Sources inform ''Globes'' that Stef Wertheimer has invested $2 million in Israeli start-up Netzer Precision Motion Sensors . Netzer Precision develops and manufactures linear and rotary position sensors for the motion control market. The company's patented technology provides high precision sensors.
Netzer Precision issued 350,283 Netzer Precision Motion Sensors shares at $5.71 each, and an unnamed investor has an option on 402,720 more at the same price. The option is worth $2.2 million. Well-informed sources at Netzer Precision said Stef Wertheimer is the investor.
Netzer Precision declined to comment on the investor's identity, and Stef Wertheimer refused to comment on the report.
Netzer Precision was founded in 1998 as a partnership between Yishay Sensors, an R&D company, and ACS Tech 80 Ltd., an established supplier of motion control solutions. A shareholder is construction and investment company Engel General Developers.
The Misgav-based Netzer Precision has opened seven sales agencies in recent years, including in Germany, the Netherlands and China. In 2001, ACS invested $250,000 in Netzer Precision for a loan convertible to shares. ACS invested $1.1 million in Netzer Precision's first financing round when it was founded, and is now estimated to have a 12.76% stake in it.
Netzer Precision's sensors are designed for the automation industry. The global market for these sensors in estimated at $1.5 billion annually. Netzer Precision plans use its innovative technology to win a major share of this market. Sales began in 2000, and the company has signed several strategic agreements with US distributors and R&D companies.
Published by Globes [online] - www.globes.co.il - on August 28, 2002