Israeli start-up WonderNet is raising $2-3 million in its first financing round. The company develops biometric identification technology.
In addition to the financing round, sources inform "Globes" that Bank Hapoalim exercised an option to invest $500,000 in the company at a company value of $10 million. The bank received the option following a pilot test that it carried out of the company's technology, which identifies individuals by their signatures.
WonderNet founder and CEO Shai Waisel told ''Globes'' that in addition to the bank's investment, the company is currently seeking Israeli investors and venture capital funds that will be suitable for the company's strategy of expanding into Europe. He estimates the company value for the financing round at $20 million.
WonderNet was founded in July 1998, as a joint project between Wacom of Japan and Graphitech of Israel, which specializes in the artistic CAD/CAM market. Wacom invested $600,000 in the company in its early stages. The founders and Israeli businessmen invested in the company. $2.1 million has been invested in the company to date, and it has a staff of 17.
WonderNet sells a system that allows organizations to store signatures in graphic data bases, which enable individuals to be identified based on their signatures. The technology can also use the signatures to allow access to an organization's servers.
The company’s customers include the defense establishment, banks, stock exchanges, smart card companies, the Ramle District Court (as part of the computerization of Israel’s courts) and various integrators.
WonderNet's sales in 2000 totaled $150,000 and are expected to reach $2 million this year.
Published by Israel's Business Arena on 27 August 2001