Israeli smart glass manufacturer Gauzy has filed a prospectus for an IPO on Nasdaq. The Tel Aviv-based company is yet to report the amount it plans to raise and at what company valuation. Barclays, TD Cowen and Stifel will serve as underwriters.
In the prospectus, Gauzy disclosed that it has revenue of $78 million in 2023, up 59% from the previous year. Net loss grew from $37.9 million in 2022 to $79.3 million in 2023. At the end of 2023, the company had only $4.6 million in cash.
The company, which was founded in 2009, has developed a technology that allows better control of the passage of light through the glass for the automotive and aviation industries, while the company believes that its products could also have applications in other fields. Gauzy's technology replaces traditional mechanical products with advanced solutions that include nanotechnology, electronic, and other capabilities.
Gauzy's investors include Ibex Partners (32.1%), Olive Tree (13%), Gauzy cofounder and CEO Eyal Peso (7.9%) and cofounder CTO Adrian Lofer (3.3%).
Published by Globes, Israel business news - en.globes.co.il - on April 21, 2024.
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