Israeli virtualization startup Xeround Inc. raised $16 million in a second round led by a pair of local VCs in its new hometown of Bellevue, Wash., as the three-year-old company pushes for sales and marketing inroads to take advantage of increasing popularity of distributed "cloud" computing technology.
Trilogy Partnership and Ignition Partners co-led the new round, joining Benchmark Capital's Israeli office and Giza Venture Capital of Israel, which backed the company through development of intelligent grid products that allow customers to run applications using data without knowing precisely where it resides. The products are aimed largely at telecommunications service providers and equipment makers, and the company in October recruited veteran telecom executive Charlotte Yarkoni as CEO to head up its Bellevue headquarters, while retaining much of its development in Israel.
Yarkoni came to Xeround with a background of experience at telecommunications and information management companies including Amdocs, AT&T, Cingular Wireless, BellSouth and IBM, and Xeround brings on additional telecom expertise from Trilogy, becoming one of the first portfolio companies in a fund formed last year by wireless and technology entrepreneurs.
-- Clifford Carlsen
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