Globes, July 8, 2003
Digital Fuel raises $8m in third round of funding
| Digital Fuel, a developer of IT management software, will use the funds to
expand global sales efforts.
|Start-up Digital Fuel, which develops solutions for the management and
automation of IT and business services, announced today that it secured $8
million in new funding.
Benchmark Capital and Sigma Partners have joined previous investors Israel
Seed Partners and Apropos IT Ventures in this Series C round. As a result of
the financing, Mark Kremer, general partner at Benchmark Capital, and Peter
Solvik, managing director at Sigma Partners, will join Digital Fuel's board
Digital Fuel says it will use the new investment to expand its global sales
and marketing efforts and accelerate product and business development
Digital Fuel’s customers include General Electric, Bank of America,
DoubleClick, USI, Sun Microsystems and O2, a provider of mobile services in
the United Kingdom. Strategic business partners include SAP, CSC, and a
network of resellers and consultants.
Digital Fuel CEO Benny Lehmann said, “This latest investment round is a
clear endorsement of our business model and the value in managing enterprise
Digital Fuel’s ServiceFlow software platform is designed to manage the cost
and performance of sourced IT and business services. ServiceFlow allows
enterprises to ensure service compliance and reduce risk, while lowering
governance costs, the company says.
Founded in 2000, Digital Fuel is headquartered in San Mateo, California, and
has offices across North America and Europe. The company’s R&D center is
located at Har Hotzvim in Jerusalem.