Correlsense Raises $3M From Leading Venture Capital Firms

The Company secured funding from Vertex Venture Capital, Proseed Venture Capital, and eXeed Technology fund

Herzliya Pituach, Israel, May 28, 2008 — Correlsense, a startup company developing the next generation of IT Service Level Agreement (SLA) management software solutions, today announced the completion of a $3M round of financing. The round was led by Vertex Venture Capital, Proseed Venture Capital, and eXeed Technology. The Company’s flagship product, SharePath, is currently installed in several multinational organizations.

Correlsense operates in the Business Transaction Management (BTM) market, an emerging class of products which are considered to be the next generation of IT systems management tools. These products enable tracking and control of critical business processes within enterprise applications, addressing a growing pain within organizations. While traditional monitoring tools only provide a partial glimpse into the application behavior, Correlsense’s product is capable of providing a complete end-to-end application view in real time.
For example, financial institutions incur substantial losses due to financial transactions that have failed due to poor application response times. SharePath can be used in such financial applications to ensure that online trades will be processed as fast as possible while eliminating latencies and bottlenecks.

SharePath can be installed on top of any information system and automatically monitors the entire flow of business transactions, without any prior knowledge of the application structure. This unique capability enables to build a model of the software’s behavior to assist in problem resolution, root cause analysis, and service level assurance of enterprise applications.

“SharePath revolutionizes the way enterprises control their applications”, says Oren Elias, Correlsense CEO and Founder. “The Product provides complete end-to-end monitoring of every activity within the data center and enables application owners and IT managers to identify bottlenecks before users are affected. SharePath provides full control, while automatically mapping and discovering all application components and transaction flows. The current round of financing provides another vote of confidence from our investors, which have backed the company from its early stages to the completion of our product development”.

Elisheva Yaakobovich, Partner at Vertex Venture Capital says, “We are pleased of our opportunity to continue and invest in Correlsense’s team and its unique and innovative technology. Correlsense’s founders have successfully proven their ability to reach significant achievements. The Company’s technological experise and research capabilities, together with the Team’s exceptional capital efficiency have led to Correlsense’s ability to introduce a unique solution to the BTM market.”

Correlsense, a graduate of the Technion Technology Incubator, was founded in 2005 by Lanir Shacham, former Chief Architect of IBM’s Global Technology Unit, and Oren Elias, former founder and CEO of knowledge management software vendor Internative Solutions.

About Correlsense
Correlsense develops the next generation of IT Service Level Agreement (SLA) management software solutions. The Company has developed unique patentpending technology for managing transaction service levels in today’s complex (multi-tier, distributed, virtualized) enterprise software environments. Correlsense is a pioneer in the rapidly-growing market segment of Business Transaction Management (BTM). BTM solutions aim to monitor and manage IT transactions from a business perspective, from the end-user throughout the IT components that make up a complex business transaction. The goal is to provide a single, integrated view of transactional data, end user experience, and IT infrastructure, allowing enterprises to manage, monitor, detect, isolate, and resolve problems that affect the business process as a whole. Correlsense is a privately-held company, founded in
2005 by Oren Elias and Lanir Shacham. For more information: http://www.correlsense.com

About Vertex Venture Capital
Vertex Venture Capital is a unique top-tier Israeli VC with a strong international investor base, an experienced multi-disciplinary team of professionals and an impressive track record of exits through M&A and IPO. Vertex provides unparalleled possibilities for companies in facilitating potential growth, business opportunities and leveraging synergies throughout Israel, Europe, USA, Japan and Asia. Vertex invests in Israeli and Israel-related companies in early stages of development in information networking and communications systems, software and components, digital media and enterprise software.
For more information: www.VertexVC.com

About Proseed Venture Capital
ProSeed Venture Capital Fund is an Israeli, public (non-traded) company, dedicated mainly to early-stage investments in start-ups. ProSeed targets investors who have limited avenues for participating in VC funds or for those who want to invest small amounts in the seed stage. For more information: www.proseed.co.il

About eXeed Technology
eXeed Technology is an entrepreneurship and an investment group whose mission is to help establish, fund, build and sell start-up technology companies. eXeed’s main areas of investment are software solutions and internet technology companies in seed and early-stage developing unique technology. eXeed’s team has extensive operational high-tech experience which enables them to play an active day-to-day role in each of its investments. For more information: www.exeedtechnology.com
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Contact:
Oren Elias
Correlsense
Herzliya Pituach, Israel
[email protected]
http://www.correlsense.com