TEL AVIV – A new alliance has been formed by Twine Solutions, the world’s first digital thread dyeing system manufacturer and Coats, a leading industrial thread producer. The alliance is part of a move which has seen the latter become a strategic investor in Twine, an Israeli based technology start-up which has developed a revolutionary digital thread dyeing system.
Under the agreement, Coats will invest US$5m for a 9.5 per cent share in the company and a seat on the board. Both companies will now work together on an exclusive commercial partnership to market Twine‘s technology and launch it next year.
Twine Solutions was founded in 2015 in Israel by two brothers with extensive digital printing expertise. It currently employs 40 full-time workers and is situated close to Tel Aviv.
HP tech Ventures, as well as Twine’s existing shareholders, Landa Ventures and Gefen Capital also participated in the investment round.
Alon Moshe, Twine CEO and co-founder said: “By digitally dyeing thread, Twine brings a unique solution to a most basic and fundamental global problem. This basic component, thread, is prevalent everywhere and is literally in ‘every wear’. It is a primary and critical production bottleneck, limiting today’s manufacturing of textile goods, ever more pronounced with the advent and growing of mass personalisation and customisation.
“It is with much pleasure that we announce and welcome our new investors and partners, in joining Twine to meet these challenges and push the boundaries to great heights. Coats will not only join as investors, but as alliance partners to cross boundaries and transformations between digital and traditional frontiers among others. By addressing this singularity point, thread, Twine brings immense economical value, as well as brings paramount importance to the ecological benefits from its offerings and solutions, thus allowing for industry 4.0 to truly set in.”
Rajiv Sharma, Coats Group chief executive, said: “This is an exciting and innovative strategic move. We are investing in future technology which will improve our industry and its sustainability by directly addressing the key needs of our customers: speed, innovation and sustainability. The disruptive technology has the potential to revolutionise the thread industry and Coats will work closely with Twine to commercialise this opportunity.”