Sources inform “Globes” that Israeli start-up Nuvisio is about to complete its $7 million third financing round.
Jerusalem Venture Partners is leading the round, together a number of US-based angels. Nuvisio president and CEO Dani Birnbaum confirmed the report, noting that the company had so far raised $5.2 million at a company value of $16 million, after money.
Toshiba led the company’s second $4 million financing round in late 2000. That round was held at a $30 million company value, after money. Birnbaum said the lower current company value was due to the difficult Internet market climate.
Nuvisio develops online sales promotion and advertising technology. The technology allows online distribution of coupons at a level of security that prevents forgeries.
Nuvisio was founded in January 2000 by Birnbaum, who was formerly CEO of Pillsbury Israel, Shai Gerably and Alon Geva. The company’s development center is in Herzliya, and it has offices in New York, Chicago, Cincinnati and Atlanta. Nuvisio has 30 employees.
Published by Israel's Business Arena on 11 March 2002