Start-up ItemField, a provider of real-time, bi-directional, XML based data transformation software, announced today it has closed a $4 million financing round.
ItemField was founded in February 2000 and operates in the field of data extraction and conversion problem for Enterprise Application Integration (EAI). ItemField's CEO is entrepreneur Sam Somech, co-founder and former president and CTO of Level 8 Systems. The company is is headquartered in New York City with R&D facilities in Tel Aviv, Israel.
The investment was secured from Accel Partners, Gemini Israel Funds and Evergreen Partners. The funds will be utilized to expand the company's technology and market initiatives.
ItemField's clients include healthcare, financial services and insurance companies. Strategic partners include Microsoft and Software AG, with whom it recently finalized a worldwide distribution agreement.
Somech said, "Our company's ability to attract funding at this time from premium investors is an endorsement of our technology, our market penetration and our vision."
Accel Europe general partner Bruce Golden said, "We believe that Itemfield represents a fundamental breakthrough in data transformation. Their initial product solves one of the critical issues in application integration facing major enterprises today. We are delighted to have the chance to work with the Itemfield team, led by Sam Somech, one of the leading visionaries in the EAI marketplace."
Published by Globes [online] - www.globes.co.il - on 05 March 2003