Xeround, a Bellevue software company, raised $16 million to expand marketing of its products to manage complex sets of data from different sources.
Software developer Xeround said Wednesday it had raised $16 million in a financing led by local investors Ignition Partners and Trilogy Partnership of Bellevue.
It’s the second venture-capital infusion since the Bellevue company was founded in 2005, and brings the total amount raised to $29.5 million.
The money will go toward beefing up the firm’s efforts to market its products, which enable customers to more efficiently manage complex sets of data from different sources. Existing investors Benchmark Capital and Giza Venture Capital also participated in the financing.
Xeround (pronounced Zeh-round), whose technology was developed in Israel, is focusing on the telecommunications industry. Its first commercial product launched last January.
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“This round is slated to help business for the next 18 to 24 months,” said Chief Executive Charlotte Yarkoni, a veteran of the telecommunications industry.
The company will increase its presence in Europe and North America and ramp up its marketing, sales and product-development efforts. Xeround, which currently employs about 40 people, plans to add to its staff, but Yarkoni declined to specify by how much.
Ignition Partners principal Adrian Smith said Xeround is well-positioned to profit from telecommunications companies’ plans to roll out a new generation of networks. Xeround’s software could help carriers keep track of new layers of data using the infrastructure they already have in place.
“This is a great opportunity for Xeround,” he said.
Ángel González: 206-515-5644 or email@example.com