M Systems Flash Disk Pioneers Ltd of Tel Aviv has raised $3.7m of venture capital in a private placing, selling 484,373 units priced at $7.68 a unit, each unit consisting of two common shares and a warrant for a third at $4.61 until June 30 1998. Backers were First Israel Fund Inc and three other funds managed by BEA Associates; Ampal Industries (Israel) Ltd; Anglo American Ventures Ltd; and Evergreen Capital Markets Ltd. The company, which makes Flash memory PCMCIA cards and other storage subsystems using Flash memory wants the cash to expand its marketing efforts and to provide its wholly-owned Eurom FlashWare Solutions Ltd with the funds it needs to bring its new products to market.
