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Neocleus Raises Over $11M in Series B Financing

Neocleus, a pioneer in endpoint virtualization, today announced that it has raised $11.4M in Series B funding.  Neocleus’ solutions create a more flexible, secure and efficient endpoint infrastructure.  The round was led by Battery Ventures and Gemini Israel Funds, the company’s original investors. 

Neocleus applies virtualization to desktops and laptops delivering the flexibility, manageability and security needed to address different user scenarios within a dynamic, dispersed enterprise.  The company’s solutions, which include a Xen-based open source Type 1 bare-metal hypervisor for endpoints, enable critical IT tasks to operate in isolated, trusted virtual environments with complete access to the capabilities offered by the underlying endpoint hardware.  This approach provides IT departments with a more agile and predictably secure virtual desktop environment and improves the overall cost of ownership of the endpoint. 

“Neocleus is reinventing the endpoint, something that CIOs worldwide have been crying out for,” said Avi Domoshevizki, venture partner, Battery Ventures.  “Enterprises today are burdened with rising endpoint support costs and an increasingly complex environment to secure and manage.  Current virtualization solutions are insufficient because they either address only one issue or add complexity and cost.  Neocleus’ novel approach changes the game to deliver a more agile infrastructure and reduce total cost of ownership of the endpoint.  In addition, the company’s open source contributions are a catalyst for a new ecosystem that will further address the challenges facing IT departments.  They have made tremendous progress since our initial investment, and we’re happy to continue to fuel their growth.”

Founded in 2006 by industry veterans Ariel Gorfung (CEO) and Etay Bogner (CTO), Neocleus has been working vigorously on developing an endpoint strategy and platform, building a team, rolling out its first solution and attracting customers and partners.  The company launched in May 2008 with the announcement of the Desktop Hypervisor Framework, an endpoint hypervisor enhancement to the Xen server hypervisor that the company will be contributing to the open source community to foster an ecosystem of innovation.  Most recently Neocleus announced Trusted Edge, the first in a suite of virtual software appliances that allows for secure access to corporate resources – for employees, customers and partners – regardless of the endpoint’s location or state of security. 

“Endpoint challenges have grown exponentially as the number of different user scenarios have increased and evolved, introducing new complexities and new IT requirements.  Today’s IT departments require innovative, flexible solutions to address these emerging challenges and satisfy the multitude of endpoint user scenarios,” said Mr. Adi Pundak-Mintz, General Partner, Gemini Israel Funds.”  Neocleus’ solutions address this burgeoning market with a strong vision, technology innovation, solutions and a proven management team.   To date, the company has had extremely positive customer response.  We expect that the additional capital will accelerate meeting these customer demands to deliver a groundbreaking solution that fundamentally changes how IT departments manage and secure desktops and laptops.”

”Battery Ventures and Gemini Israeli Funds have been tremendous supporters of Neocleus.  Their continued investment demonstrates the commitment to the company vision and their belief that this is an exceptional market opportunity,” said Ariel Gorfung, president, CEO and co-founder, Neocleus.  “We are extremely thankful for their continued partnership and the confidence they have in our vision, our strategy and our product expertise.”

Published Wednesday, June 18, 2008 9:30 PM by David Marshall
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