Start-up Laser Detect Systems Ltd. (LDS) closed a $2 million financing round a few days ago, at a company value of $15 million, before money. LDS parent company ITL Optronics Ltd. (TASE:ITL) and a number of British investors participated in the round.
Founded in late 2004, LDS has ten employees. The company is developing homeland security products for sea and airports, government and private buildings, sensitive energy installations, and medical diagnostic companies.
LDS’s innovative technology can automatically identify and monitor a great many substances, including explosives, chemicals, drugs, minerals, and biological agents. The company’s spectroscope laser is designed for a wide variety of markets.
LDS president and CEO Niv Aharoni confirmed today that the company had closed a financing round, saying, “The purpose of the financing round was to channel resources to further development of new products, and to support the marketing of products whose development is complete.”
Published by Globes [online], Israel business news - www.globes.co.il - on August 25, 2005