investment house is leading a second private placement for Israeli startup
. Today Orama, a member of the IDB group, announced it is investing $2 million of its own money in the startup.
Packet Technologies was founded in late 1998. It develops data security solutions for the mobile Internet world. Its flagship product, the Sheriff On Board, is a mobile Internet security product, a firewall on a chip, as the company puts it. The Sheriff, a combination of hardware and software, is designed for installation in mobile end devices such as next-generation cellular phones and palm digital appliances.
Mobile Internet presents threats to which there are few concrete, ready-to-use solutions. Viruses and their hostile ilk are not confined to PCs exposed to Internet. Attacks have already been reported on mobile devices linked to Internet, or phones accepting short messages.
Packet Technologies received seed funding from private investors. In its first placement, the company raised $3.5 million at a $13 million post-money company valuation.
participated in that placement.
The company plans to use the proceeds of its current placement for R&D and to strengthen its marketing network and its business development.
Orama Partners is an Israeli-American investment house that raises money for Israeli technology companies. It is controlled by the IDB group. Other shareholders include
, German conglomerate Siemens, Paul Allen, Richard Lee, and the government of Singapore.