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Print Edition StoriesThursday, March 5, 2009
Onset takes on $3M in Series B round
By Efrain Viscarolasaga
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Onset Technology Inc., a Waltham-based maker of smartphone messaging and compliance platforms, has landed $3 million in second-round funding from the Cedar Fund and other investors.
Officials expect to use the infusion of cash to grow its market presence and bolster its research and development efforts, including expanding its METAmessage Advanced Compliance Tool for Blackberry to new operating systems, including iPhone, Windows Mobile and Symbian.
Founded in 1996, Onset Technology landed a previous funding round of $2 million in 2002, led by Israeli venture capital firm Catalyst Fund. Today, Onset technology has 45 employees, with its headquarters in Waltham, its research and development in Israel and sales offices in California and Washington DC.
The company’s flagship product, METAmessage, is aimed at organizations with large deployments of smartphones, such as large companies, governments and health-care institutions. The platform scans, blocks and archives all wireless communications to help keep customers compliant under various industry regulations, including Sarbanes-Oxley, HIPAA and the U.S. Securities and Exchange Commission.
The Cedar Fund, based in Israel, was joined by The Challenge Fund and Jerusalem Global Ventures, also based in Israel, in the round.
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