Surf Communications about to close $20m financing round

Investors including Motorola Ventures assess startup at about $40m post-money, says D&A
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Access solutions startup Surf Communications Solutions is about to complete a $20 million financing round led by Israeli venture capital fund Giza, according to Dolev & Abramovitch Hi-tech Information.

The investors assess the company at about $40 million post-money, D&A reports.

Giza chief executive Zeev Holtzman refused to comment.

Motorola Ventures will also be participating, making this its first investment in an Israeli company, as will Israeli fund Pitango (formerly Polaris). Intel (Nasdaq:INTC) and Texas Instruments (NYSE:TXN) took part in previous investment rounds.

Surf develops embedded network convergence software, sold through OEM agreements to telecoms equipment makers. Its solutions enable communications providers to offer varied access services, such as xSDL, ISDN, VoIP and fax over data networks, over a single platform.

Founded in mid-1997, Surf raised $8 million in 1999 at a post-money company value of $36 million. The company employs 100 people at a facility in Yokneam and in branches East Oakland, California, and Maynard, Massachusetts branches.