ProSeed, Vertex, and eXeed, owned by Correlsense chairman Sam Somech, are extending the loan.
Automated infrastructure monitoring systems developer Correlsense Ltd. is raising a $2 million bridge loan from its current investors, ProSeed Venture Capital Fund (TASE:PRSD), eXeed Technology Ltd., and Vertex Venture Capital. eXeed is owned by Correlsense chairman Sam Somech.
ProSeed notified the Tel Aviv Stock Exchange (TASE) that it will invest $250,000 in Correlsense. The loan will bear 8% interest, and can be converted into Correlsense shares at the company's next financing round. ProSeed owns 11% of the company.
Published by Globes [online], Israel business news - www.globes-online.com - on May 12, 2009
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