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Nanolayers - First Recipient of Israeli Government Funding Initiative
New 'Dollar for Dollar' Funding Program Energizes Start-Up Companies, Drives Economic Growth
Jerusalem. March 04, 2002
Nanolayers Ltd., an organic semiconductor technology company, has become the first company to receive funding approval from Israel’s new ‘Heznek’ program, administered by the Office of the Chief Scientist. Millennium Materials Technology Fund, Nanolayers' lead investor, spearheaded the application. The Nanolayers technology was developed by Dr. Shlomo Yitzchaik of The Hebrew University of Jerusalem and licensed exclusively to Nanolayers by its technology transfer arm, Yissum.
The ‘Heznek’ program is an innovative government program that matches investments dollar-for-dollar, up to $1 million, made by qualified Venture Capitalists. Millennium was amongst the first Funds to qualify. The government shares can subsequently be acquired by the investors, at the initial price, at any time within 5 years.
"We are delighted to announce our first investment in the Heznek program," commented Nili Shalev, Manager of the Government Seed Fund. "We hope that this program will provide a positive signal to other investors and create further inducements for mobilizing investments for the establishment of additional start up companies."
“We are both proud and excited to be the first company to launch this compelling program” stated Mr. Ben-Tzion Spitz, CEO of Nanolayers. “The funds will be devoted to further develop our capabilities and to expand our technical staff here in Israel. We are very happy that the government has implemented this initiative, as it gives us additional strength and resources to take our cutting-edge technology and compete with it globally in today's highly challenging and competitive economic environment.”
Nanolayers possesses a new organic chemical deposition process that has the ability to create functional electronic components one molecular layer at a time. These layers exhibit properties that compare with, and even surpass important elements of current inorganic manufacturing technology. Initial applications include flat panel displays and computer chips. Nanolayers technology also enables applications and products that engineers and scientists are only now envisaging.
For more information, please visit www.nanolayers.com
Reprinted with premission. Copyright Nanolayers Ltd.
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