Israeli start-up Appilog raised $4 million in its first financing round. Poalim Capital Markets Technologies and the Delta Ventures Fund (partly owned by Poalim Capital Markets Technologies) invested $2 million each, with each of them receiving a 20% share in Appilog. The deal reflects a company value of $10 million, after money, for Appilog, which said it would use the money for R&D and for setting up a sales system.
Appilog, set up in 2000 by XOR Technologies and Shmuel Assa, is managed by Danny Shtern. The company develops an advanced system for corporate application control.
Appilog was launched by XOR Technologies in January. XOR, a high-tech consultancy company, is an integrator for applying systems belonging to various platforms. XOR Technologies’ shareholders include Benny Steinmetz’s STI Ventures, which invested in XOR Technologies in September 2000.
Apart from Poalim Capital Markets Technologies, investors in Delta Ventures include Nomura International, Chase Management, pension fund Gmulot, Evergreen Canada Israel Investments, the STAR fund, and Koor Venture Capital.
Published by Israel's Business Arena on 9 April, 2001