Enure Networks Closes $8 Million Round A Funding for Home Network Automation Product for Service Providers
- Created on Monday, 18 September 2006 00:00
Opens North American Sales Office and will use Funding to Increase Sales, Marketing, Product Development Efforts
Enure Networks today announced it has closed round A of its venture capital funding totaling $8 million. Elron Electronic Industries Ltd. (NASDAQ: ELRN and TASE: ELRN) led the round and Carmel Ventures joined as a co-investor. The funding was immediately put to use with Enure opening a North American sales office from within the US. The new office will strengthen sales efforts with North American service providers seeking to deploy next generation home network-based broadband services.
The new funding will also be used to expand and support sales and marketing activities with European service providers and to enhance product development of Enure’s market-first home network management automation product. The new North America sales presence comes from opening a sales office in Newton, Mass., a suburb of the greater Boston area.
"Enure’s unique solution is very timely in a market suffering from lost revenue due to excessive technical support," said Mr. Harel Beit-On, General Partner, Carmel Ventures. "Furthermore, the market is set to launch advanced broadband services, such as IPTV and VoIP, making the home network much more complex. We believe that Enure will emerge as the key enabler for the mass adoption of broadband home networks and services." Ms. Iris Getz, Principal, Carmel Ventures will be a new board member of Enure, joining Mr. Assaf Topaz, Vice President at Elron. Mr. Yaron Naor will head the new Newton, Mass. sales office as Vice President of Sales, North America. He has more than 15 years experience in management and sales in the telecommunications and service provider markets. Naor also previously served as President and CEO of Mobile Wisdom Inc., a Siemens-Comverse global joint venture he founded.
"Yaron has a well established background of success in sales and operations efforts," commented David Sayag, Founder and VP of Marketing, Enure Networks. "We’re glad to have Yaron leading our sales efforts for North America and are confident he will contribute well to our fast traction with service providers in the region."
About Enure Networks’ Products
Enure Networks’ Service Shield(TM) software agent, residing in the home, carries all the network intelligence needed to preserve absolute connectivity and performance of the entire home network. Service Shield automatically and proactively corrects problems, updates settings when changes and additions are made, secures the network’s wireless connectivity and optimizes overall performance. With the Service Shield, most problems and updates are handled automatically, with no need for user or call-center involvement. Service Shield adds an innate network intelligence that also enables service providers to gain valuable visibility into a home. With Enure’s optional True Information & Control (TIC)(TM) System, device and application inventory and operational history are available with real time accuracy. Software and firmware can be automatically updated and service provider policies enforced without user intervention. This gives service providers unprecedented visibility into the home, enabling far-reaching operational efficiency and marketing effectiveness enhancements. About Enure Networks
Enure Networks, founded by David Sayag in 2003, is the first and only company to bring to market a patented product capable of completely and intelligently automating the entire broadband home network environment. This includes automating set up, security, configuration and diagnosing and fixing any possible connectivity problem in real time. The solution operates without any need for user intervention. This, for the first time, shields consumers from home networking technical complexities simplifying the experience for anyone to use. Enure’s products can dramatically reduce technical support inquires leading to enhanced customer loyalty and satisfaction. Enure Networks is a venture-backed company with funding from Elron Electronic Industries Ltd. (www.elron.com; NASDAQ and TASE: ELRN) and Carmel Ventures (www.carmelventures.com). The company is based in Israel with sales presences in the United States and Europe. More information can be found online at www.enure.com.
About Carmel Ventures
Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel Ventures is one of Israel’s leading VC funds focused on information technology investments with $372 million under management. Led by former entrepreneurs and executives of the software, communications and investment industries, Carmel provides active, hands-on support to its Israeli, European and US portfolio of companies. Carmel headquartered in Herzliya, Israel enjoys a worldwide network of industry, strategic and investment resources. Carmel provides significant capital and support through the growth cycle of its portfolio companies and is recognized as a true company building fund in Israel. For more information, please visit www.carmelventures.com. About Elron Electronic Industries Ltd.
Elron Electronic Industries Ltd., a member of the IDB Holding group, is a leading Israel-based technology holding company directly involved in the long-term performance of its group companies. Elron identifies potential technologies, creates strategic partnerships, secures financing, and recruits highly qualified management teams. Elron’s group companies currently comprise a diverse range of publicly-traded and privately held companies primarily in the fields of medical devices, information & communications technology, semiconductors and advanced materials. For further information, please visit www.elron.com
