CloudShare, an Israeli start up previously known as IT Structures, has reported a series B of $10 million led by its existing investors Sequoia Capital and Gemini Israel Funds as well as new investor Charles River Ventures. This ‘Up Round’ brings CloudShare to a total of $16 million raised to date.
CloudShare offers a Virtual Sales Engagement SaaS platform that enables small and mid-sized software and appliance companies to deliver demos, evaluations, and proof-of concept projects online by making solutions available via its platform. The company’s target customers usually lack the resources to buy expensive web cast and streaming technologies, and so Cloudshare provides a cost-effective on-demand tool for marketing, and direct and channel sales.
In the press release posted on the company’s website, CloudShare’ CEO Zvi Guterman, commented on the importance of this round:
“Since founding CloudShare in 2007 we’ve been focused on developing our technology, with the promise that it will revolutionize the way sales demos and PoC’s are conducted. We’ve officially come out of stealth mode with marquee customers, a proven cloud-based technology platform, and $10M in funding to help build out our vision. We now have all the right assets in place and we look forward to reaping the benefits in 2010 and beyond.”
Ophir Kra-Oz and Zvi Guterman founded IT Structures in 2007 and have kept the company in stealth mode until Dec 11 2009. Headquartered in Tel Aviv, Israel, Cloudshare plans to expand its R&D center and hire additional developers locally. With its double digit growth and an impressive line up of clients which includes asVMware, Cisco, and SAP, I see a bright future for this Israeli start up.
See also: Globes