Silverback raising $15m

Israeli investors, including Pitango Venture Capital and Gemini Israel Funds, have already pledged half the amount.

Start-up Silverback Systems, founded in the US by Israelis, is raising $15 million. Existing investors, including Israeli funds Pitango Venture Capital and Gemini Israel Funds, have already pledged half the amount. No agreement has been signed yet. The rest of the round will probably come from new investors, including strategic investors and other Israeli, US and Asian venture capital funds.

Sources close to the company said investors were pleased with the development of the company’s product, which was meeting predetermined milestones. The financing round was being accelerated in order to provide a sales and marketing infrastructure.

Silverback has raised $17.5 million to date. Gemini, Pitango, JP Morgan Partners, Newbury Ventures and a strategic partner in the storage sector participated in Silverback’s previous financing round in mid-2001 that raised $15 million. The company raised $2.5 million in September 2000 from Shimon Weintraub’s Capital Group and private investors.

Pitango and Gemini declined to comment about the report.

Founded in 2000, Silicon Valley-based Silverback was founded and is run by Israelis. The company develops processors for IP storage networks. The processor’s uniqueness lies in its ability to store information in all protocols, such as NAS and SAN, in large data files. So far as is known, Silverback relies on proprietary hardware and software, and not on off-the-shelf components from other companies.

Published by Globes [online] - www.globes.co.il - on October 30, 2002

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