Sources inform "Globes" that Star Ventures Enterprises has invested several million dollars in cVidya . Star thereby joined cVidya’s second financing round, which took place in June, when cVidya raised $7 million. Carmel Ventures led the round with a $5 million investment, and other investors - Hyperion Israel Venture Partners and Stage One Ventures added $2 million.
The sources added that Pinny Chaviv, a former managers of ECI's Inovia Broadband Access Division, and who recently joined Star as a managing partner, would represent Star on cVidya’s board of directors. Capital market sources say that this is very important, because besides the additional capital that cVidya will obtain, Chaviv can make a major contribution to cVidya’s business in the data communications market.
ECI’s Inovia Division deals with access systems for broadband. Venture capital market sources said that because Chaviv had managed Inovia, he had many important connections in the communications industry, especially in next generation communications networks, and a great deal of experience in working with these communications operators. Since this is cVidya’s target market, Chaviv can open many doors to cVidya, and contribute to the company his experience in working with these operators.
cVidya raised $13 million before Star’s investment. The company’s shareholders include Carmel, Hyperion Israel, Stage One, and now Star. Other shareholders include C. Mer Industries (TASE: CMER) and cVidya cofounder, president, and CEO Alon Aginsky.
Founded in 2000, cVidya has 30 employees. The company develops revenue assurance systems for data communications networks.
cVidya declined to respond to the report.
Published by Globes [online] - www.globes.co.il - on February 28, 2005