Velox bags multi-million funding to accelerate digital printing innovation for containers
03 Apr 2024 --- Velox, a developer, manufacturer and seller of industrial direct-to-shape digital decoration solutions for the rigid packaging containers market, has announced the closure of a US$38 million funding round led by Fortissimo Capital. The investment will bolster Velox’s global expansion efforts and drive innovation in high-speed, direct-to-container digital printing technology.
Yuval Cohen, founding and managing partner at Fortissimo Capital, says: “As long-term investors in various digital printing companies such as Kornit Digital, Nur Macroprinters, Diptech and Tritone Technologies, we recognize Velox’s revolutionary technology that we believe will significantly impact the beverage packaging decoration market.”
“We have been following Velox’s progress and decided that now is the right time to take a significant stake as we ramp up production of Velox’s reliable, state-of-the-art digital printers for beverage cans. We look forward to building upon the company’s talented team, customer wins, and pipeline of opportunities to further enhance and accelerate the company’s growth.”
“Paradigm shift”
Velox’s proprietary technology, based on “uniquely” formulated inks and dedicated deposition architecture, allows for high-speed digital printing on rigid cylindrical containers like beverage cans. The company says it “creates a paradigm shift” for the rigid packaging industry, enabling enhanced quality, efficiency and sustainability in decoration processes.
Co-founders (L-R) Marian Cofler (CEO) and Adrian Cofler (COO).Its commercial solutions include industrial-grade digital decorators for mass production of beverage cans, tubes and aerosol cans. Its printers require minimal setup time, catering to shorter-run customers and facilitating custom marketing communications directly onto containers.
Velox decoration technology reportedly eliminates hundreds of tons of shrink sleeves and plastic labels annually and allows for the recyclability of aluminum cans.
Furthermore, the company asserts that it can deliver “superior decoration quality and capabilities that outstrip the benefits of analog printing solutions while allowing for a more efficient and flexible production process, a low total cost of ownership and outstanding sustainability.”
Efficient and sustainable printing technologies
Velox is powered by a team with “wide-ranging experience in digital printing, led by veteran executives with proven success in driving company growth.”
The funding round, which saw participation from existing investors, including JAL Ventures, ORT Technologies, Ilan Holdings, Evonik, Waypoint Investors and Migdal Insurance & Finance, will support Velox’s efforts to expand its global reach, enhance technological expertise and cater to its rapidly growing customer base.
Marian Cofler, co-founder and CEO of Velox, emphasizes the increasing demand for efficient and sustainable printing technologies in the beverage packaging segment, stating: “We are seeing increased momentum in the beverage packaging segment for more efficient and sustainable printing technologies, which has impacted the growing demand for our industrial direct-to-shape digital decoration solutions.”
“We look forward to working with Fortissimo Capital and our existing investors to expand our global reach further, develop our technology expertise and scale our offering to serve our rapidly growing customer base.”
Packaging Insights recently published a special report on digital printing solutions with insights from industry experts at All4Labels and SIG.
Edited by Radhika Sikaria
