ZIM announces additional investment of $5mn in Sodyo

NYSE-listed ZIM Integrated Shipping Services announced the closing of an approximately $5 million Series B financing round in Sodyo, a developer of next generation scanning technology.

"Sodyo's next generation scanning technology creates highly functional offline to online (O2O) solutions that allows businesses to access information and understand their workflows, and enable online interaction with customers," says a statement from ZIM. "Using customisable colourful markers, Sodyo's Visual Code takes scan technology beyond the QR code to operate on any media (outdoor or indoor, print or digital, mobile or stationary) from much greater distances than with any other technology, scanning multiple markers at one time and under a wide variety of environmental conditions."

The proceeds of the investment are "intended to further develop Sodyo's technology and expand its implementation including ZIMARK's, a Sodyo-ZIM joint venture dedicated to applying Sodyo's scanning technology to the logistics sector and supply chain processes."

Eli Glickman, President and CEO of ZIM, says: "Sodyo continues to make important progress in developing its revolutionary scanning technology. Under the leadership teams at Sodyo and ZIMARK, the two companies have executed a number of successful POCs that demonstrate the potential this technology has to become the new global standard for scanning technology – with business uses and applications in various industries. We are excited to continue supporting Sodyo and ZIMARK, and believe they hold potentially significant value for ZIM. Furthermore, we will continue to leverage our position within the startup ecosystem in Israel to identify other attractive innovative technologies and companies, complementary to ZIM's core business, that can serve as growth engines for ZIM."

Alon Raz, CEO, Sodyo added: "We are proud to have ZIM as a strategic partner and once again win their vote of confidence. ZIM's global network and business expertise in verticals Sodyo is currently focused on, has already had a tremendous impact, and with this additional investment, we will be able to step up our efforts in making Sodyo's groundbreaking scanning technology a worldwide standard."