Start-up Qdirect today announced that it raised $500,000 in its first financing round from Jerusalem Venture Partners incubator JVP Studio and the Office of the Chief Scientist.
Russell Rothstein and Isaac Versano founded Qdirect. Rothstein previously founded Open Sesame, and Versano co-founded AlwaysOn. JVP Studio president and CTO Haim Kopans has been appointed chairman of Qdirect as part of the financing round. Kopans co-founded Precise Software Solutions, which was sold to Veritas Software (Nasdaq:VRTS) in 2003 for $609 million. Qdirect is now hiring, and will have ten employees by 2005.
Qdirect is developing technology for solving a common problem at large enterprises. Most enterprises regularly only use 20% of information in their databases, while the remaining 80% hinders performance, affecting the quality of the company's service and the performance of its computer applications. This unused data is also a major financial burden, because of high storage and management costs.
Qdirect's technology will optimize large databases, so that essential information is always available, thereby enabling an enterprise to focus on their network's paramount data applications, tools and resources.
This is JVP Studio's fifth investment since JVP acquired the incubator a year ago. JVP Studio specializes in media and enterprise software investments.
Published by Globes [online] - www.globes.co.il - on November 29, 2004