Israeli start-up Objet Geometries is holding advanced negotiations to raise $10 million from existing and news investors. The round is expected to be completed by the end of the year. Objet Geometries develops 3D network printers and materials that create models directly from three-dimensional CAD files using patented hardware, software and polymer materials.
Objet Geometries CEO Hanan Yosefi told ''Globes'' that the company has raised $5 million so far, and now wants to raise an additional $5 million from strategic investors from the product design and development and polymer product development sectors.
Yosefi said the follow-up round will be held at the same $36 million company value as for the previous round. He added that the company has contacted several Israeli investors. He said the company expects to reach the break-even point in mid-2003.
Objet Geometries, founded in May 1998, develops 3D network printers and materials that create models directly from three-dimensional CAD files using patented hardware, software and polymer materials. The concept is to shorten the design process. The company's printers use a special 3D polymer-jet technology. The company currently sells its printers to a variety of manufacturers, including Adidas, Ford Motor Company (NYSE:F) and Formula 1 manufacturer AD Racing. Investors in the company include Scitex (Nasdaq: SCIX), TDA Capital Partners and private investors.
Object Geometries Quadra printer has been undergoing beta testing at six sites in Israel, the US and Europe since the second quarter of 2001, and the company recently began sales. The company is headquartered in Rehovot and has 60 employees at its offices in the US and Brussels.
Published by Globes [online] - www.globes.co.il - on August 11, 2002