ConteXtream Ltd., has closed its first financing round, raising $9.6 million from Gemini Israel Funds, Norwest Venture Partners, Soffinova Ventures, and Benhamou Global Ventures. The proceeds will be used to strengthen the company's development team in Israel and finance further R&D activity.
ConteXtream, which develops grid technologies for media server networks, was co-founded in 2006 by CEO Sharon Barkai, who previously founded Sheer Networks later acquired by Cisco, and Xeround Systems; and chairman Nachman Shelef, formerly founder of Nicecom, VP at 3Com Corp. (Nasdaq: COMS), and a partner at Benchmark Capital. Palm Inc. (Nasdaq: PALM) and 3Com chairman Eric Benhamou was the company's sole seed investor.
ConteXtream builds designated communications solutions that enable services providers and end users to consolidate network infrastructures, thereby simplifying use of triple play services. This trend enables the transition from a separate network for each application to a single infrastructure, in addition to allowing companies to offer consumers a service package which enables them to use all communications channels.
Gemini general partner Avi Hasson said, "ConteXtream combines all the components that help build a successful company - an outstanding technological concept that addresses large and growing target market with a real problem; an understanding of customers' needs, an experienced founder and a strong technology team."
Globes: And what about cellular telephony?
Hasson: "We're currently focusing on the other communications channels, but once cellular providers switch to IP networks, we'll be able to offer them solutions as well."
Published by Globes [online], Israel business news - www.globes.co.il - on July 18, 2007
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