January 29, 2013 - Corephotonics closes first round
Camera Phone Photography Pioneer Completes Financing Round
Tel Aviv, January 29th, 2013: Corephotonics Ltd., a leading developer of computational photography technologies, has announced the completion of its first round of financing with an investment of US$ 5.2 Million. Magma Venture Partners, a leading Israeli early stage ICT (Information, Communication and Technology) investor and BetaAngels, a European investment company, led by VC practitioner Roberto Saint-Malo, participated in the first funding round.
Corephotonics’ technology will instigate a performance leap in camera-phone photography, by achieving the photographic and video capabilities of digital stills cameras while maintaining the space and cost restrictions of smartphones.
The company is led by industry veterans and serial entrepreneurs Professor David Mendlovic, Dr. Gal Shabtay, and Eran Kali. Together, this experienced management team previously played a pivotal role in the introduction and adoption of EDOF (“Digital Auto Focus”) technology, used widely by leading device OEMs. They also generated other significant innovations in the compact camera space.
Corephotonics is currently developing innovative solutions spanning two primary product lines:
1. Actuators – tiny electro-mechanical engines which improve focusing capabilities, and enable optical image and video stabilization
2. Computational cameras – sophisticated optical systems combined with complimentary image processing which will provide dramatic improvements, such as true optical zoom, lower profile optics, low light improvement, 3D mapping, and more.
The company is currently engaged with partners from the camera-phone value-chain towards establishing a solid supply basis for products based on its technology.
For further reading, please see www.corephotonics.com
About Magma Venture Partners
Magma Venture Partners is a leading Israeli venture capital firm, dedicated to investing in Israel's Information, Communications and Technology space ('ICT'), including the software, semiconductor and new media spheres. Magma’s partners provide decades of hands-on entrepreneurial and managerial experience in the 'ICT' field. They are committed to working with outstanding entrepreneurs who develop cutting-edge technologies locally, and together, spreading them globally. Magma Venture Partners prides itself in being a true partner for innovation.