Moodify, a Tel Aviv, Israel-based company that is developing advanced scent solutions for improved performance and well-being, raised $1.6M in funding.
The round, which brought total funding to $2.3M, was led by Next Gear Ventures, with participation from Toyota AI Ventures.
The company intends to use the funds to expand its business reach while continuing to develop its scents.
Co-founded in 2017 by Yigal Sharon and Dr. Yaniv Mama, Moodify develops active scents for people to improve their performance, enhance their well being and increase their safety. Based on more than a decade of research at the Weizmann Institute of Science in Israel, the company’s scents affect the olfactory sense in a non-invasive and safe manner.
The first product, Moodify White, will be exhibited at the IAA show in Frankfurt this September in the VALEO booth. VALEO, a leader in automotive interior air quality, wants to complete its product portfolio with a solution that removes the negative impact of interior bad odors, and had teamed up with Moodify to develop an innovative product.
The company was selected for Capsula, a TAU & the Israeli Government accelerator, and is a part of the Renault-Nissan Innovation Lab (TLV CityZone) and DriveTLV innovation Center for Smart Mobility.