Noveto Systems, based in Petah Tikva, announced on Thursday the successful completion of a bridge of $10 million from technology investors Adit Ventures.
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Noveto's device prototype, capable of beaming pockets of sound outside the listener's ears without the need for speakers or headphones and with minimal disturbance to people nearby, first debuted in November 2020, receiving global media acclaim.
The current bridge investment is made as part of the company's Series A fundraising to be further led by Adit Ventures to raise an additional $20 million by the end of 2021 and follows previous fundraising rounds during which the company has generated close to $25 million with the consistent support of the Brecht- Jammer family office and SAIC Fund.
The funds will support rapid expansion, with plans to triple the headcount over the next year. Along with opening a US office, the talent hires will help accelerate the delivery of Noveto's revolutionary first product.
