Moodify, an Israeli startup that develops technology for the digitization of scent, announced on Monday that it has recently completed raising $8 million in equity financing. CPG giant Procter & Gamble is a key investor in the round. Other investors include Toyota Ventures, OurCrowd, Next Gear Venture Partners, and Taisho Pharmaceuticals.
Moodify has developed a platform in collaboration with leading Weizmann Institute researchers that enables molecular-level accurate control in the design of scent, through the use of neural network machine learning.
Whereas the sense of scent is considered essential for people, many companies that tried to create the optimal scent experience have come across difficulties and even failed on their way to realizing it. Moodify has taken a different approach, utilizing advanced subsets of deep learning to discover a connection between certain physico-chemical features of scent molecules and the way they are perceived by humans. This capability helps to digitally communicate and print scents via the internet. Moodify’s technology also enables to effectively and selectively control malodor.
“We are very excited to have a world-class group of investors and partners giving this vote of confidence and working together with us to enhance Moodify’s AI capabilities to an even higher level of accuracy and efficacy, and bring the revolution of digital scent to consumers within the coming years," said Yigal Sharon, Moodify’s CEO and co-founder.
Moodify was founded in 2017 by Yigal Sharon and Dr. Yaniv Mama, and is currently employing 25 researchers and developers in its R&D center in Tel Aviv. Following the round, Moodify will recruit about 20 additional R&D employees.