Multinational conglomerate 3M makes its debut investment in Israel
: Calcalist has learned that the US conglomerate's capital arm, 3M New Ventures, is expected to invest some $4 million in Modiin-based startup VocalZoom, as part of the company's first financing round, which will be held for institutional investors.
VocalZoom develops speech enhancement and voice activity detection technologies for phone communication and voice driven applications.
The company was founded in 2009 by Tal Bakish, formerly a hardware engineer and owner of the TestArt consultation firm. To date, the company's investors include Israel's chief scientist and private investor Yechiel Kurtz.
VocalZoom and 3M New Venture refused to comment on this report.
Calcalist revealed 3M New Ventures' activity in Israel recently, when it appointed Lior Kanor, manager of its adhesives activity in Israel, as VC fund investment manager.
3M earmarks $60 million a year for venture capital investments around the world and, as oppose to other corporate VC funds, gains control over the company and takes an active role in its management as a lead investor.
This report was originally published in Hebrew