Israeli smart glass, material science and nanotechnology company Gauzy has raised a Series C financing round from Hyundai Motor Company, Blue Red partners VC, and Avery Dennison. No financial details were disclosed but a source close to the deal told "Globes" that $10 million has been raised.
The Tel Aviv-based company has been collaborating with companies to integrate Gauzy’s LCG (light control glass) technologies, including SPD (suspended particle device) and LC (Liquid Crystal), into the serial production of various type of products. Both technologies allow for dynamic and user-controlled light control. SPD provides the ultimate light control solution - comfortable, safe, and energy efficient. LC technologies are used for privacy, solar reflection, and displays that turn transparent for smart mobility solutions.
This investment allows Gauzy to continue its mission of developing and leading the active light control technology market. With continued advancement in product development and of resources for high volume production, LCG® technology and active glazing is more accessible for serial implementation by industrial players.
In February 2019, Gauzy announced a strategic investment in Research Frontiers (Nasdaq:REFR) and its plans to develop and manufacture SPD. Gauzy has established the infrastructure required to create its SPD technology. This includes building a state-of-the-art material synthesis facility in Israel, and a custom SPD production line strategically located in Germany (Stuttgart) as part of Gauzy’s subsidiary company, Gauzy GmbH.
In December 2019, Gauzy hosted automotive and tier one executives from around the world at an exclusive event revealing its new proprietary production line set within an 11,000sqm property in Germany. This production site is dedicated to producing 1,000,000sqm of SPD material yearly for the automotive and architectural industries.
SPD and LC technologies allow glass to change from opaque to custom degrees of transparent with electrical input to control various forms of light including UV, IR, and visible light. SPD blocks up to 99.5% of light for custom shading while maintaining a view of surroundings. It can be used to replace mechanical shading elements in such as building and vehicle.
Gauzy cofounder and CEO Eyal Peso said, "We are proud to announce this investment that comes at a hard time and also comes to show the depth of the confidence the investors have in Gauzy and its technologies. We have been working closely with industrial players over the years to develop for series production, and the investment will help Gauzy step up its efforts in the delivery of its products all over the world."
Published by Globes, Israel business news - www.globes-online.com - on April 23, 2020
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