Gizmox, which has developed enterprise-class HTML5 for new applications and to convert existing business applications for the web and mobile platforms, has closed a $7.5 million round of financing. The company has also appointed Eugene Kuznetsov as its new CEO, to accelerate its sales and marketing efforts.
The financing round was led by Atlas Venture with participation from existing investors Maayan Ventures Ltd. (TASE:MAYN), Citrix, IVC, Consolidated Investment Group, and others. Jeff Fagnan and Christopher Lynch of Atlas Venture will join the Gizmox board of directors.
The funds will be used to build and staff the company’s headquarters in Boston, while the company will expand its development center in Israel. Gizmox was founded in 2007 by Navot Peled, Guy Peled, and Dan Lichtenfeld and has raised $18.5 million including the latest financing round.
Gizmox provides an enterprise-class HTML5 platform for building rich UI business applications. Its two components are VisualWebGUI, a widely adopted web and mobile HTML5 framework for enterprise apps, and InstantCloudMove, which migrates from client-server to pure HTML5 and the cloud. Gizmox is the enterprise HTML5 platform for native-quality user interfaces. Differentiated from consumer-grade technology, Gizmox software was built from the start to provide the security, management and rich functionality required for mission-critical business applications.
Fagnan said, “There is an enormous platform shift of mission-critical business applications from traditional Microsoft client-server to mobile, web and HTML5. While this is well understood and underway for horizontal or consumer applications, the problem for complex business applications is still largely unsolved. Gizmox has a unique solution informed by years of technology development and many successful customer deployments, to facilitate this shift."
Maayan Ventures chairman Guy Rosen said, "We are happy to complete this significant investment round in Gizmox, which has been led by an experienced VC such as Atlas Venture, with the participation of Gizmox’s existing shareholders. This round marks a great milestone for the company in materializing its vast technological and economic potential.”
Published by Globes [online], Israel business news - www.globes-online.com - on April 22, 2013
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