Israeli start-up SupplyScience has completed its third financing round of $2.5 million. The round was led by Israel Seed Partners, with Israel Infinity, Millennium 3 Opportunity Fund and Quan Ventures of the US also participating. Israel Seed Partners general partner Neil Cohen told ''Globes'' that the fund had invested just over $1 million.
"We recently hired a new CEO for the company (Bruce E. Welty, B.G.). We wanted to give him breathing room, and free him to devote most of his time to raising money. He can now work on marketing in the US and Israel," said Cohen. He added that to best of his knowledge, SupplyScience was not negotiating a merger with Demantra of Israel, or any other company in the field, although such moves are now common.
New funds reportedly contacted the company to invest, following the round. SupplyScience was not ruling these investments out, although it preferred focusing on bringing in new customers, rather than on holding more financing rounds.
Welty replaced Dr. Gil Roth as CEO, who was appointed president. Welty previously was CEO of Allpoints Systems for 13 years, before it was acquired by EXE Technologies (Nasdaq:EXEE) for $20 million.
Founded in 1996, SupplyScience develops Internet-based inventory management systems. The company is headquartered in Boston and has a development center in Netanya, which employs 20 of the company’s 30 employees.
SupplyScience raised $9 million in its second financing round in late 2001. The round was led by Millennium 3, with follow up investments by first round investors Israel Seed and Israel Infinity. The first round was in 2000. A group of private investors, led by Check Point (Nasdaq: CHKP) founder Shlomo Kramer, are also shareholders.
Published by Globes [online] - www.globes.co.il - on September 1, 2002