Israeli start-up Surf Communication Solutions has completed a $21 funding round, which was led by Giza Venture Capital and Motorola. Additional investors in the round include Pitango Venture Capital, which led the first venture capital investment round in the company, Catalyst Investments, BOS Better Online Solutions (Nasdaq: BOSC), and Sadot R&D.
Surf was established in 1996 by Dr Amnon Gavish, Surf’s CEO and Avi Fisher, Surf’s CTO. The company develops digital signal processing (DSP)-based convergence software to communications systems that handle data modem, fax, and voice services over packet telephony networks.
These communication systems include remote access servers, media gateways, access routers and switches.
Motorola’s investment follows on from the strategic partnership signed in January 2001 between Surf and Motorola worldwide. According to the strategic partnership agreement, both companies are working to develop hardware and software solutions for DSPs.
Giza executive vice-president Ezer Soref said, “The company has achieved a number of design wins with large telecommunications manufacturers around the world. The team of management has the capability to realize the company’s potential in becoming a world leader in its field over the next few years”.
Pitango Venture Capital managing partner Rami Kalish said, “Pitango has accompanied Surf since 1998 with an initial and a follow-on investment from Pitango II, and in this particular round, through Pitango III. We believe in the strategic importance of Surf’s solution for the access market for communications networks”.
In September 1999 Surf raised $8 million based on a $36 million company value after the money. Shareholders in the company include Better On Line Solutions, Intel, and Texas Instruments.
Surf’s management and its R&D center are based in Yokne’am, Israel. The company has marketing and sales offices in the United States, Europe and Japan and has 95 employees.
Published by Israel's Business Arena on 17 December, 2001