Broadcom, Shamrock participate in $40m funding round for Argoquest

Fund's local leader Ami Ayalon says funding will boost investment in Israel
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Argoquest

today announced that it has secured $40 million in financing for investment in hi-tech. Its backers include communication chips maker

Broadcom Corporation

(Nasdaq:BRCM), which recently acquired the Israeli company

VisionTech

. Other investors include

HSBC

(NYSE:HBC) and the Disney Corporation's Shamrock Group.

Argoquest's Israel branch is managed by former Shin Bet chief and Navy commander in chief, Ami Ayalon. He says Argoquest's fresh financing will enable the fund to expand its investments in Israel. Ayalon says the company will probably focus primarily on startups in Internet infrastructure, wireless, optics and communications.

Argoquest is based in Los Angeles, California, but devotes itself almost entirely to investing in, advising and supporting Israeli startups, from the seed stage through to maturity. Founded in 1997, the fund maintains offices in Israel, Taiwan, and Japan. Its founders, Jason Barzilay and Alex Sandel, are both co-founders of Packard Bell.

Argoquest has more than 60 companies in its portfolio, including _

BreezeCOM

(Nasdaq:BRZE) and

PowerDsine

, which is about to complete a mezzanine financing round after its plans for a public offering were put on ice. Among its promising choices are

Comsense

, creator of Comdot technology that enables credit cards to wirelessly communicate with PCs and phones.

Barzilay, the fund's CEO and chairman, personally helps guide and formulate strategic plans for each of the portfolio firms. The fund also encourages cooperation between its portfolio companies, to create a strategic network and bolster the edge of complementary facets of technology, infrastructure, and marketing.