Technology company Elam - EL Technology today announced that it had completed a $4 million financing round. Challenge Fund Etgar led the round, and previous investors Transpac Industrial of Singapore, Edmond de Rothschild Venture Capital Management, Inventech Investment Co., and others.
Founded in 1994 as a start-up in a technology incubator, Elam EL currently has 40 employees. The company develops and manufactures LyTec, a unique patented light-emitting fiber. LyTec is flexible and linear light source, which comes in sizes of 1-5 millimeters, and in various colors. The main advantage of Elam El’s product is that it produces flexible light, and has low power consumption.
The fiber has already been used in various applications, including auto accessories, accessories and jewelry for parties and events, computer accessories, clothes, masks, toys, and other gadgets.
Elam El recently launched a new product for emergency rescue and firefighting teams. The product is used to market the entries and exits in emergency situations. The fiber has already been sold to the New York subway, the Washington DC police force, and the Tokyo fire department.
The company’s offices are located in Har Hotzvim in Jerusalem. It conducts its sales through subsidiaries in Hong Kong and New York.
Published by Globes [online] - www.globes.co.il - on February 7, 2005