Handset Start-Up Modu Secures $100M

modujackets.jpgCellular technology start-up Modu Ltd., which is valued at $150 million, has secured $100 million in funding commitments from investors, according to Globes. It’s still trying to raise additional funds and is continuing to present to local and overseas investors. The company was founded just 18 months ago by Dov Moran, a seasoned entrepreneur who founded and sold M-Systems to SanDisk for $1.6 billion.

Modu, which has previously raised $20 million from Gemini Israel Funds and Genesis Partners, has developed a cellular handset that can upload all forms of data from telephone numbers to multimedia files via USB from any computing device. It uses a unique memory technology and also incorporates Flash memory technology.

The Modu itself is a mini-cellphone that can slip into a variety of “jackets”, created by Modu or by third parties, that turn the Modu into a larger phone with different unique capabilities. It can also be used just to provide connectivity to larger consumer devices already existing in the market.

For example, the Modu can be slipped into a “music jacket” to create a phone with strong music capabilities. Or it can be used in a camera to make a camera phone that actually has a good camera. Moran says that many types of jackets will be created and envisions users changing jackets frequently, like one does with clothes or fashion accessories.

Cellcom has announced that it would exclusively market the Modu handset in Israel. Modu is also in advanced negotiations on marketing agreements with leading global cellphone and handset manufacturers.

See a cool video on Modu here.


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