XTR to launch gesture-controlled cell phone
Israeli developer of motion capture software ending $8 million financing round for current, new investors. Company plans to develop gesture-controlled technology for smartphones
A week after another Israeli startup, Eyesight, managed to raise $4.2 million, Calcalist has learned that XTR (Extreme Reality) concluded an $8 million financing round led by Crescent Point's Ohad Finkelstein and Yuval Shahar.
The round was conducted by the Furth, Wilensky, Mizrahi & Knaani law firm and included the company's current investors such as Texas Instruments and angel investor Nissim Zarfati, formerly Kardan Investments chairman.
Another XTR investor revealed lately is billionaire Ron Conway – one of Silicon Valley's most heavy investors.
Now that the financing round has been completed, XTR will hire another 20 employees who will join the company's staff of 30.
XTR CEO Elad Dubzinski explains that the company's technology is already installed in mobile phones, tablets and televisions and that the company is poised to make its debut in the automobile market.
"This is a market which has been discussed for the past seven years but thanks to Kinect, has really taken off. Motion sensors are making their way from the sidelines to the limelight which necessitates setting a standard for affordable software solutions which can be incorporated into any product.
"The only available solution today is electronic and expensive – not everyone can afford the $200 Kinect."
One of XTR's investors, Yuval Shahar, founder of Cube and Printacom, which he sold to Cisco, says that "the market is big enough to accommodate large companies. It's a hot market and each of its major players is seeking to be acquired.
"During the next year and a half this markets will see an M&A rush. We can build a large company here. Perhaps XTR will be acquired, but that was not the purpose of its establishment."
Click here to read this report in Hebrew
