Swiss watch start-up announces CHF23 million series C round25.02.2016 14:33
Swiss based HYT and Preciflex announced today they had successfully raised CHF23 million for the launch of a new suite of Swiss made products that are expected to be available on the market within 36 months. Investors include Nestlé chairman Peter Brabeck-Letmathe.
The young Swiss companies initially set out to raise CHF15 million but, due to the level of interest from potential investors, decided to increase the amount of the capital raising. Co- Founder and Board Member of HYT and Preciflex, Emmanuel Savioz, commented ‘We knew we had the right idea, the right business model and the right people to make it happen. What we needed to bring the development and deployment of our technology to the next step was more financing and in doing so, we were fortunate enough to attract the right partners too.’
Co-Founder and Chairman of HYT and Preciflex, Patrick Berdoz, added ‘this is a singular opportunity for us to develop, grow and expand and we thank all our partner investors for this exceptional vote of confidence in our companies and in our people.’
Peter Brabeck among the investors
Investors included the founders and existing shareholders, together with Mr. Peter Brabeck-Letmathe and a Swiss-based private asset management company as a strategic anchor investor. Beat C. Burkhardt, President and CEO of Tetral SA will join the Board of HYT and Fulvio Maccarone, Head of Private Investments of Tetral SA will join the Board of Preciflex.
The groundbreaking fluid technology is currently available in the luxury independent watch industry with HYT’s disruptive and innovative mechanical timepieces that use liquid to indicate the time. Launched in 2012, HYT’s watches are available in 69 points of sale worldwide. HYT was awarded “Best Innovative Watch” of the year by the Grand Prix de l’Horlogerie de Genève (GPHG) in 2012. This Series C Financing will enable HYT to launch a new proprietary and powerful movement allowing case size reduction in addition to the introduction of multiple fluidic indications.
Preciflex has various applications in the fields of micro and meso-fluidic that can be utilised in industries as diverse as the horological, automotive or medical sectors. This Series C Financing will accelerate the development of a new fluidic watch for a wider market at different price points in addition to a new type of fluidic jewellery. The trademarked technology opens an unprecedented era of creativity in both these markets and it is expected that the new products will either be launched with strategic players or through a sister company under a new brand.