US flavorings company IFF, which acquired Israeli company Frutarom two weeks ago, is investing in Israeli startup Amkiri, developer of a visual fragrance. Investors in Amkiri's seed round included the Marker LLC fund, which merged with Eric Schmidt's Innovation Endeavors, and private investors Howard Socol and Eilon Tirosh.
IFF regards its investment in Amkiri as part of the company's policy of investing in innovation.
“Some of the most disruptive innovations come from the start-up community - this is as true in beauty care as it is in technology,” said Nicolas Mirzayantz, IFF Group President, Fragrances. “This extremely emotionally engaging technology brings a very timely category innovation to the market place.”
Amkiri’s patented visual fragrance is applied to the skin using specially designed applicators, allowing the user to adorn themselves with individual multisensory body art. The formula is long-wearing, and can work with any fragrance or color.
“This is a significant innovation in the fragrance category, merging strong and deeply personal visuals with the resonance and emotion of fragrance,” said IFF Chairman and CEO Andreas Fibig. “The Visual Fragrance technology creates a new platform from which IFF can showcase our capabilities, including naturals, molecules, and cosmetic actives. The potential for innovative applications are nearly endless and our teams are truly inspired by the possibilities.”
IFF announced that it plans to use connections created through the investment in order to gain close access to the entrepreneurship and innovation community. With the completion of the current partnering, together with the Frutarom deal, IFF will obtain a strong presence in the innovation market in Israel.
Amkiri Chairman David Chissick said, “ This partnership with IFF signals Amkiri’s commitment to product excellence and establishing visual fragrance as a part of consumers’ daily beauty regimen. The company will continue to develop more ground-breaking technologies that will continue to serve and disrupt the beauty industry.”
The company was founded by Chissick, Shoval Shavit and Aliza Shavit.
IFF, with its legacy of pioneering firsts, believes that this venture will strengthen its ties with and access to the innovation community, bringing in fresh insight that can be leveraged across the business.
IFF acquired Frutarom, which operates in raw materials and flavor essences for the food and beverages industry, for $6.4 billion. Completion of the merger, following which Frutarom will become a fully owned subsidiary of IFF, is expected within 6-9 months. IFF plans to retain Frutarom's current volume of R&D and production activity in Israel for at least three years from the date on which the deal is closed.
Published by Globes [online], Israel business news - www.globes-online.com - on May 27, 2018
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