Israeli robotic solar cleaning service provider, Airtouch Solar, has completed an initial public offering to raise $18 million at a company post-money valuation of $124 million. The shares were purchased primarily from leading institutional investors in the Israeli capital market. Poalim IBI Underwriters, the law firm of Goldfarb Seligman, and the accounting firm BDO led the IPO. The company will now be listed under the Tel Aviv Stock Exchange under the title ‘ARTS.’
Airtouch Solar estimates that the target market for robotic cleaning solutions is worth about $11 billion as only 5 per cent of solar installations in the world operate using robotic cleaning solutions. Further, the company aims to increase its production capacity to meet the increased demand for its products and is also exploring the possibility of setting up a production site in India.
Airtouch Solar develops, manufactures, markets, and provides robotic cleaning solutions for photovoltaic panels used for solar projects. The company has its headquarters and manufacturing factory in Israel, and it is actively selling its products in its home country and India. Additionally, the company has intellectual property and patents in various registration stages in the world.
In December 2020, another Israeli startup for robotic cleaning solutions, Ecoppia, launched an IPO on the Tel Aviv Stock Exchange. The company secured $82.5 million in funding at a company valuation of $300 million.