Serial entrepreneurs Benny Schneider and Rami Tamir, whose names are signed on exits from four startup companies at a total value of half a billion dollars, have unveiled their new venture – Ravello Systems, a startup for which they are raising $11 million.
Three years ago, Schneider and Tamir sold their virtualization company Qumranet to software giant Red-Hat, and until last December, stayed on as heads of development in the R&D center founded in Israel
after their exit.
Ravello was founded in the beginning of 2011, and the company has since hired 15 employees. On Sunday night the company completed a financing round raising $11 million from Sequoia Fund and Norwest Venture Partners (NVP), which also invested in Qumranet.
As part of the current financing round, Schneider and Tamir invested $1 million for Ravello's seed capital.
Ravello Systems is still shrouded in a cloak of secrecy and is divulging no information about the product it plans to launch later this year. In the meantime, all that is known is that Ravello is developing an additional kernel layer to facilitate communications between separate computers.
The additional kernel layer is based among others on a virtualization technology similar to the one developed by Qumranet, the duo's previous success story.
Schneider imparts that "Ravello's system will help many organizations to make the transition to cloud computing at lower costs. Changing an entire system to one that is based on remote resources, or cloud computing, is not cheap and can encumber the transition from private cloud computing to organizational cloud computing. Ravello aims to offer solutions to this problem."
The company intends to recruit 10 more employees to its Raanana development center, including Java developers and Kernel engineers.
In addition to Qumranet, Schneider and Tamir have established and sold Pentacom and P-Cube, both sold to Cisco for an aggregated $320 million. Schneider also invested in B-Hive which was sold to VMware for some $50 million.
Ravello is one in a long line of startups founded by seasoned serial entrepreneurs among which are Avigdor Vilnetz's Annapurna Labs, who sold Galileo to Marvel for $1.7 billion.
David Sosna and David Govrin, founders of Actimize, which was sold to Nice Technologies, recently founded Personetics which develops digital banking customer interaction technologies.
to read this report in Hebrew