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Mutek raises $28m in second round financing

Investors in the Israeli software maker include UBS Capital and the Intel 64 fund.

Israeli-based Mutek Solutions, which develops software solutions for application availability management, has raised $28m (E30m) in second round financing. UBS Capital and the Intel 64 fund have come on board new investors in the company and all of Mutek's existing investors have returned.

Mutek develops and markets software solutions that improve the availability of business critical software applications. The company's Black Box Flight Recorders for software applications can provide online alerts prior to system failures such as record and playback software malfunctions and pinpoint the root cause of crashes and other errors in server and desktop applications.

Yochi Slonim, president and chief executive of Mutek, said: “Ensuring availability of business critical applications has become a key concern of companies. Our Black Box Flight Recorders help improve the uptime and availability of applications by alerting IT support personnel to problems and by identifying the root cause of failures. With this financing round, Mutek is positioned to expand operations.”

Greg Lockwood, director of UBS Capital, said: “UBS Capital recognizes that high availability of applications has become a critical component in an enterprise's competitive strategy. Mutek's platform is providing a powerful solution for improving the availability of business critical applications”.

Mutek's customers include e-business and traditional blue chip companies in the computer and software industry, financial services, telecom and cellular operators, manufacturing and industrial companies. Venture Capital investors include STAR, Evergreen, Earlybird, Clal, Mofet, Ampal, and Nippon Investments.