Israeli AI image recognition Pomvom has completed its Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company raised NIS 38 million, selling a 28% stake to the public, at a company valuation of NIS 135 million, post money. The offering, which also includes tradeable options, was conducted by Leader Underwriters.
Pomvom’s platform offers amusement parks, and event organizers including arts performances and sport events, a solution encompassing a range of services for photographing visitors. During the Covid-19 crisis, the company acquired the proprietary technology of Picsolve, which had fallen into financial difficulties.
Pomvom already has partnerships with amusement park operators including Merlin Entertainment, the world’s second largest operator whose sites include Lego Land, Madame Tussauds, London Eye and more.
Pomvom was founded in 2015 and CEO Yehua Minkovicz said that the company’s product is revolutionary in photographic services for amusement parks. He said, “We estimate that our current agreements with companies operating amusement parks together with additional agreements that we are currently working on will support rapid growth of the company in the coming years during and after Covid-19.”
Published by Globes, Israel business news – en.globes.co.il – on March 4, 2021
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