Start-up Cloverleaf Communications has announced the completion of $11 million in Series C funding. The Series C round was led by new investor Hyperion Israel Venture Partners with full participation by existing major investors including Bank of America, Genesis and Elta Systems.
This financing round marks a combined total of $25 million invested in Cloverleaf since its inception in 2001.
Based in Southborough, Massachusetts, Cloverleaf provides a scalable intelligent storage networking (iSN) system oriented to information technology IT organizations. Cloverleaf acquired the core technology for its product from Elta Systems of the Israel Aircraft Industries group, and the company's founders were part of the IAI-Elta development team.
Hyperion Israel Venture Partners managing director Charles Ben Chabat said, "Cloverleaf has really focused in on delivering what customers are looking for moving forward, a single solution that simplifies their increasingly cumbersome environments."
The majority of the Series C funds will be used in sales, marketing and business development efforts.
Cloverleaf CEO Avi Weiss said, "In the past year we've shifted our focus on putting together a solid foundation to support our indirect go-to-market strategy."
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, June 29, 2005