Israeli start-up BrightCom Technologies expects to raise $3-5 million in its current financing round. The round is expected to include both new Far Eastern and existing investors, including BVR Technologies (Nasdaq: BVRT) and Shrem Fudim Kelner & Co.. The round is expected to close within two months.
BrightCom currently has about 30 employees at its Tel Aviv development center, after the New York office, which has ten employees, was transferred to the company’s strategic partner in a recent cost-cutting measure.
BrightCom founder, president, and CEO Yuval Ben-Zeev confirmed that the company was holding a financing round, but declined to identify the investors or state the amount he expected to raise. “Despite reports to the contrary, the company is alive and well, and will shortly announce new agreements now being signed,” he said.
Ben-Zeev said the company was in advanced negotiations with a great many Taiwanese companies that will integrate its products in products for the wireless and printing industries. BrightCom Bluetooth chips will be installed in hardware add-ones for printers with USB plugs, thereby enabling wireless communications with other Bluetooth-enabled devices. Ben-Zeev says BrightCom presented a working product several weeks ago, and was the only company offering a Windows-compatible product (referring to the recently-launched Windows SP-1, the first version that supports Bluetooth, G.N.)
BrightCom develops hardware and software-based solutions for Bluetooth wireless communications. Founded in 1998 and based in Ramat Hahayal, BrightCom has raised $28 million to date in three financing rounds. BrightCom raised $16 million at a company value of $97 million in its previous round in late 2000. Investors include BVR Technologies, Shrem Fudim Kelner & Co., STI Ventures and Argoquest.
Published by Globes [online] - www.globes.co.il - on January 2, 2003