Evonik Invests in Israeli Digital Printing Firm
German specialty chemicals company Evonik has invested in Velox, an Israeli developer of digital-printing technology. The companies have decided to keep the scope of the investment confidential but said the capital will initially be used to drive technology development and marketing for additional printer systems and applications.
The deal, which was done through Evonik’s venture capital arm, marks the German group’s first investment in Israel, which it said has become a hub for start-ups.
Velox develops and produces industrial-grade digital decorative printing for rigid containers made of metal, plastic or glass. It said its proprietary DTS-Inkjet technology, based on uniquely formulated inks and dedicated deposition architecture, introduces an entirely new approach to digital printing that is poised to disrupt the packaging decoration market. The company already offers decoration systems for cylindrical containers such as plastic tubes and aluminum aerosols.
“The sophisticated demands in the field of digital printing make this market particularly interesting for the development of our specialty additives growth engine,” said Bernhard Mohr, head of Evonik Venture Capital.
Evonik plans to invest a total of €100 million in promising start-ups with innovative technologies and in leading specialty venture capital funds. The regional focus is on Europe, the US and Asia. Evonik currently holds shares in more than 20 start-ups and specialty funds.
