Aviv Venture Capital to Invest $1.1 Million in FriCSo
FriCSo's Environment-Friendly Revolutionary Technology Enables Near-Frictionless Motion and Extends Life of Machines and Engines; Improves Efficiency and Reduces Maintenance
Ramat Gan, Israel, January 17, 2005. Aviv Venture Capital today announced that it will invest $1.1 million in FriCSo - Friction Control Solutions Ltd., in first round financing. FriCSo has developed a unique technology that reduces friction and extends life of machines, engines, transmission systems, turbines, pumps, bearings and other systems. The money raised will be used to expand marketing and sales efforts.
Prior to the current round, FriCSo had raised $850,000 from private investors and LN Innovative Technologies Ltd., an Israeli technology incubator.
FriCSo (www.fricso.com) was founded in 2003 by Dr. Boris Shamshidov and Dr. Alexander Ignatovsky, two scientists specializing in tribology, the science of friction, lubrication and wear. FriCSo's technology has four major advantages: energy saving, increased power efficiency, maintenance reduction and pollution reduction. FriCSo's technology eliminates the use of non-environment-friendly coating materials.
FriCSo's unique patent-pending Combined Micro-Relief (CMR) technology forms a highly stable, durable and uniform lubricant layer between the moving surfaces. This unique intermediary lubricant layer enables exceptional surface lubricity and unprecedented tribological behavior. The oil film is constantly maintained and metal-to-metal contact is avoided, even under severe conditions.
"FriCSo's technology opens new horizons in the world of machinery and engines, and represents a breakthrough in tribology," said Benny Arbel, co-founder of FriCSo. "Implementing the new technology will enable manufacturers of machines and moving parts, as well as users, to extend considerably the life of their systems."
"FriCSo's innovative technology has already attracted the interest of leading engine and machine manufacturers worldwide, and the company has already started joint experiments with some of these manufacturers," said Dr. Amir Guttman, Managing Partner at Aviv Venture Capital, who will join FriCSo's board of directors. "FriCSo targets two major markets - automotive and heavy machinery. The automotive market is huge, but penetration is slow. However, in the heavy machinery market - which includes shipping, oil drilling and military industries - we may generate sales during 2005."
About FriCSo Ltd.
Founded in 2003, FriCSo (www.fricso.com) has developed a revolutionary proprietary technology that enables near-frictionless motion of moving parts. FriCSo's unique patent-pending Combined Micro-Relief (CMR) technology forms a highly stable, durable and uniform lubricant layer between the moving surfaces. The company's headquarters is located in Farmington Hills, MI, near Detroit - the heart of the US automotive industry. The R&D center is located in the Tirat Hacarmel industrial area, Israel. The company is owned by Aviv Venture Capital, LN Innovative Technologies, the entrepreneurs and private investors.
