Saturday, August 04, 2007

Battery Ventures and Pitango Venture Capital Invest $17 Million in Anobit Technologies

"Battery Ventures and Pitango Venture Capital today announced their $17 million Series A investment in Anobit Technologies, LTD. The round was led by Battery Ventures. Anobit, based in Herzelia, Israel, is a fabless semiconductor start-up company developing enabling technologies for the large and growing flash memory market. The flash memory market has grown from $8.2 billion in 2001 to over $20 billion in 2006, and is projected to reach more than $25 billion in 2010 [Source: Gartner]. With this investment, Battery General Partner Scott Tobin and Pitango Managing General Partner Rami Beracha join Anobit’s board.
Anobit’s technology optimizes the cost and performance of flash memory devices, paving the way for the next generation of memory solutions. The company was founded by three internationally recognized experts in the fields of signal processing, digital communications, system and silicon design: Professor Ehud Weinstein, Dr. Ofir Shalvi and Ariel Maislos.
“It’s been great getting to know the team over these last few years. When we discussed this newest venture with them it was apparent that they once again were putting together one of the more gifted teams in Israel to attack a very difficult problem,” said Scott Tobin, Battery general partner. "

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