Israeli nanotechnology start-up Sol-Gel Technologies Ltd. has raised $7 million in a financing round. Jerusalem Venture Partners (JVP) led the round, joined by existing investors. DSM Venturing, the corporate venturing unit of Royal DSM NV, a manufacturer of food additives and active pharmaceutical ingredients (APIs), also participated with a $2 million investment. DSM added, “In addition to the investment, DSM and Sol-Gel Technologies intend to explore possible joint development activities and other collaborations, not only in the field of personal care but also in DSM’s strategic markets animal and human nutrition.”
Sol-Gel’s technology improves the safety and effectiveness of APIs for drugs, sunscreens, and other products, such as pesticides. The company’s proprietary nanotechnology encapsulates APIs in micro and nano-sized glass (silica) matrices. Uses include light impenetrable sunscreens, which are used in products made by leading global cosmetics companies, including Estee Lauder. Sol-Gel recently developed an acne treatment with no side effects such as irritation or bacterial resistance.
JVP managing partner Erel Margalit said, “We believe that Sol-Gel will make a significant market breakthrough in the coming years, thanks to its proprietary technology. The company suits one of our most important investment channels - advanced materials and nanotechnology.”
Sol-Gel CEO Alon Seri-Levy and Prof. David Avnir founded the company, which has 20 employees at its Beit Shemesh premises.
According to IVC Online, Sol-Gel has raised $16.5 million before the current round.
Published by Globes [online], Israel business news - www.globes.co.il - on September 11, 2006
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