Storage solutions startup Monosphere is poised to in the coming weeks raise $10 million by private placement, TheMarker has learned.
The company secured $1.8 million seed money from the American venture capital fund Benchmark Capital.
Monosphere, which specializes in enterprise storage solutions, was founded in March this year by CEO Avi Shillo. In the past Shillo founded the Internet services firm ISDNet, which in 1999 was sold to the phone company Bezeq. He later established the e-commerce solutions company Commercemind.
Monosphere this month signed its first commercial agreement with the Israeli branch of leading accounting firm Deloitte & Touche.
Monosphere is also in talks with another two companies for commercial installations of its solutions.
The system developed by Monosphere is based on segmentation of enterprise storage needs. The solutions markedly improve the efficiency of storage resources, and immediately save on costs.
The company, which has 20 workers at its R&D outfit in Kfar Saba, is in the process of recruiting another 10 workers for its Israeli operations. Its R&D is headed by VP Engineering Raviv Karnieli, who joined the company in October. Before that he worked for Amdocs (NYSE:DOX), and founded Vanguard Security Technologies.
Monosphere is planning to next year open offices in California, the United States, and recruit another 20 to 25 workers by the end of 2002 in order to get a foothold in the storage solutions market in North America.