3D industrial measurements solutions provider CogniTens Ltd. announced that it has finalized an additional round of financing of several million dollars.
The round was led by Vertex Venture Capital and Walden Israel Venture Capital. Existing shareholders, including Pitango, Docor, Yozma, Challenge Fund and Clal also participated in the round.
The current financing round followed a successful first quarter in 2005, where the company received orders totaling over $7 million.
The company stated that the round of financing was based on the its successful business activities and implementation of products mainly in the North American automotive market.
CogniTens is a provider of 3D non-contact solutions for industrial measurements. CognTens’ proprietary technology allows fast measurement of manufactured parts in shop floor environment. The technology transforms 2D images into highly accurate 3D objects.
CognTens’ main products are OptiCell, a fully automated robotic system for process and quality monitoring and Optigo, a portable manual measurement system for pre-production, engineering, and process development.
CogniTens chairman Harel Beit-On said, “The new investment will help CogniTens broaden its global coverage and enhance its position as a standard solution provider in the automotive industry”.
Vertex Venture Capital partner Emanuel Timor, "We believe the company is well positioned to continue its fast growth".
CogniTens is a privately held global company, headquartered in Israel. Marketing, sales, and support teams are deployed in the company’s subsidiaries in Detroit and Tokyo, as well as in other automotive industry centers.
Published by Globes [online], Israel business news - www.globes.co.il - on Wednesday, May 04, 2005