Israeli digital decoration solutions for rigid packaging company Velox has announced the completion of a $38 million financing round led by Fortissimo Capital with participation from existing investors, JAL Ventures, O.R.T. Technologies, Ilan Holdings, Evonik, Waypoint Investors and Migdal Insurance & Finance.
Based in Kfar Saba, Velox develops, manufactures and sells industrial direct-to-shape digital decoration solutions for the rigid packaging containers market. The company's proprietary technology is based on uniquely formulated inks and dedicated deposition architecture, and introduces an entirely new approach to digital printing that aims to disrupt the packaging decoration market. Velox's commercial solutions include industrial-grade digital decorators for mass production of beverage cans, tubes, and aerosol cans.
The company was founded by CEO Marian Cofler and COO Adrian Cofler. Marian Cofler said, "We are seeing increased momentum in the beverage packaging segment for more efficient and sustainable printing technologies, which has impacted the growing demand for our industrial direct-to-shape digital decoration solutions. We look forward to working with Fortissimo Capital and our existing investors to further expand our global reach, develop our technology expertise and scale our offering to serve our rapidly growing customer base."
Fortissimo Capital founding and managing partner Yuval Cohen said, "As long-term investors in various digital printing companies such as Kornit Digital, Nur Macroprinters, Diptech and Tritone Technologies, we recognize Velox's revolutionary technology that we believe will significantly impact the beverage packaging decoration market. We have been following Velox's progress and decided that now is the right time to take a significant stake as we ramp-up production of Velox's reliable, state-of-the-art digital printers for beverage cans. We look forward to building upon the company's talented team, customer wins and pipeline of opportunities to further enhance and accelerate the growth of the company."
Published by Globes, Israel business news - en.globes.co.il - on April 3, 2024.
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