Neocleus Raises Over $11M in Series B Financing
Neocleus Raises Over $11M in Series B Financing
Virtualization Pioneer to Invest in Product Development, Sales and Marketing
JERSEY CITY, N.J. (Business Wire EON) June 18, 2008 -- Neocleus, a pioneer in endpoint virtualization, today announced that it has raised $11.4M in Series B funding. Neocleus’ solutions create a more flexible, secure and efficient endpoint infrastructure. The round was led by Battery Ventures and Gemini Israel Funds, the company’s original investors.
’s solutions, which include a Xen-based open source Type 1 bare-metal hypervisor for endpoints, enable critical IT tasks to operate in isolated, trusted virtual environments with complete access to the capabilities offered by the underlying endpoint hardware. This approach provides IT departments with a more agile and predictably secure virtual desktop environment and improves the overall cost of ownership of the endpoint.
“Neocleus is reinventing the endpoint,
something that CIOs worldwide have been crying out for,”
said Avi Domoshevizki, venture partner, Battery Ventures. “Enterprises
today are burdened with rising endpoint support costs and an
increasingly complex environment to secure and manage. Current
virtualization solutions are insufficient because they either address
only one issue or add complexity and cost. Neocleus’
novel approach changes the game to deliver a more agile infrastructure
and reduce total cost of ownership of the endpoint. In addition, the
company’s open source contributions are a
catalyst for a new ecosystem that will further address the challenges
facing IT departments. They have made tremendous progress since our
initial investment, and we’re happy to
continue to fuel their growth.”
Founded in 2006 by industry veterans Ariel Gorfung (CEO) and Etay Bogner (CTO), Neocleus has been working vigorously on developing an endpoint strategy and platform, building a team, rolling out its first solution and attracting customers and partners. The company launched in May 2008 with the announcement of the Desktop Hypervisor Framework, an endpoint hypervisor enhancement to the Xen server hypervisor that the company will be contributing to the open source community to foster an ecosystem of innovation. Most recently Neocleus announced Trusted Edge, the first in a suite of virtual software appliances that allows for secure access to corporate resources – for employees, customers and partners – regardless of the endpoint’s location or state of security.
“Endpoint challenges have grown exponentially as the number of different user scenarios have increased and evolved, introducing new complexities and new IT requirements. Today’s IT departments require innovative, flexible solutions to address these emerging challenges and satisfy the multitude of endpoint user scenarios,” said Mr. Adi Pundak-Mintz, General Partner, Gemini Israel Funds.” Neocleus’ solutions address this burgeoning market with a strong vision, technology innovation, solutions and a proven management team. To date, the company has had extremely positive customer response. We expect that the additional capital will accelerate meeting these customer demands to deliver a groundbreaking solution that fundamentally changes how IT departments manage and secure desktops and laptops.”
”Battery Ventures and Gemini Israeli Funds have been tremendous supporters of Neocleus. Their continued investment demonstrates the commitment to the company vision and their belief that this is an exceptional market opportunity,” said Ariel Gorfung, president, CEO and co-founder, Neocleus. “We are extremely thankful for their continued partnership and the confidence they have in our vision, our strategy and our product expertise.”
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and all stages of a company’s life — from start-up and expansion financing, to growth equity and buyouts. Battery has supported many breakthrough companies around the world including Akamai [Nasdaq: AKAM], HNC Software [Fair Issac], Kashya [EMC], MetroPCS [NYSE: PCS], Neoteris [Netscreen/Juniper]. From offices in Boston, Silicon Valley and Israel, Battery manages nearly $3 billion in committed capital, including its current fund of $750 million. For more information on the firm, visit www.battery.com.
About Gemini Israel Funds
A pioneer in Israel’s venture capital industry, Gemini Israel Funds has grown to be the leading Israeli seed and early stage fund in the Information Technology arena. The firm, founded in 1993, manages $550 million in four funds. Investments are focused on the areas of Communications and Wireless Technologies, Enterprise Software, Internet, Consumer Electronics and Semiconductors. Through offices in Israel and Silicon Valley, Gemini offers portfolio companies access to top-tier U.S.-based investors and a global network of corporate partners. As investment professionals, Gemini’s key contributions include an ability to make daring investment decisions and the capability to utilize past operational experience in assisting portfolio companies. More information can be found at www.gemini.co.il.
About Neocleus
Neocleus addresses the growing endpoint management and security complexities that now face dispersed organizations. Our innovation in virtualization changes the way endpoints work to make them inherently more manageable and secure without impacting the user experience or computing performance. Our solutions satisfy IT requirements for greater control and lower infrastructure costs, and end-user needs for a more flexible and configurable environment in which to increase productivity. Visit www.neocleus.com for more information.
Comments