MentorWave Technologies, based in the Naiot Technology Center, has raised $500,000 from Ofer Hi-Tech and Israeli and foreign private investors. MentorWave raised $600,000 a year ago, when it began operating at Naiot.
MentorWave recently signed franchise agreements with some distributors in Europe, and is now in advanced negotiations with companies in the US and Far East. The company is launching a financing round to raise several million dollars, some of which has been secured. The round is due to be completed in mid-2005.
MentorWave was founded in 2002 by CEO Gadi Royz, CTO Rony Amira, software development manager Pavel Yosifovich, and distributed systems manager Assaf Harel. The company expects $2 million in sales in 2005. MentorWave has developed a motorized scanner that can map, scan and place online indoor and outdoor premises with full 360-degree visual video data.
Based in Yokne'am, Naiot was acquired in 1997 by Ofer Brothers. Its CEO is Assif Stoffman. Naiot is an incubator for medical devices and software companies, providing capital investments and comprehensive administrative, R&D, and strategic assistance. Over 40 companies have been founded at Naiot since 1997, including Remon Medical Technologies, Enzymotec and NanoPass.
Published by Globes [online], Israel business news - www.globes.co.il - on January 2, 2005