Project Xcloud, a project to create a phoronix cloud, has announced that it has raised $1 million from investors led by CVC Capital Partners.
The venture is a collaborative effort to build an open-source cloud application for developers.
The project plans to launch in March 2018.
“We are very excited to announce that Project XCloud is one of the top 10 seed round in Israel,” said Yaron Leiber, the CEO of CVC, the investment group that led the round.
“The investors who invested in Project X are well-known to us and are very supportive of our vision.
They know we are creating something that will change the way we work with developers.”
The team plans to use the funds to expand Project X, which will be based in Tel Aviv and Israel.
The funding round was led by Tel Aviv-based Capital Capital Partners, which also participated in a previous round in the country.
“The project is a unique opportunity for a country that is often overlooked in the global technology ecosystem.
In a very short time, we are able to develop and expand Project CX in Israel and bring it to other cities around the world,” said Daniel R. Gold, the co-founder of Project X. “Project CX will give developers an unprecedented access to the cloud, which is a key part of building scalable, secure and efficient solutions for enterprise.
The team is working on a series of exciting partnerships with local and international partners, including leading financial institutions.”CVC Capital also has a significant presence in the Israel tech sector.
The investment group has also invested in the Israeli startup Yubico, as well as a number of startups in the area.”CVC is the latest in a long line of high-profile investment rounds from Israel and Israel is the only country in the world where there are no private equity funds in the private sector,” said Ravi Cohen, the president of CVA.
“This gives us an unparalleled opportunity to help our investors and entrepreneurs reach their potential.”
Project Xcloud will be available to developers on GitHub, which has an early access program, and a mobile app that allows users to launch their own applications.
The company plans to open up the source code of the app to the public in early 2019.