Start-up BeInSync today announced that it had raised $3 million in the first part of its first financing round. BeInSync wants to increase the round to $5 million. BeInSync founders president and CTO Sharon Carmel and CEO Tel Barnoach invested $1.5 million in the present round. Eurofund and Aviv Venture Capital (formerly Fantine Group) led the round.
BeInSync develops software to synchronize information for end users. The software uses secure peer-to-peer technology that makes information available for end-users, small businesses, and businesspeople on the road, by automatically synchronizing the user's files and e-mail among several computers.
BeInSync estimates the number of private users and small business market at tens of millions of people in the US alone and over 100 million worldwide. Tens of thousands of users have downloaded BeInSync's first product since it was launched four months ago.
Barnoach was involved in the founding and running of several technology companies over the past decade. He was chairman of Orca Interactive (AIM:ORCA), sold to Emblaze (LSE:BLZ) in April 2000, and which held its IPO in September 2004. He was also chairman of iCognito (now PureSight) and Dotomi.
Carmel was one of the four co-founders of Emblaze, serving as its VP development and technology until 2001.
Barnoach said yesterday, "We're offering a completely new approach to a key problem that many people struggle with every day. In contrast to previous approaches, such as remote access or virtual private networks (VPN) software, the software we developed operates completely automatically, thereby allowing users to completely forget about data access problems, and concentrate on work."
Barnoach said BeInSync planned to use the proceeds from the financing round to market its product in international markets.
Published by Globes [online], Israel business news - www.globes.co.il - on December 19, 2004