Carmel Ventures

Tel Aviv, Israel – January 30, 2007 – TeraOp Displays, a developer of innovative personal projection devices, closed a $7 million round of financing from BlueRun Ventures and Carmel Ventures. Yossi Hasson, General Partner of BlueRun Ventures, and Ori Bendori, General Partner of Carmel Ventures, have joined the TeraOp Displays Board of Directors.

TeraOp Displays was founded in 2006 by a group of highly experienced entrepreneurs led by CEO Pinny Chaviv. Prior to founding TeraOp Displays, Mr. Chaviv was with Star Ventures and before that served as an Executive VP in ECI Telecom.

“The availability of rich multimedia content inside portable and mobile devices, as well as new applications that benefit from sharing of video information, create a conflict between this rich content and the small displays available in these devices. Embedded personal projection capability in these devices is a highly desired feature. TeraOp Displays’ technology has the best fit to the requirements of this demanding application in terms of power consumption, cost potential and performance” said Pinny Chaviv, CEO of TeraOp.

Ori Bendori of Carmel Ventures, added, “The Consumer Electronics space is in constant search for new features that can be embedded into handheld devices. We believe that TeraOp’s revolutionary technology has an enormous market potential, and can propel the company to become a category leader in the area of micro-projection. We are excited about this investment in the Consumer Electronics area, and hope to find additional interesting investment opportunities in this space in the future”.

Yossi Hasson, General Partner of BlueRun Ventures(BRV-, said, "TeraOp Displays is developing technology that solves the problem of screen size, which is one of the most difficult problems in the field of mobile electronic devices. Before deciding to invest in the company, BlueRun Ventures examined over a dozen companies in the field in the United States, Europe, South Korea and Japan. We found that TeraOp Displays has an unfair advantage, which enables better, smaller and cheaper personal projectors, and has a real chance of being installed in mass mobile electronic devices." Hasson added, "The technology that the company is developing is a unique breakthrough technology in the consumer electronics industry, one of BlueRun Ventures’ focus areas. We intend to foster TeraOp Displays and help it become a successful international company via our global platform and unique network of relationships, especially in Asian markets."

TeraOp Displays develops a new generation of optically efficient, personal, projection devices. The devices are based on proprietary, patented, electro-static MEMS mirrors resulting in the highest possible optical efficiency and lowest overall power consumption. TeraOp Displays’ founding team has a long track record in bringing early stage technologies to mass markets, as well as deep experience in three generations of MEMS technology.

Launched in 1998, BlueRun Ventures is a leading early stage venture capital fund. BlueRun Ventures’ proven approach is to invest globally as a single fund in best-of-breed technologies and teams with the drive and ability to build leading global companies. BlueRun Ventures is headquartered in Menlo Park, California, with offices in Helsinki, Herzelia (Israel), Mumbai, Seoul, and Shanghai. For more information, visit www.brv.com.

Founded in 2000 by pioneers and leaders of the Israeli high tech industry, Carmel Ventures is one of Israel’s leading venture capital funds focused on information technology with $372 million under management.  Led by former entrepreneurs and executives of the software, communications and investment industries, Carmel provides active, hands-on support to its portfolio companies.  Carmel, headquartered in Herzliya, Israel, enjoys a worldwide network of industry, strategic and investment resources.  Carmel provides significant capital and support through the growth cycle of its portfolio companies and is recognized as a true company building fund in Israel. For more information, please visit www.carmelventures.com.