Transparency Software raises $6m from Pitango, Lightspeed

Transparency Software develops information retrieval software for enterprise processes.

Start-up Transparency Software Inc. has raised $6 million in its first financing round from Pitango Venture Capital and Lightspeed Venture Partners.

Transparency Software chairman Rani Cohen and VP business development Amir Rubin founded the company in 2004. It has five employees, and is developing software for SQL queries related to enterprise processes, including searching and retrieving business information from large databases.

Pitango senior principal Sharon Gelbaum-Shpan, who is handling the investment, said, "Our investment in Transparency is in line with our continuous interest in early stage companies. We were impressed by the team’s domain expertise and approach to solving database monitoring issues."

Lightspeed partner associate Ken Elefant said, "Database monitoring has always been a key issue for enterprises, and we’re excited about Transparency’s new approach to this market."

Cohen said, "Transparency intends to develop a technology which will revolutionize database monitoring. We have decided to be in a stealth mode until the development is completed." The company's website states that it is operating in stealth mode, and anyone interested in further information should send an e-mail.

Cohen founded the Magnolia Capital Partners investment boutique, and was previously chairman and CEO of Israeli start-up HyperRoll. He also has experience managing venture capital funds, having worked for Mofet Technology Fund Management (TASE:MOFT) SBC-Aurum Ventures. He was also VP business development at BVR Technologies.

A third employee, Eyal Rubin, is VP R&D and CTO.

Lightspeed manages $2 billion in capital. It invests in companies in the US, Europe, and Israel. It has invested in ten Israeli high-tech companies at various stages of development, including Expand Networks, Mercado Software, OpTier, Personeta, and SkyBox Security.

Pitango's investment in Transparency Software is the seventh investment by its fourth fund, which it finished raising six months ago.

Published by Globes [online], Israel business news - www.globes.co.il - on March 13, 2005

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