Israeli start-up Genoa Color Technologies today announced the completion of a $5 million financing round. Vertex Venture Capital led the round, which included Platinum Venture Capital , the first and largest investor in Genoa, and the other existing investors.
Founded in 2000, Genoa raised $10 million before the current round. The company develops technologies for expanding the color range of television images, on a wide variety of screens. Genoa uses real time algorithms, and adapts elements of color display to convert existing video information into multi-primary color. Since its founding, the company has filed requests for 40 patents related to its idea, process, algorithm, and implementation of ColorPeak technology. The US Patent and Trademark Office recently granted Genoa a patent for its television display technology, which uses four or more basic colors.
Genoa’s technology is a significant breakthrough, compared with the red, green, and blue (RGB) technology used for television screens over the past 50 years. The new technology adds 1-3 new basic colors, thereby expanding the range of colors that a television screen can display color by 55% to 95%. The technology also increases clarity of the image by 40%. The result is a truer, richer, and clearer color picture currently obtainable only on cinema screens. Last December, Genoa’s technology won first place in a competition held by “Popular Science” magazine.
Genoa Ilan Ben-David says, “Vertex is a significant addition to our team of investors. There is a good match between the company’s business and Vertex’s connections and profound understanding of the Asian Pacific market. The company will use the capital raised to expedite the integration of Genoa’s technologies in the television market, and for expanding the company’s customer support team in the Asian Pacific market.”
”The flat television display market, particularly the liquid crystal display (LCD) market, has one of the highest growth rates,” Vertex Venture Capital founder and president Yoram Oron says. “We believe that Genoa has the tools to become a market leader in improving the viewing experience through advanced display technologies. We were very impressed by the company’s technological achievements, management and professional team, and commercial potential.”
Published by Globes [online] - www.globes.co.il - on June 15, 2005