Convergin Secures $10 Million Investment from Pitango Venture Capital
November 13, 2008
Convergin has closed a series B round of funding totaling $10 million from Pitango Venture Capital. This new series of funding will help the company to cater to the increased demand for its Network Service Broker (also called Service Capability Interaction Management or SCIM) solutions.
Pitango states that the company found a unique mixture of a talented and dedicated staff, solid performance, and innovative technology in Covergin. According to Pitango, Convergin also has a clear strategy chalked out for its future growth. The company develops and markets solutions for networks and service platforms and has partnerships with the world's largest network equipment providers and IT software vendors and offers its solutions over 15 carrier networks worldwide.
The investment strategy of Pitango consists of investing in high-growth companies in various stages, from seed and early stages to growth and late-stage. The communication focus of the company includes communications, networking & storage, wireless, cellular and mobile technologies, enterprise software, Internet and media, healthcare & life sciences, and clean technologies.
“We are excited to welcome Pitango as an investor in our company, and Rami Beracha to our Board of Directors," said Dr. Ayal Itzkovitz, Convergin's CEO and co-founder. "Pitango's commitment to the company and its vision is remarkable. We are fortunate to have their experience and expertise at hand.”
A service delivery platform (SDP) needs a robust network on which it can rely. Convergin claims that the company’s Accolade WCS state of the art Network Service Broker/SCIM solution (Accolade WCS Service Capability Interaction Management). With IT-oriented SDPs, Service Broker/SCIM solutions play a key role in the replacement of traditional telecom equipment. The company has also won INTERNET TELEPHONY Magazine's Product of the Year Award for its SCIM product.
Pitango Venture Capital invests in upcoming technology firms. The company manages several venture funds totaling over $1.3 billion in committed capital invested in more than 100 companies and has offices in Israel and Silicon Valley, and California.
Raju Shanbhag is a contributing editor for unified communications. To read more of Raju's articles, please visit his columnist page.
Edited by Jessica Kostek