(formerly RTView), today announced the completion of a $20 million private placement at company valuation of $60 million post-financing. This is the company's second round of financing and it was led by American investment house
. Other participants included American venture capital fund
venture capital fund and Ofer Technologies.
NextNine develops technological solutions for the remote support of computer embedded systems. It also allows users to identify and solve malfunctions via remote support, either through the Internet, or through other means of communication.
Products containing computer embedded systems include communication routers and switches, cellular telephones and electrical home appliances among others. These products, which either contain computerized systems or software applications, comprise the firm's target market.
Initially, the startup intends focusing on the communication device market. Its first product for this market niche is called the SurroundSupport.
The computer industry underwent a dramatic change thanks to remote support solutions for personal computers. Now NextNine intends to bring the same kind of revolution to the electronic device market. This new technology reduces using user costs, while providing better support, claims Morgan Stanley's investment arm manger, Gustavo Schwed.
The cutting edge
Demand for the kind of solutions that NextNine is offering is already evident among companies held by Redwood, explains Redwood Partners managing partner Deepak Natarajan. Telephone communication systems producers are fast approaching their limits as far as providing better service. NextNine is the first company to focus on support for network related device users, and its technology is likely to influence the entire industry, he says.
NextNine's current round of financing follows an earlier $4 million private placement that included Yozma, Nayot Technological Center, the Ofer Technologies Group, as well as a group of private investors. The company was founded 1998, is headquartered in Massachusetts and conducts its research and other activites in Ramat Gan, Israel.