Xeround Rounds Up $16M in Series B Round
Venture financing deals have been slow going into the dog days of summer. But today Xeround, a software startup based in Bellevue, WA, announced it has closed a Series B funding round worth $16 million. Ignition Partners and Trilogy Partnership, both also in Bellevue, led the round and were joined by previous investors Benchmark Capital and Giza Venture Capital.
Xeround (whose logo looks a lot like Ignition’s) develops cloud-computing software to help businesses, primarily in the telecommunications industry, manage their data. In three years of R&D done in Israel, Xeround has come up with what it calls an “intelligent data grid” that allows customers to put all their information (such as subscriber data) in one place, instead of having it scattered across multiple databases—and access it quickly even as the amount of information grows. Xeround is currently deploying its data grid for a few unnamed customers, working with partners such as Sun and IBM. The investors are banking on the idea that telecoms and cable companies will need more and more innovative ways to find and manage their subscriber base—probably a good bet.
Xeround will use the funds to broaden its reach in North America and Europe and to support sales, marketing, and product development, said CEO Charlotte Yarkoni in a statement. “Our business model and approach to data management will continue to provide a truly unique market offering that delivers the performance, scalability and flexibility to support numerous applications in the telecommunications industry and beyond.”