Start-up Redux Communications has just closed its first institutional round of finance in the amount of $5 million from venture capital funds Genesis Partners and Giza Group. Company value for the purposes of financing was set at $17 million, after money.
This is the first finance invested in Redux since seed funding of $700, 000 provided by the private investor Elisha Shahmoon, the corporate vice-president of Motorola and former president of Motorola Israel. Redux will use this latest round for expansion of R&D and marketing activities, as well as the launch of an office in Northern Virginia in the US.
Redux, which has a staff of 24, is based in Modiin. It was established in November 1999, and develops chip-based technology for the next generation of high-speed Internet services. The Redux product is a unique platform designed for the delivery of personalized services to the end-user in the home and office. The Redux platform can be integrated into any type of broadband access device such as cable, DSL, fixed wireless, satellite modems, as well as in the new generation of home gateways now appearing in the market.
Noam Levine, CEO, states that, "Redux's product is a unique platform that supports the redistribution of information across the Internet and the provisioning of highly personalized services for any user." Adds Levine, "Industry analysts indicate that the high speed Internet access market should be worth at least $8 billion by 2003."
Redux Communications was founded by Noam Levine, Daniel Bar-Lev, Gary Golembo and Israel Ben-Shahar - all former senior members of RAD Data Communications' ASIC team.
Published by Israel's Business Arena on July 23, 2000.