Software firm Quali raises $22.5 million in VC-backed funding round

JERUSALEM (Reuters) - U.S.-Israeli software firm Quali said on Tuesday it raised $22.5 million in a private funding round led by Jerusalem Venture Partners (JVP).

The company's existing investors, including Dell Ventures, Kreos Capital, Evergreen Ventures, Gemini Israel Ventures and ORR Partners, also participated in the round.

Quali said the funding will allow it to further increase its growth in cloud, security and development operations and expand its footprint in the United States.

It noted that over the past two years it has seen 50 percent annual recurring revenue growth and has expanded into enterprise.

Quali's customers include Bank of America, Wells Fargo and IBM. The company said it has transitioned to a subscription-led offering from a license-based sales approach, with more than 70 percent of its revenues coming from subscription.

(Reporting by Steven Scheer)