HYT and Preciflex announced today they had successfully
raised $23 million (CHF) for the launch of a new suite of Swiss made products
that are expected to be available on the market within 36 months. Investors
included the founders and existing shareholders, together with Peter
Brabeck-Letmathe and the strategic anchor investor, a Swiss-based private asset
management company that will also join the Board of HYT S.A.
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H4 Metropolis, available at Cellini Jewelers. |
HYT CEO, Vincent Perriard, commented: “We knew we had the
right idea, the right business model and the right people to make it happen.”
Combining liquids and mechanics is a great paradox, as for
more than 500 years; liquid has been the enemy of the mechanical movement. HYT
on the contrary actually works and plays with liquids to indicate time. With
this capital increase, HYT has now the financial strength to further develop
and bring enhanced technologies and new concepts to the market opening an
unprecedented era of creativity.
Co-Founder and Chairman of HYT and Preciflex, Patrick
Berdoz, added: “This is a singular opportunity for us to develop, grow and
expand and we thank all our partner investors for this exceptional vote of
confidence in our companies and in our people.”
The groundbreaking fluid technology is currently available
in the luxury independent watch industry with HYT’s mechanical timepieces that
use liquid to indicate the time. Launched in 2012, HYT’s watches are available
in 69 points of sale worldwide. HYT was awarded “Best Innovative Watch” of the
year by the Grand Prix de l’Horlogerie de Genève (GPHG) in 2012.
This Series C Financing will enable HYT to launch a new
proprietary and powerful movement allowing case size reduction in addition to
the introduction of multiple fluidic indications. HYT’s sister company, Preciflex, has various
applications in the fields of micro and meso-fluidic that can be utilized in
industries as diverse as the horological, automotive or medical sectors.
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