Israeli IoT startup Kwik raises $3m


The Tel Aviv based company has developed buttons, which let consumers order brands from their home.

Israeli Internet-of-Things startup Kwik has raised $3 million in a financing round led by Norwest Venture Partners.

Kwik is an open end-to-end IoT platform connecting retailers, brands and delivery providers, enabling brands to develop direct relationships with their consumers in their homes. In effect, the Tel Aviv-based company has developed smart buttons, similar to Amazon's dash buttons, which let consumers order products from their home by pressing a button. Kwik, "Techcrunch" reports is working with Domino's, Budweiser, Huggie's and others on the subject.

With a beta-site operating in Israel, the company will use the proceeds of the financing round to expand to the US.

Norwest Venture Partners Segio Monsalve told "Techcrunch," Consumers like the convenience and simplicity of smart buttons. This market is too big for only one player. Their open ecosystem will enable the growth of many businesses, all along the supply chain.

The company was founded by CEO Ofer Klein and CTO Shlomi Atias. Klein told "TechCrunch" that physical buttons are more convenient than using a smartphone app and he believes any product which is a repeated service is ripe for button-making. Coffee, pet food, or even taxis could all be ordered with just a tap.

Published by Globes [online], Israel business news - - on June 22, 2016

Copyright of Globes Publisher Itonut (1983) Ltd. 2016

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