Blue I Raises $3m, Prepares to Expand
Israeli water analysis and control company Blue I Technologies is in the advanced stages of a number of tenders around the world, including in India, China, South and North America, the company informed Israel NewTech. The tenders are estimated to be in the millions of dollars. The company has also recently raised $3 million, which it will use to enter new markets in South America and India, Globes reported. Effi Capital Company led the investment.
Stela Diamant, CTO of Blue I, told Israel NewTech that the company is working on a major technology development. “In the second quarter of 2013 we plan to announce a significant technological breakthrough in our water monitoring products.”
Blue I develops state-of-the-art systems to identify contaminants in water and changes in water quality in reservoirs, rivers, pools, and water pipelines. The company’s monitoring systems are used by Mekorot National Water Company and large Israeli factories as well municipalities and factories worldwide.
“Blue I is well positioned to succeed in the growing water monitoring industry,” said Adi Yefet-Beeri, who manages the water sector at Israel NewTech, the government program dedicated to advancing Israel’s water and energy sectors. “This is one of many examples of the success that can be achieved when Israeli hi-tech skill targets the water sector.”
Blue I has participated in the Israeli pavilion at a number of international events in the past year, including the Acodal event in Colombia this past September, at The World Water Forum in Marseille in March and at Ecwatech in Russia in June, in its efforts to penetrate international markets. Blue I said that the investment by Effi Capital, which has business relations in the South American and Indian real estate markets, will enable the company to establish footholds in them.
According to Globes, Effi Capital CEO Effi Shkedi said, “We decided to make this investment after a meticulous examination of the company’s products and identifying the business opportunities in growing markets, the most prominent of which is the South American water market, which is undergoing rapid installation and automation of online monitoring systems for drinking water.”
Article appearing courtesy Israel NewTech.
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