Another investor is en route to joining the first financing round of Reduxio Systems Ltd., which is developing smart software for streamlining databases. The company, which announced its first financing round six weeks ago, in which it raised $9 million from Carmel Ventures and Jerusalem Venture Partners (JVP), will shortly add Intel Capital to its list of investors. The expansion of the financing round will bring the amount Reduxio is raising to $12 million.
Reduxio, which began operating in August 2012 at the JVP Media Quarter in Jerusalem, was founded by CEO Mark Weiner, Nir Peleg, and Amnon Strasser. The founders are all former employees of storage solutions start-up Exanet, which was acquired by Dell Inc. (Nasdaq: DELL) in early 2010, after a dispute between investors, including Giora Yaron and Eitan Wertheimer.
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.
Published by Globes [online], Israel business news - www.globes-online.com - on June 3, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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