Tech Nation: Avery Dennison Invests in Israeli Startup Gauzy

Digital startups CathWorks and Kyron Systems also draw new funding

Courtey of Gauzy Glass

Avery Dennison invests in Israeli startup Gauzy

Avery Dennison, a U.S. maker of labeling and other products using pressure-sensitive adhesives, said this week it had invested in Israeli “smart glass” product maker Gauzy and would work with it to develop new products. No financial details were disclosed. The Tel Aviv-based startup’s product line, which uses liquid-crystal-based materials, includes an “embedded switchable window film” that can alternate from clear and frosted with the touch of a button. The window film is currently used in architecture and is under evaluation for the car industry. In addition, Avery Dennison’s Israel-based Hanita business division, a maker of specialty films for industrial and commercial applications it acquired last year, will work with Gauzy to make a retrofit version of Gauzy’s switchable window film to be added to the U.S. company's product portfolio. “Avery Dennison will significantly elevate our distribution network with their extensive reach in the retrofit market,” said Gauzy’s chief executive, Eyal Peso. (TheMarker)

CathWorks gets $15.8 million for digital health care product

CathWorks, a startup developing digital health care products for the cardiovascular market, said Tuesday it had raised $15.8 million from investors led by Canada’s Quark Venture and the Israeli-U.S. Triventures. The syndicate also included Planven Investments, Pontifax, Corundum Open Innovation and BioStar Ventures, with Boston Scientific coming in as a strategic investor. Cathworks’ lead product determines fractional flow reserve, or FFR, a procedure that measures blood pressure and flow through a coronary artery. “We intend to make FFR accessible to more patients by facilitating its widespread application without the use of invasive wires or the infusion of adenosine,” said Chief Executive Guy Lavi, who founded CathWorks fours year ago. The funding will allow CathWorks to conduct a global pivotal trial needed to win approval from the U.S. Food and Drug Administration. The company received a European CE Mark on its lead product earlier this year. (Eliran Rubin)

Kyron Systems nabs $12 million for automation software

Kryon Systems, an Israeli startup that provides robotic process automation software, said Tuesday it had closed $12 million of funding from the venture funds Aquiline Technology Growth and Vertex Ventures. RPA software mimics the activity of a person in carrying out a task, usually a simple and repetitive one, thereby freeing people to do tasks that require more thinking and creativity. Kyron said the market for RPA services would reach $5 billion by 2024. “The funds will be used to hire top-level talent,” said Harel Tayeb, who took over as chief executive in March. “In addition to growing the company, we will increase our focus on R&D and drive the company’s global market expansion. The rapid acceleration of our North American office and establishment of new regional offices in Asia and Europe will support our increasing global presence and customer base.” Kiron was founded in 2009 by Israeli serial entrepreneur Emma Butin. (The Marker)