Start-up Cotendo whose field is content delivery networks (CDN), has completed a $7 million fund raising round from the Sequoia and Benchmark funds. This follows a first round carried out a year ago, in which Sequoia invested. Cotendo said the additional funding would be earmarked for expanding marketing activity in Europe and the US, and accelerating the development of new products.
Cotendo was founded in 2008 by Ronni Zehavi, who serves as CEO, and David Drai, CTO. Both were until recently vice presidents at information security company Commtouch, which provides protection for e-mail. This perhaps explains the direction Cotendo has taken solutions that provide the ability to manage and analyze content distributed on the Internet. This is a field almost as old as the Internet itself
Cotendo's solution is advanced enough to move Sequoia Capital general partner Michael Moritz to comment, "Some areas of technology get starved for a long time. Content delivery is one of them. It has been years since fresh eyes were trained on the subject and during this period the amount of content conveyed around the Internet has multiplied at a rate that even rabbits would admire. Cotendo offers a reprieve for content providers trapped within the confines of antiquated solutions."
The company has had revenue in the hundreds of thouisands of dollars in the past year. Zehavi says that Contendo has "ten paying customers and a pretty nice product pieline for the coming year." Contendo currently employs about 20 people, and has offices in Netanya and Silicon Valley. Arad Naveh, general partner at Benchmark Capital, has joined Cotendo's board of directors.
Published by Globes [online], Israel business news - www.globes.co.il - on March 11, 2009
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