Magna BSP Ltd., whose business in image processing for security purposes, has raised NIS 4.3 million from a single investor, at a company value of NIS 68 million, Maayan Ventures Ltd. (TASE:MAYN) has announced. Maayan indirectly owns 7.6% of the company through the Advanced Technologies Center Ltd. (ATC) incubator in Dimona, where the company was founded.
Magna BSP originally developed a system for spotting birds over runways using an automated video imaging processing system. Later, with growing demand for anti-terrorism solutions in the aftermath of the 9/11 attacks, the company converted its product to defend against people.
Magna BSP recently announced that it was collaborating with Thales to conduct a test of its products. If Thales selects the products for use in a project for NATO, Magna BSP’s revenue from the contract could reach €30-80 million over five years.
Magna BSP also announced that it recently concluded a successful test with the Israeli Ministry of Defense.
Published by Globes [online], Israel business news - www.globes.co.il - on December 5, 2006
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