Israeli smart glass co Gauzy raises $7m

Eyal Peso Photo: PR

The Tel Aviv based startup has been selected by Mercedes-Benz (Daimler) to participate in the Autobahn Plug and Play accelerator.

Israeli material science and nanotechnology startup Gauzy has closed a $7m financing round from funds in the US and Asia. The round was led by Lazarus Fund from the US. In its previous round, the company raised $5m from UK investment fund Sollange Investments.

The Tel Aviv based startup has developed liquid crystal glass laminates that create smart glass that is installed in home appliances, buildings, and vehicles.

Gauzy has been selected by Mercedes-Benz (Daimler) to participate in the Autobahn Plug and Play startup accelerator, which aims to apply innovative technologies for the automotive industry. Gauzy was the first to be chosen out of hundreds of startups worldwide that has applied and has already unveiled an innovative prototype together with Mercedes.

Following this latest investment, the company is expected to double its workforce. The investment will also be used to expand R&D, sales and marketing activities worldwide. Gauzy's customers include: Mercedes-Benz, AT&T, Porsche, The Ritz Carlton, Crowne Plaza, Westfield, Fendi.

In 2016, the Crowne Plaza hotel chain chose Gauzy’s technology for its flagship hotel at Singapore Airport in a deal worth several millions of dollars.

Gauzy cofounder and CEO Eyal Peso said, "We're pleased to announce that Lazarus, Olive Tree VC and Waade Capital have now joined Gauzy, and I'm convinced that together we'll continue to lead the company onwards. Thank you from the bottom of our hearts for the trust and recognition, there's no bigger compliment. Archimedes said, give me a place to stand and I will move the world. This investment is a solid foundation."

Published by Globes [online], Israel business news - www.globes-online.com - on October 30, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Eyal Peso Photo: PR
Eyal Peso Photo: PR
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