Correlsense, which develops software solutions for transaction management, is embarking on a further financing round, ProSeed Venture Capital announced to the stock exchange today.
The company intends to raise $8 million, in addition to the $6 million it has raised so far in two rounds and in a shareholders' bridging loan. Its existing shareholders, the ProSeed and Vertex funds, and Sam Somech's eXeedTechnology, are expected to participate in the current round. In its announcement, ProSeed said that "advanced talks are in progress to complete the funding round."
The valuation at which the round will take place is interesting. In a presentation to shareholders today, ProSeed stated its holding in Correlsense (11%) at a value of $13 million at the end of the third quarter of 2009.
If that is the valuation for the funding round, it means that the company's value has remained almost unchanged over the past year, even though it was a very positive year. In 2009, Correlsense doubled its workforce, started sales, and reached sales revenue of $1 million.
Published by Globes [online], Israel business news - www.globes-online.com - on January 24, 2010
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