Moodify Raises $1.6M Funding for Advanced Functional Scents
Company to present at IAA Frankfurt its joint solution with partner Valeo.
"This investment will enable us to execute on our plan to establish the company as a leader in the market, while continuing to develop Moodify scents," said Yigal Sharon, co-founder and CEO of Moodify. "The vote of confidence by Toyota AI Ventures, a leading investor in the mobility space, and Next Gear Ventures, one of the champions of automotive innovation, further indicates that there is a real need for Moodify's groundbreaking technology. Many industries have started to realize the power and significance of smell, and we are very excited to be a pioneer in this novel field."
Moodify's scent technology harnesses the power of implicit and explicit smells by emitting safe, non-intrusive signals that have an immediate impact on emotional and physiological condition, for example, by masking bad odors, reducing stress, or waking up someone who is drowsy.
Moodify's active scents are based on over 10 years of research on chemo-signals at the top science institute in Israel.
"We are very proud to deepen our partnership with Moodify after working closely together with the founders for the past 6 months through Drive Innovation Hub", said Tal Cohen, General Partner of Next Gear Ventures and Drive TLV. "The company's solutions for safety and well-being generate great interest not only from leading players in the mobility ecosystem but also from several other major industries offering numerous use cases. Although very powerful, using advanced scent technologies to solve-real world problems has very rarely been successfully achieved at scale, but we believe Moodify has great potential do so."
"Our mission at Toyota AI Ventures is to explore new innovations, and so we're excited by the potential of Moodify's functional fragrance technology, for automotive applications and other use-cases" said Jim Adler, founding managing director of Toyota AI Ventures. "Moodify's scent solutions are based on years of scientific research that tap into the powerful impact that smell has on our sense of well-being – whether to calm us, alert us, or enhance the perception of our environment. It's fascinating to experience the Moodify scents firsthand, and we look forward to their products becoming widely available."
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