Merchavia Holdings and Investments Ltd. has signed a Memorandum of Understanding (MoU) for its first investment in the Aura Smart Air, a company that deals with purification and air quality management using artificial intelligence technology. According to the MoU, Merchavia will invest $250,000 and will receive preference shares, which constitute approximately 1.93% of Aura Air's issued and fully diluted capital for its investment.
Merchavia's investment will be made at a $10 Million valuation and is a part of an $3 Million financing round. In experiments on COVID-19 that Aura Air conducted and is conducting with Sheba Medical Center, preliminary results showed that Aura's solution succeeded in eliminating COVID-19 by 99.9%. Aura Air is an Israeli company that has developed a platform for managing air quality in enclosed spaces through three phases: monitoring, analysis and air purification.
dedicated patented filters
The system monitors in real time the presence of airborne particles and gases inside and outside, and performs purification and disinfection of viruses, molds, bacteria and fungi using four dedicated patented filters. Aura Air recently completed pilots in office towers, hotels, residential buildings, and buses in the United States and other countries around the globe. The company also began a pilot designed to aid return to school routine in Israel by installing the system in classrooms.
In addition, the MoU stipulates that the companies will work to sign a marketing and distribution agreement under which Merchavia will be given the right to distribute and market the system in Cyprus and Greece for a period to be determined under the binding agreement. Completion of negotiations and signing of the binding agreement will be made within 30 days of signing the MoU.