Water technology investment company Whitewater has confirmed a report by "Globes" from October 2007 that it invested in water security start-up CheckLight Ltd. Whitewater is managed by chairman Ori Yogev and Hannah Gertler.
Microbiologist Prof. Shimon Ulitzur of the Technion Israel Institute of Technology founded CheckLight together with his daughter, Dr. Nirit Ulitzur, in 2001. The company’s technology uses light-emitting bacteria to identify pollutants in water in real time. The company says that although there are similar technologies in the world, none of them can provide an online response.
"Globes" reported that Whitewater's investment in CheckLight will be in made in stages. $1.75 million will be invested over the next 18 months, depending on milestones, the most important of which is the commercial launch of the company’s second-generation product. Whitewater has an option to double the investment to $3.5 million over three years, which will give it control of CheckLight.
Mekorot National Water Company and other water utilities use technologies similar to CheckLight's in fish and lobster ponds near large water sources. CheckLight's added value is its ability to warn about pollutants in real time, enabling preventative action to avoid unnecessary closing of water sources. The company says that its technology is one of eight recognized by the US Environmental Protection Agency (EPA).
Published by Globes [online], Israel business news - www.globes-online.com - on March 10, 2008
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