Israel-based digital printing technology developer Velox has closed a $32m funding round co-led by vehicle refuelling and retail technology producer ORT Technologies and venture capital firm JAL Ventures.
Chemical producers Altana and Evonik also participated, along with investment holding company Michael Ilan Management & Investments and unnamed private investors.
Velox has developed printing technology which allows decorations to be printed onto metal, plastic or glass industrial packaging projects. It plans to use the new funds to bring its products into the mass packaging market.
Gaetano Blanda, senior vice-president and general manager coating additives of Evonik, said: “Velox developed a disruptive technology that for the first time takes digital printing into the mass market of packaging decoration.
“Since unique ink formulations are a major element of this technology, we feel this is an ideal match to Evonik’s strategic interests.”
Evonik made an undisclosed investment in Velox through its corporate venturing unit, Evonik Venture Capital, in March this year, with the funding used to enhance its technology development and marketing efforts.
The latest fund brings the company’s total funding to date to $45m according to NoCamels. Velox has not revealed details of its previous financing but referred to Michael Ilan Management an existing investor.
Image courtesy of Velox Ltd.