Kibbutz Mishamr Haemek's Idea Information Systems Ltd. has raised $1.5 million. The company, which develops library and information center management software raised the money from the Katzir Fund, which invests in Kibbutz enterprises, as well as from Kibbutz Mishmar Haemek itself.
Idea is active mainly in the Israeli library market. Its clients include centers such as Yad Vashem Holocaust Martyrs and Heroes Remembrance Authority, the Israel Museum, the Ghetto Fighters Museum and the Rabin Center and others. The company also has large corporate clients such as Applied Materials Israel, the Israel Electric Company and Bezeq. 10% of its revenue comes from overseas, from the UK, Romania and Poland.
Idea was recently chosen to develop the core software for the EU Mosaic project, which includes plans to build a search engine capable of understanding the semantics of complete phrases.
On completion of the financing round, Idea will be partly owned by the Katzir Fund and Kibbutz Mishmar Haemek. The proceeds will aid the company in further penetration of the European markets.
Published by Globes [online], Israel business news - www.globes.co.il - on December 19, 2006
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