growing pain within organizations. The company's product can provide a complete end-to-end application view in real time.
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2008
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