Wireless charging co Humavox raises $16m in merger

Startup

The merger marks a huge step for the Israeli company, and paves the way for widespread adoption of its solution for wearables and IoT.

Israeli wireless charging developer Humavox Ltd. has raised $16 million from Australian public company Aurum, Inc (OTCBB:AURM). The investment involves a major restructuring, in which the two companies will merge, with Aurum acquiring Humavox and the Israeli company's CEO Omri Lachman will become CEO of Aurum.

The merger marks a huge step for the Kfar Saba-based company, and paves the way for widespread adoption of its wireless charging solution for wearables and IoT. With Humavox’s wireless technology installed, any wearable or connected device can be dropped into any compatible 3D container, and be charged seamlessly.

Aurum will invest the $16 million over 24 months including the first $5.5 million when the deal is closed within the next 90 days.

Published by Globes [online], Israel business news - www.globes-online.com - on June 28, 2016

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

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