The undisputable success of Microsoft’s Kinect motion-sensing input device changed not only the world of gaming but also the minds of technology investors, who used to regard the technology as unprofitable.
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.”
Full story via YnetNews