Empire State Development Announces $750,000 Investment in Concertio Software Company

April 2, 2020

Investment Provided by New York Ventures

Company Located in New York City and Tel Aviv

Empire State Development (ESD) today announced a $750,000 investment in Concertio, an Israeli-founded startup that provides AI-powered software to help companies automatically optimize systems to achieve maximum performance. The company, which was incubated in the Jacobs Technion-Cornell Institute at Cornell Tech, will use the investment to hire key executives to support product, sales and marketing milestones. This investment was provided by New York Ventures, ESD’s venture capital investment arm.

Empire State Development Acting Commissioner and President & CEO-designate Eric Gertler said, “Innovative new startups are discovering new, niche markets throughout New York State’s diverse economy, and Concertio is a company that helps other companies implement their software more efficiently—a smart investment for ESD and a successful future business model.”

“We’re entering the era of self-tuning servers, where servers automatically adjust their settings dynamically in real-time according to the workloads that they run,” said Dr. Tomer Morad, co-founder and CEO of Concertio. “Our Optimizer products transform general-purpose systems into high-performant special-purpose systems, thereby boosting performance and slashing infrastructure costs.”

Concertio has employees in Israel and New York City. It uses artificial intelligence to help companies tailor computer applications to run more efficiently. Concertio is raising up to $3 million during this fundraising round. The company’s software can increase effectiveness and reduce cost of general computer servers.

Concertio is an AIOps company based in New York City with employees in New York and Israel. Concertio's software products address the growing challenge of optimizing critical software and hardware systems for achieving the highest performance and efficiency at the lowest infrastructure costs. Concertio has raised $4.2 million to date.

The company was co-founded by startup veteran Tomer Morad when he was a postdoctoral fellow at the Jacobs Technion-Cornell Institute of Cornell Tech Runway Program. Tomer and his team founded Concertio to help hyperscalers, chip companies, financial institutions, and other large enterprises optimize a multitude of devices and applications. By continuously monitoring and dynamically optimizing system and application settings, the patented Concertio Optimizer products equip computing systems with the ability to self-tune in real-time, effectively transforming general-purpose systems into high-performant, tailor-made systems. The company has nine employees and plans to continue growing in New York and Israel.

The $750,000 investment comes from the New York State Innovation Venture Capital Fund (NYSIVCF). More information about the fund is available here.

About New York Ventures

New York Ventures is the venture capital investment arm of Empire State Development, New York State’s chief economic development agency. New York Ventures meets the critical capital needs of the state’s innovation economy by providing funding to high-growth startups as they move from concept to commercialization, through early growth and expansion. More information is available here.

 

Contact:
Adam Kilduff | [email protected] | (212) 803-3744
Kristin Devoe | [email protected] | (518) 292-5107
ESD Press Office | [email protected] | (800) 260-7313