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Discretix Raises $9.5 Million in a New Round of Financing Round co-led by Pitango Venture Capital and Accel Partners, and included Genesis Partners, Jerusalem Global Ventures and Poalim Ventures Herzliya, Israel - February 3, 2004: Discretix (www.discretix.com), Discretix today announced that it has raised $9.5 million in its second round of financing. The round was co-led by Pitango Venture Capital and Accel Partners. Other investors included Genesis Partners, Jerusalem Global Ventures and Poalim Ventures. Existing investors in Discretix include SFK Group and Eurocom. Discretix is a leading provider of security solutions for mobile devices, flash storage cards, smart cards and wireless LANs. Discretix' solutions are deployed at the chipset level and are used by handset manufacturers and mobile operators to deploy revenue generating mobile applications. Moreover, Discretix' solutions protect sensitive information from malicious attacks, fraud and theft. "Existing solutions on mobile devices are implemented in the software and are not suited to mobile devices," says Gal Salomon, CEO and Co-Founder of Discretix. "These computing platforms have limited computing, memory and power resources. Also as hardware based solution our products are inherently more secure. This combined with attack countermeasures and a security-aware design methodology, ensures that we deliver a reliable, high performance security solution to the market. " Discretix' mission is to solve the challenges of implementing high performance, industry standard, robust security, within the resource constraints of the target device. The company plays an important role in the standardization process, actively contributing to a broad range of industry forums and committees. Isaac Hillel, Managing Director of Pitango Venture Capital expands further. "One of the major barriers to acceptance of Internet-enabled mobile devices has been the absence of a genuinely successful security solution within the wireless device itself. Security is a prerequisite for applications such as digital rights management, over-the-air upgrades, mobile banking and corporate access. The combination of the hardware core together with the software application developed by Discretix effectively overcomes these barriers." "The technology developed by Discretix places them far ahead of the competition," says Kaj-Eric Relander of Accel Partners. "We are impressed by the traction that the company has with major customers in the wireless industry and that their solution has already been integrated with first-tier handset manufacturers. This makes for an extremely interesting proposition with outstanding market potential," Discretix is based in San Mateo, CA. with R&D in Netanya, Israel. The funds raised will enable the company to expand its market presence in the US and Asia. Back to Press Releases |
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