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Digital print enhancement Scodix raises $5 million

Battery Ventures led the financing round, which will be used for continued development of new products, entry into new markets and finding new customers.

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Scodix, which provides digital print enhancement for the graphic arts industry, has completed a financing round of $5 million, led by Battery Ventures. This is in addition to a $14 million financing round in January 2013 raised from Lightspeed Ventures with the participation of previous investors Sequoia Capital and Israel Cleantech Ventures Funds. The latest financing round will be used for continued development of new products, supporting the rapid growth of the company into new markets and reaching new customers.

The company has raised $35 million to date including the latest financing round. Scodix was founded in 2007 by graphic arts industry veterans CEO Kobi Bar and CTO Eli Grinberg to develop ink printers for 3D digital printing technology. Based in Rosh Ha’ayin, the company has over 50 employees and already generates revenue of millions of dollars.

Battery Ventures general partner Itzik Parnafes said, “Scodix has the potential to generate a revolution in the printing market worldwide, mainly in the shelf products packaging label market sector.” Bar said, “The money raised will allow the company to expand the range of solutions that we create, develop new markets and applications, open offices in other countries and increase sales with an emphasis on activities in Asia and the US. The aim is to build a large company that will be a global leader in provide print enhancement digital solutions.”

Published by www.globes-online.com

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