Correlsense Raises $3M From Leading Venture Capital Firms
The Company secured funding from Vertex Venture Capital, Proseed Venture Capital, and eXeed Technology fund
(I-Newswire) - Herzliya Pituach, Israel, May 28, 2008 -- Correlsense, a startup company developing the next generation of IT Service Level Agreement ( SLA ) management software solutions, today announced the completion of a $3M round of financing. The round was led by Vertex Venture Capital, Proseed Venture Capital, and eXeed Technology. The Company’s flagship product, SharePath, is currently installed in several multinational organizations.
Correlsense operates in the Business Transaction Management ( BTM ) market, an emerging class of products which are considered to be the next generation of IT systems management tools. These products enable tracking and control of critical business processes within enterprise applications, addressing a growing pain within organizations. While traditional monitoring tools only provide a partial glimpse into the application behavior, Correlsense’s product is capable of providing a complete end-to-end application view in real time. For example, financial institutions incur substantial losses due to financial transactions that have failed due to poor application response times. SharePath can be used in such financial applications to ensure that online trades will be processed as fast as possible while eliminating latencies and bottlenecks.
SharePath can be installed on top of any information system and automatically monitors the entire flow of business transactions, without any prior knowledge of the application structure. This unique capability enables to build a model of the software's behavior to assist in problem resolution, root cause analysis, and service level assurance of enterprise applications.
“SharePath revolutionizes the way enterprises control their applications”, says Oren Elias, Correlsense CEO and Founder. “The Product provides complete end-to-end monitoring of every activity within the data center and enables application owners and IT managers to identify bottlenecks before users are affected. SharePath provides full control, while automatically mapping and discovering all application components and transaction flows. The current round of financing provides another vote of confidence from our investors, which have backed the company from its early stages to the completion of our product development”.
Elisheva Yaakobovich, Partner at Vertex Venture Capital says, “We are pleased of our opportunity to continue and invest in Correlsense’s team and its unique and innovative technology. Correlsense's founders have successfully proven their ability to reach significant achievements. The Company’s technological experise and research capabilities, together with the Team's exceptional capital efficiency have led to Correlsense's ability to introduce a unique solution to the BTM market.”
Correlsense, a graduate of the Technion Technology Incubator, was founded in 2005 by Lanir Shacham, former Chief Architect of IBM's Global Technology Unit, and Oren Elias, former founder and CEO of knowledge management software vendor Internative Solutions.
About Correlsense Correlsense develops the next generation of IT Service Level Agreement ( SLA ) management software solutions. For more information: http://www.correlsense.com
Contact: Oren Elias Correlsense Herzliya Pituach, Israel oren@correlsense.com http://www.correlsense.com
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