AppliSonix Ltd., a developer of technologies for cosmetic purposes, has raised $4.5 million in its second financing round, which was led by Israel Infinity Venture Capital. AppliSonix is a graduate of the publicly traded incubator Maayan Ventures Ltd. (TASE:MAYN), in which Infinity is a partner.
Maayan Ventures also participated in the round, together with CyVenture Capital Ltd., Magari Ltd., and Athena Technology Ventures. Infinity said that the most recent valuation for AppliSonix for the raising of finance was $6.5 million, although it would not disclose the value at which the latest round was transacted.
This is Infinity’s second investment in an incubator graduate company, after it participated in a financing round which raised $2.7 million for dental technology start-up Redent Nova several weeks ago.
AppliSonix has developed a device that uses ultrasound technology for hair removal. It focuses an ultrasound wave on hair roots harming their long-term functioning. The company says that its device is safer and more efficient than laser or light-based devices, because the energy is applied directly into the hair shaft and not irradiated over large skin surfaces (such as in laser and IPL treatments). Likewise, in contrast to the technological limitations of laser/IPL, AppliSonix's technology is effective regardless of hair color or skin tone.
AppliSonix has already reached the feasibility stage in the testing of the main component in its product, and it is currently completing the development of the prototype. The device is designed both for use in the medical/cosmetic sector and for personal use at home. The company will find itself with a huge market that is desperate for solutions, if it succeeds in developing a reasonably priced, safe, and pain-free device for home use.
Published by Globes [online], Israel business news - www.globes.co.il - on August 2, 2006
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