QualiSystems, developer of TestShell test automation framework for electronics, network systems and network services, today announced the closing of a $6 million round of equity funding, led by two of Israel’s leading venture capital firms, Evergreen Venture Partners and Gemini Israel Funds.
The company will use the funding to accelerate its growth and global expansion in the automated test industry, and continued development of enterprise solutions that help customers improve product quality while making considerable cost and time savings.
This latest cycle of investment follows QualiSystems' outstanding performance in 2010, which saw an aggressive expansion of the company’s customer base. During the past year QualiSystems brought significant additions to its automated test solutions including unique lab management capabilities, and a wealth of advanced data analysis and business intelligence features.
QualiSystems CEO Lior Koriat said: “We are excited to add Evergreen and Gemini to our team. It is a strong validation of our business and will help us leverage our successes and set aggressive growth targets to extend our position as a market leader in the global automated test market.”
Boaz Dinti, Managing Partner at Evergreen Venture Capital Fund, said: "QualiSystems offers the most advanced solution for hardware and software embedded producst in the automated testing market. This is a global market with huge potential, and one that is still in its infancy. By leading the hardware testing revolution, QualiSystems is following in the footsteps of Mercury, the undisputed leader in software testing automation in the 1980s.”
Yossi Sela, Managing Partner Venture at Gemini, added: "QualiSystems is an impressive company with an outstanding team and an outstanding suite of software solutions. With only minimal funding, the company has successfully attracted an impressive list of world-leading electronics and communications customers. We believe that QualiSystems is establishing its position as a large and significant player in this market.”
QualiSystems is a test automation pioneer. The test automation world is evolving from a collection of various tools to an enterprise quality management platform. QualiSystems' mission is to provide organizations with unparalleled Test Automation solutions that drive innovation, efficiency and ROI. QualiSystems' TestShell Framework is used by leaders in diverse industries including telecommunication, electronics, Flash Memory and others.
More about QualiSystems: http://www.qualisystems.com
Evergreen Venture Partners was established in 1987 as one of Israel’s first venture capital firms. Evergreen invests in early-stage Israeli and Israel-related companies in the following fields: Software, Internet & Media, Communications and Healthcare. Evergreen’s $650 million of venture capital funds under management represents one of the largest portfolios in Israel with investments in over 120 technology start-ups. Evergreen has exited successfully 37 portfolio companies through IPOs and acquisitions. Some of these companies include Dune, Identify, Colbar, Traiana, BigBand, P-Cube, Actona, Exalink, Creo, Galileo, Backweb, Radvision and Radware.
More about Evergreen: http://www.evergreen.co.il
About Gemini Israel Funds
Since 1993, Gemini Israel Funds has helped many of Israel’s most talented entrepreneurs to build innovative and world-changing companies. With over $700M under management, Gemini invests in early stage and growth-stage companies across a range of industries including communications, consumer electronics, enterprise software, Internet software and services, semiconductors, and environmental technologies. The companies backed by our investment professionals include Allot Communications, Ceragon Networks, Commtouch, Diligent Technologies, Mellanox Technologies, Outbrain, Passave, Precise Software Solutions, PrimeSense, Saifun Semiconductors, Traiana, Takadu, Verisity, and many others.
More about Gemini: http://www.gemini.co.il