Velox raises $38 million
Developer of industrial-grade direct-to shape digital decoration solutions for the rigid container industry Velox has secured a funding round of $38 million. The investment was led by Fortissimo Capital with participation from existing investors, JAL Ventures, O.R.T. Technologies, Ilan Holdings, Evonik, Waypoint Investors and Migdal Insurance & Finance.
“As long-term investors in various digital printing companies such as Kornit Digital, Nur Macroprinters, Diptech and Tritone Technologies, we recognize Velox’s revolutionary technology that we believe will significantly impact the beverage packaging decoration market. We have been following Velox’s progress and decided that now is the right time to take a significant stake as we ramp-up production of Velox’s reliable, state-of-the-art digital printers for beverage cans. We look forward to building upon the company’s talented team, customer wins and pipeline of opportunities to further enhance and accelerate the growth of the company.” – Yuval Cohen, Founding and Managing Partner of Fortissimo Capital.
Velox takes a new approach to direct-to-shape digital decoration for rigid cylindrical containers such as beverage cans. The company’s proprietary technology and a variety of ink formulations enable digital printing at high volumes. Velox creates a paradigm shift for the rigid packaging industry, offering high-speed, direct-to-surface decoration with enhanced quality, allowing for more consumer-focused brands and greater marketing opportunities. The Velox technology requires near-zero setup time, offers efficiencies for shorter run customers, product proliferation and custom marketing communications directly onto the container. In addition, Velox uses a more sustainable decoration technology that eliminates hundreds of tons of shrink sleeves and plastic labels annually, as well as allowing for the recyclability of aluminum cans.
“We are seeing increased momentum in the beverage packaging segment for more efficient and sustainable printing technologies, which has impacted the growing demand for our industrial direct-to-shape digital decoration solutions. We look forward to working with Fortissimo Capital and our existing investors to further expand our global reach, develop our technology expertise and scale our offering to serve our rapidly growing customer base.” – Marian Cofler, Co-Founder and CEO of Velox.
