Water analysis co Blue I raises $3m
The company will use the investment from Effi Capital to enter new markets in South America and India.
Blue I was founded in 2003 at Kibbutz Ramat Rachel near Jerusalem, but is now based at Rosh Ha'Ayin's Afek industrial park. The company develops state-of-the-art systems to identify contaminants in water and changes in water quality in reservoirs, rivers, pools, and water pipelines. The company's monitoring systems are used by Mekorot National Water Company and large Israeli factories, including Oil Refineries Ltd. (TASE:ORL) and Central Bottling Company (Coca-Cola Israel) Ltd.
Blue I said that the investment by Effi Capital, which has business relations in the South American and Indian real estate markets, would enable the company to establish footholds in them.
Effi Capital CEO Effi Shkedi said, "We decided to make this investment after a meticulous examination of the company's products and identifying the business opportunities in growing markets, the most prominent of which is the South American water market, which is undergoing rapid installation and automation of online monitoring systems for drinking water."
Blue I is controlled by the Shaked family through Shaked Global Group, and by Docor International Management Ltd. and Tene Investment Funds. The company raised NIS 5.5 million a year ago to further develop its technologies and meet the needs of target markets.
Published by Globes [online], Israel business news - www.globes-online.com - on January 27, 2013
© Copyright of Globes Publisher Itonut (1983) Ltd. 2013
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