Sphera raises additional $5m in second financing round

The additional investment - from Bank of America Equity Partners and Vision Capital - brings the total raised in the round to $20 million. Sphera develops software solutions for Internet hosting.

Israeli start-up Sphera announced today that it had received an additional $5 million investment as part of its second round of financing from Bank of America Equity Partners and California-based venture capital firm Vision Capital. The additional investment brings the total raised in the round to $20 million.

In October of 2001, Sphera announced that it had raised $15 million in a second round of financing from Italy's TLcom Capital Partners, Gemini Israel Funds and Jerusalem Venture Partners. At the time, Sphera said it expected to secure additional investments in the round.

This round was held at a lower company valuation than the previous one, when Sphera raised $13.5 million at a company value of $43 million, after money.

Sphera also announced that Sven Lingjaerde, a Partner at Vision Capital, would be joining its board of directors.

Sphera, founded in 1998, develops software solutions for Internet hosting that allow Internet providers to offer automated management and maintenance services to their customers. The company is headquartered in Boston, with additional offices in Israel and London.

The company recently announced a cooperation agreement with IBM for marketing the platform it has developed, as well as the launch of of a product developed in cooperation with Microsoft for the Windows 2000 operating system. 

Published by Israel's Business Arena on 17 January, 2002

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