CEO Razi Sharir: We abandoned the telecom market and bet on technology for cloud computing.
Cloud database solutions developer Xeround Inc. has raised $4 million in its fourth and internal financing round from Giza Venture Capital, Benchmark Capital, and US firms Ignition Partners and Trilogy Partnership. Xeround has raised $21 million since it was founded in 2005.
Xeround CEO Razi Sharir told "Globes" today that the financing was a vote of confidence in the company and the change he lead. "In the past 18 months, since I took up the post, the company has completely changed its operations. We abandoned the telecom market and bet on technology for cloud computing. We're about to officially launch our products and we hope to become the preferred database for every enterprise that manages its database through cloud computing."
"Globes" ranked Xeround as one of Israel's most promising start-ups in 2006. Sharir says that the company has completed the refocusing of its business and technology, and offers a cloud-based database as a service that seeks to replace companies' current databases and to function as a storage and retrieval engine.
Xeround currently offers its service over Amazon.com's cloud services in Europe and the US. However, it promises that, in future, it will provide a similar service on other clouds in other regions.
Sharir said, "I was called 18 months ago to examine what could be done with the company's patents and know-how. At the time, cloud computing was just starting to break through, and we're already offering products to enterprises - small and large alike - and no longer focusing on large telecommunications customers. Sales are made online and deals range from a few hundred dollars to tens of thousands of dollars. We're getting positive responses and the investment is a vote of confidence by the investors in the new path."
Sharir added that the Yehud-based company will reactivate its US offices in Bellevue, Washington State, which have been closed for the past 18 months.
Published by Globes [online], Israel business news - www.globes-online.com - on April 5, 2011
© Copyright of Globes Publisher Itonut (1983) Ltd. 2011
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