Israeli start-up Soluto has raised $2.3 million in its first financing round, led by Giza Venture Capital and Proxima Investments.
Soluto is currently in stealth mode and plans to release its initial product in early 2009. It was founded in 2007 by Ishay Green and CEO Tomer Dvir.
Green previously co-founded data security firm Onigma, which was sold to McAfee for $20 million. Onigma was McAfee's first acquisition in Israel. Dvir formerly served as a senior executive at MDG Medical, a US-Israeli medical-computerization company.
“I am thrilled that leading investment firms such as Giza and Proxima are leading an investment in Soluto,” said Soluto chairman Nadav Zohar, a former senior executive at Morgan Stanley. “We believe that the added value that they bring to the company will go a long way in ensuring its success”.
As part of the investment round, Naftali Bennett and Lior Golan who previously founded and managed Cyota, which was sold to RSA for $145 million have joined Soluto as advisors to the management. Golan and Bennett also participated in the investment.
Giza partner Yaron Valler, who has joined Soluto's board of directors, said, “We are excited to invest in such an experienced management team. Soluto provides a unique and innovative solution to an unmet market need and defines a new category of software tools.”
Giza, which manages $600 million, has invested in nearly 90 companies.
Proxima Investments, led by Chaim Venezia and Uri Ra'anan, invests both its own funds as well as the funds of its customers in many startup companies. Soluto is the sixth company for which Proxima, led by Chaim Venezia and Uri Ra'anan has raised funds.
Proxima has previously invested in Ishay Green-founded Onigma. Proxima invested in Onigma six months before its sale, making a 300% return.
Published by Globes [online], Israel business news - www.globes-online.com - on October 23, 2008
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