Battery News
FOR IMMEDIATE RELEASE
Battery Ventures Invests in Freshpoint
Company Targets Food Safety and Freshness with Time-Temperature Indicator Technology
HERZELIA, Israel and WELLESLEY, MA, August 22, 2006 – Battery Ventures, a venture capital and private equity firm investing in technology and innovation worldwide, today announced an investment in Ramat-Gan-based Freshpoint. Freshpoint develops and manufactures time-temperature indicators (TTI) used to track and indicate the freshness of perishable, temperature-sensitive products for the food and medical industries. In conjunction with the financing, Scott Tobin and Avi Domoshevizki are joining the Freshpoint board of directors.
Food safety is an increasingly important issue worldwide, and it is widely recognized that improper temperature during storage and transport is the most common cause of food spoilage. Freshpoint’s patented TIIs, supplied either as labels or inks that can be printed directly on packaging, use a color-coded system to indicate whether a product has been shipped and stored under the proper refrigerated conditions. This gives producers, retailers and consumers a far more accurate measure of freshness than a “use by” date, the industry’s current standard method of managing shelf life.
“This vote of confidence from an investor of Battery’s caliber is a significant milestone for us,” said Yoav Levy, co-founder and CEO of Freshpoint. “The team understands our business, and beyond their role as an investor, they will work with us as a strategic partner. They bring both in-country knowledge and worldwide experience supporting emerging technology companies, which will help us to commercialize new products and expand into new markets.”
Freshpoint’s first TTI applications are designed for meat and dairy products, and the company has created significant interest within the chemical industry. Battery’s investment will be used to continue product development and to increase distribution and marketing of the company’s offerings.
“Freshpoint is a prime example of the incredible innovation, global vision and technical talent in Israel,” said Domoshevizki. “They have engineered a user-friendly and accurate product at a compelling price point, and already have significant traction in the food and retail industries. The technology is very adaptable, and when you realize its applicability to any product that is sensitive to temperature, you begin to see the size of the opportunity worldwide.”
About Freshpoint
Freshpoint was established end of 2003 following extensive research work by Professors Eichen and Haarer. Freshpoint has developed novel Time Temperature Indicator technology that allows the use of a smart “use by” date on item level. The indicator takes into consideration the actual temperature conditions in which the item was kept and shortens or extends the products life in accordance with these conditions and displays to the consumer in a simple visual manner based on color changes.
The company has signed an exclusive global agreement with global leader Ciba Specialty Chemicals and is introducing the product, branded as OnVu, globally.
The company has R&D centers in Israel and Germany. You can visit us on www.onvu.com and www.freshpoint-tti.com.
About Battery Ventures
Since 1983, Battery has been investing in technology and innovation worldwide. The firm partners with entrepreneurs and management teams across technology sectors, geographies and stages of a company’s life, from start-up and expansion financing, to growth equity and buyouts.
Battery has been an active investor in Israel since 1993, and has backed such companies as Freshpoint, Kashya (sold to EMC), RADNET (sold to Siemens), and the Technion Incubator. The firm has supported many breakthrough companies around the world, including: Airespace (acquired by Cisco), Akamai Technologies (AKAM), CBeyond (CBEY), LIFFE (acquired by Euronext), Neoteris (acquired by Netscreen), and SigmaTel (SGTL). Its current portfolio includes emerging firms such as Advent Solar, Netezza, Spot Runner, and Tejas Networks, as well as more established companies such as ITA Software, Made2Manage, MetroPCS, and Nova Analytics.
From offices in Boston, Silicon Valley and Israel, Battery manages more than $2B in committed capital. For more information, visit www.battery.com.
Contact:
Ronit Koren
Battery Ventures
Ronit@battery.com
+972-9-9544555