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Abramovich co-invests in Israeli StoreDot with Kazakhstan's Rakishev

17 june 2014, 23:58

Russian businessman Roman Abramovich has invested $10 million into an Israeli start-up StoreDot, a bio-organic materials based electronics developer, Tengrinews report citing RBK.

In May, the investment was finalized through Millhouse LLC, an investment company owned by Abramovich.

Last year Kazakhstani businessman Kenes Rakishev invested $34 million in StoreDot through his Genesis Angels venture fund, in which Yuval Rabin and Ehud Olmert are partners.

In April, StoreDot presented a charging device for mobile phones and smartphones that can charge a device in 30 seconds.

Besides, the company is currently working to develop bio-technologies-based displays. StoreDot produces efficient and eco-friendly displays with the use of non-polluting materials that in contrast to the traditional technologies that use toxic and polluting substances (cadmium selenide) are not harmful to human health. The company plans to open a research and development branch in the United States.

“We need to be closer to electronics companies with an end-to-end operation. There aren’t many like these in Israel. We also want to be closer to Silicon Valley in order to have better access to basic technology and to be able to commercialize our products,” the StoreDot’s CEO Dr. Doron Myersdorf said.

By Gyuzel Kamalova

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