Virtualized Communications Company ASOCS Raises $10 Million
The company intends to raise $30 million in a funding round to be completed in early 2018
11:3518.10.17
Israel-based virtualized communications company ASOCS Ltd. raised $10 million, ASOCS CEO Gilad Garon told Calcalist Tuesday. Existing investor Taylor Frigon Capital Management LLC and the Fornaciari Trust participated in the round, as did new investors.
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Mr. Garon said the company expects to complete a funding round of $30 million in the first quarter of 2018, tapping strategic investors.
The ASOCS team Founded in 2003 and based in Rosh HaAyin, 17 miles (27 km) east of Tel Aviv, ASOCS started out as a chipmaker and pivoted in 2013 to focus on virtualized communications for wireless networks.
The company develops servers that provide mobile networks and on-premise cloud services to businesses and organizations such as retailers, corporate offices, hospitals and sports and entertainment centers. ASOCS’ servers provide secure connectivity while collecting and analyzing mobile device and IoT data, enabling its clients to deliver targeted services and applications.
Following the pivot, ASOCS raised $25 million in 2013. The company employs 60 people in its headquarters in Israel, and also has a development center in the Ukraine and offices in Las Vegas, Nevada.
ASOCS said it intends to invest the funds raised in the current round to expand its operations in the U.S., and to develop new products compatible with 5G networks.
