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Crescendo has completed a $4 million seed round, jointly led by StageOne Ventures, and the Magnum fund. The European venture capital fund Convergence Capital participated too.

This is the first investment by StageOne, state-run Bezeq (TASE: BEZQ )'s in-house venture capital fund.

Crescendo develops solutions to improve the performance of server farms and large corporate data centers.

StageOne Managing Partner Adoram Gaash said that the investment reflects the fund's policy to invest in very early-stage technology ventures. Crescendo is currently engaged in recruiting workers.

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StageOne, which has some $40 million under its management, focuses on early-stage communications investments. Bezeq and Discount Capital Markets are its main investors.

The fund was established and is run by Yuval Cohen, former partner at Israel Infinity Fund, and by Gaash, co-founder of Radwiz, which was sold to Terayon Communication Systems (Nasdaq:TERN).