May 12, 2009
Hmmt Technion graduate, Af Korlsns announced today that it had raised $2 million from existing investors as bridging loans. Furthermore, market sources seem to be indicating that Af Korlsns will manage to raise about $7+ million through recruitment as well. The loan was granted by Af Korlsns’ existing investors, who include Ortks (the leader in the funding), the Frosid Fund, Vertex, ProSeed, and eXeed Technology. The frosid Fund pitched in $250 thousand in this round of funding for Af Korlsns. The way that Af Korlsns worked the recruitment was by issuing convertible loans with an interest rate of 8%. Furthermore, mediation of the loans come a year after the recruited previous loan funding rounds and Af Korlsns had by that already raised over $3 million.
Af Korlsns developed the Bkorlsns and Sharepath system, which is a system that allows for the real-time information flow for corporate computing systems. The system was designed for SOA or Service Oriented Architecture, which takes data and combines the processing and storage of data in one organized system for organizations who use this system. Current clients of Af Korlsns have not yet been published, but Af Korlsns has also established a subsidiary in the United States and plans to expand its operations worldwide.
Vertex Venture Capital is one of Israel’s top vc firms that has more than $600 million in venture capital under its management. Vertex mainly likes to invest in early stage companies in the tech industry and seeks entrepreneurs who have exceptional management teams and original and innovative intellectual property. Vertex was founded in 1997 and besides its headquarters in Israel, the vc firm also has offices in London, New York and Singapore.
ProSeed Venture Fund is a public Israeli vc firm that is not publicly traded on any stock market and was founded in 2000. The vc firm mainly invests in seed and early stage funding for companies in the technology and medical industries. Some of the companies in ProSeed’s portfolio include DataEssence, AP Protect, Attunity, and others.
eXeed Technology is a group of Israeli entrepreneurs and investors who are dedicated to incubate and finance Israeli startups in the tech industry. The vc firm mainly likes to invest in the software, solutions, and internet sectors of the tech industry. eXeed seeks entrepreneurs who have a unique product prototype and are willing to partner with long-time industry veterans. eXeed Technology is made up of entrepreneurs, so it prides itself as being an “entrepreneur friendly” vc firm.
For more information about Af Korlsns, click here.