Monday, March 10, 2008

CheckLight raises up to $3.5m from Whitewater

Water technology investment company Whitewater has confirmed a report by "Globes" from October 2007 that it is investing in water security start-up CheckLight Ltd.

Microbiologist Prof. Shimon Ulitzur of the Technion founded CheckLight, together with his daughter, Dr. Nirit Ulitzur, in 2001. The company’s technology uses light-emitting bacteria to identify pollutants in water in real time.

"Globes" reports that Whitewater's investment in CheckLight will be in made in stages. $1.75 million will be invested over the next 18 months, depending on milestones, the most important of which is the commercial launch of the company’s second-generation product. Whitewater has an option to double the investment to $3.5 million over three years, which will give it control of CheckLight.

According to the company, CheckLight's added value is its ability to warn about pollutants in real time, enabling preventative action to avoid unnecessary closing of water sources. Its technology is reportedly one of only eight recognized by the US Environmental Protection Agency (EPA).

Whitewater is managed by Chairman Ori Yogev and Co-Founder Hannah Gertler.