Israeli startup Gauzy Ltd. a developer of liquid crystal glass panels, or smart glass, for use in a variety of industries, has raised a Series C round of funds from investors Hyundai Motor Company, Singapore-based fund BlueRed Partners, and Avery Dennison Corp., a US maker of labeling and packaging materials.
No financial details were disclosed but a person familiar with the matter estimated the funds raised at $10 million. The firm hopes to raise a total of $25 million in the round.
The investment will enable Gauzy to continue to develop its technologies and expand its products’ reach, the company said.
“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,” said Eyal Peso, the startup’s CEO, referring to the economic crisis brought on by the coronavirus pandemic. “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.”
Avery Dennison invested in Gauzy back in 2017.
Based in Tel Aviv, Gauzy’s “smart glass” products bring high technology to glass, films and other materials, allowing for a number of applications, including controlling the transparency of windows to light, making a window go from clear to frosted at a touch of a button and creating optical blinds within the glass.
Gauzy’s products can be used in a variety of markets including construction, automotive, consumer electronics, home appliances and solar. The firm has been working with a number of car makers to integrate its light control glass technologies into their vehicles.
The company has a production facility in Germany, and sales, marketing, and distribution sites in multiple US cities and China, the firm said in a statement.
In February of 2019, Gauzy announced a strategic investment in Research Frontiers Inc, a Nasdaq traded firm, and a maker of electrically operated light control devices using proprietary technology.