Six months after start-up Commil laid off eight of its 25 employees and slashed spending on development, the company today announced that it had completed a $4.7 million financing round. Investors in the round were Tamir Fishman Venture Capital (TASE:TFVC), Gemini Israel Funds, and Formula Ventures. Royal Philips Electronics (NYSE:PHG; AEX:PHI), a previous investor in the company, did not participate in the current round.
Commil provides fixed to mobile convergence solutions. It focuses on providing solutions enabling cellular telephone users to connect to fixed-line communications networks. Commil's product, designed for the small and medium-sized enterprise (SME) market, enables cellular telephone users to connect to fixed-line communications networks, such as Bezeq's (TASE:BZEQ), while on the business's premises using Bluetooth technology. The product is expected to later become compatible with Wi-Fi technology.
Commil was founded in 2000 by CEO Yaron Soffer, CTO Nitzan Arazi and chief engineer Haim Barak. Yuval Dovev is its CEO. Allot Communications chairman and CEO Yigal Jacoby is a director. Commil has raised $15 million to date.
The current round comprises a $3 million capital injection, and a $1.7 million bridging loan provided by the company's shareholders. Commil will use the proceeds from the round to expand its sales and marketing set-up, in order to meet the growing demand for the company's fixed to mobile convergence products.
Published by Globes [online], Israel business news - www.globes.co.il - on December 30, 2004