Some smart-mobility startups in Israel have suffered from the economic effects of the Coronavirus, while others have continued to flourish. Gauzy is fortunate, in one sense or another, to count itself in the latter category.
In the midst of the global pandemic, Gauzy Ltd. has managed to raise an impressive $10-million round of funding, led by automotive-industry heavyweight Hyundai.
The South Korean automaker has been active in Israel’s smart-mobility tech sector in recent years, opening the Tel Aviv branch of its Cradle accelerator program in 2018 and investing in a string of local startups including Allegro AI, Autotalks, D-ID, MDGo, Percepto, and Opsys Technologies. Most recently Hyundai invested in voice-recognition firm Kardome and partnered with hydrogen fuel-cell specialists H2Pro.
Its latest investment, Gauzy specializes in smart glass, including panels that can tint and lighten automatically as well as display messages, such as driver warnings and advertisements – in effect turning any window into a display screen. The technology is envisioned to have a broad range of applications, including healthcare and buildings – but its relevance to the automotive industry is evident, and is one of Gauzy’s primary areas of focus.
Joining Hyundai in Gauzy’s Series C funding round are venture-capital firm Blue Red Partners and packing giant Avery Dennison.
“We are proud to announce 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 Gauzy CEO Eyal Peso. “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.”
The startup has already partnered with such automakers as Mercedes-Benz, McLaren, and Fiat Chrysler electrical-components spinoff Magneti Marelli. Gauzy recently inaugurated its own production facility in Stuttgart, Germany – the city which Mercedes (along with Porsche and Bosch) calls home.