The Netanya based startup CellGlide, a developer of optimization solutions for data communication traffic on cellular networks, is to complete a $15 million financing round in the near future, Dolev & Abramovich hi-tech news provider is reporting.
The CEO of CellGlide, Liron Langer, confirmed the round is due to occur any minute. Israeli VC funds and a strategic foreign investor from the cellular communications sector will take part in the round.
Langer estimates the round will be held according to $10 million pre-money company value.
CellGlide's switches are intended for EDGE, GPRS and UMTS networks. The CellGlide solution manages the cell's resources in real time, improving the quality of the service.
Liron Langer, Aharon Satt and Haim Zelikovsky founded CellGlide in September 2000. At its outset, the company raised $5 million according to $15 million post-money from Magnum Communications Fund and from the Finnish cellular communications company Sonera.
Haim Zelikovsky, EVP of marketing at CellGlide, said the company's first product, the CellGlide GPRS adaptive switch, is now undergoing field-testing by a European cellular communication provider currently using GSM. The company is looking to launch field tests in other companies as well.
Zelikovsky said the commercial distribution of the GPRS products would be launched in Q3 2002.
CellGlide has 25 workers in its Netanya facilities, and is planning to open a European branch soon.