IBM launches first-ever start-up accelerator
The founders are all former employees of storage solutions start-up Exanet, which was acquired by Dell in 2010.
Storage solutions developer Reduxio Systems Ltd. has raised $9 million in its first financing round from Carmel Ventures and Jerusalem Venture Partners (JVP). Reduxio CEO Mark Weiner, Nir Peleg, and Amnon Strasser founded the company in 2012 at the JVP Media Quarter in Jerusalem. The founders are all former employees of storage solutions start-up Exanet, which was acquired by Dell Inc. (Nasdaq: DELL) in 2010, after a dispute between investors.
Following the successful sale of storage solutions developer Xtremio to EMC Corporation (NYSE: EMC) six months ago, JVP's interest in other storage solutions is understandable. Reduxio tackles a different aspect in the transition from hard disk drive-based storage solutions (HDD) to solid state drive (SSD) solutions. The company has developed a hybrid operating system that integrates the two technologies to prioritize the saving of data on the appropriate technology on the basis of criteria, such as importance or availability. The added value is in the systems cost/benefit because HDD is much cheaper than flash memory SSD.
Last week, IBM Corporation (NYSE: IBM) announced that it plans to invest $1 billion in storage technologies, with a focus on SSD.
Reduxio has ten employees, and plans to grow fast to exploit the market opportunity.
"Designing a system from the ground up allowed us to break free of all the limitations and to fully take advantage of new network, server and drive architectures,” said Weiner. "In this way, we can deliver revolutionary functionality to match the particular needs in cloud, virtual machine and structured data environments."
JVP general partner Kobi Rozengarten, who has been appointed Reduxio's chairman said, “We invested in Reduxio early and used our incubator to partner from their founding."
Published by Globes [online], Israel business news - www.globes-online.com - on April 17, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
You comment was recieved and soon will be published.
Thank you for posting your comment, which will be reviewed for publication.
Load more comments
Alpha Zone in Petah Tikva will focus on big data, cloud, cognitive computing, mobile, social networks, e-commerce, and Internet of Things.
Cyber security co Sentinel Labs raises $12m
It is the only company offering protection on Windows, Mac OSX and Android.
Microsoft chooses WEB3 as local digital media partner
WEB3’s clients include Cellcom, Tnuva, El Al, and Strauss.
Kaltura aims to be world's biggest video technology co
CEO Ron Yekutiel: The idea is to combine Wikipedia with YouTube.
Marvell Technology firing 200 in Israel
The company is firing 15% of its 1,300 employees in the country.
Comverse plunges after disappointing results
Fourth fiscal quarter revenue fell 9.3% to $166.5 million.
Data analytics co Fundbox raises $17.5m
Fundbox processes invoices, allowing small businesses to fix their cash flow.
Amazon, Google, Microsoft battle to host developers
The Internet giants want to attract developers to build apps on their cloud-computing infrastructures.
Amdocs CEO: We strive for 5% annual growth
Eli Gelman fears complacency as the company expands in emerging markets.
Intel Israel development center to remain vital
Intel Israel president Mooly Eden tells "Globes" that Israel remains central to the chip company's plans.
SuperCom share price skyrockets 920%
SuperCom CEO Arie Trabelsi tells "Globes" how he has turned around the identity solutions company.
IMI enters cyber security arena
As privatization approaches, Israel Military Industries bets on a market with enormous growth potential.
Wanted: Arts majors for high-tech
Technology companies are looking for creativity, flexibility, and the ability to think outside the box.
2013 boom year for Israeli high-tech
In the first half of the year, there was a 52% rise in demand for mobile and web developers, and salaries are up as well.
CyberArk reboots network security
CEO Udi Mokady: Media reports on electronic surveillance make explaining our product unnecessary.
Architect Eli Attia: Google stole my life's work
Eli Attia has developed an innovative building design and construction concept that Google sees generating $120 billion annually.