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Biotechnology startup Sol Gel in process of raising $8 million, D&A reports

Company has developed proprietary micro-sphere technology being applied to cosmetics industry

Biotechnology startup Sol Gel Technologies is raising $8 million from existing and new investors, reports hi-tech information firm Dolev & Abramovitch.

Beit Shemesh-based Sol Gel, founded in 1997, has developed a proprietary technology to entrap organic and inorganic molecules in glass for the healthcare and environmental industries.

Its first product line consists of UV-filtering molecules encapsulated in inert cosmetically-acceptable glassine micro-spheres that do not penetrate the skin.

In March last year the company secured $3.5 million at a post-money company value of $7.8 million from Evergreen Canada Israel Investments, Apcon, and Millennium Material Funds, among others.

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According to D&A, the company managed to lift its value for investment purposes since its last round.