Electronics Production | July 27, 2010
Miortech gains Series B funding to market auto-dimming mirrors
Miortech has closed a Series B funding round with its existing partners BOM and Technostars and new investor Point One Innovation Fund.
The Rabobank Eindhoven-Veldhoven is providing Miortech with credit facilities totaling €2.25 million, guaranteed by the Dutch government under its Borgstelling Krediet (Security Credit) program. Dr. Hans Feil, Miortech’s CEO commented: “We appreciate the vote of confidence in our technology – the new funds will help us to accelerate commercialization so we can introduce products in 2011”. Since its formation in 2006, Miortech has focused on developing, producing and marketing auto-dimming rear-view mirrors for cars. The AlertMirror® darkens automatically to prevent car headlights from behind dazzling the driver. It comes in different colors enabling designers to match the rear-view mirror to the color of the car’s interior. An integrated ‘rear-camera display’ and other display features are on Miortech’s product roadmap."