Start-up Netmor has signed an agreement to raise $5 million from Japanese strategic investors. The identity of the investors has not been disclosed. The company value for the financial round was also not disclosed, but is estimated at over $20 million, after money. To date, Dr. Eli Fisher of the Dr. Fisher factories has invested in the company.
Netmor began its development operations in 1997. The company develops innovative technology that exploits human motion to create various applications such as computer games, automatic monitoring and intuitive systems for “smart houses” to monitor at-home patients.
Netmor was founded by Dr. Netzer Moriya, a former researcher at the US Bell Labs, and currently serves as company president. He manages the company together with David Gidron, a former IAF fighter pilot, who serves as CEO.
The company operates a team of researchers consisting of physicists, engineers and programmers. Netmor has submitted 12 patent applications to date.
Netmor is currently in the advanced stages of a financial round for InterNetmore, a sister company that focuses on developing and marketing Internet-based applications using Netmor-developed technologies.
Published by Israel's Business Arena on 5 November 2000