Evergreen leading $10m round for Etagon - TheStreet

The Evergreen venture capital fund is leading a $10 million financing round for startup Etagon, which develops advanced technology for the management and deployment of databases.

Etagon's headquarters are in New York, and the company maintains a research and development center in Israel.

The company is managed by Roni Zarom, a cofounder of eXalink, which Comverse Technologies (Nasdaq:CMVT) acquired in 2000 for $550 million.

Zarom commented that Etagon has developed a unique solution for appliance servers, that can unify several databases to a single designated server, thus significantly reducing database installation costs.

He said the company's niche is relatively new, but is expected to grow fast in the coming years.

Evergreen managing partner Boaz Dinte said that Etagon's product is compatible with Oracle's next-generation database strategy.

Evergreen will be making the investment through its fourth fund, which it closed a few months ago. It is the third investment the fund has made in recent months, and it is looking at several more companies, Dinte said.