HYT and Preciflex announced today they had successfully raised $23 million (CHF) for the launch of a new suite of Swiss made products that are expected to be available on the market within 36 months. Investors included the founders and existing shareholders, together with Peter Brabeck-Letmathe and the strategic anchor investor, a Swiss-based private asset management company that will also join the Board of HYT S.A.
HYT CEO, Vincent Perriard, commented: "We knew we had the right idea, the right business model and the right people to make it happen."
Combining liquids and mechanics is a great paradox, as for more than 500 years; liquid has been the enemy of the mechanical movement. HYT on the contrary actually works and plays with liquids to indicate time. With this capital increase, HYT has now the financial strength to further develop and bring enhanced technologies and new concepts to the market opening an unprecedented era of creativity.
Co-Founder and Chairman of HYT and Preciflex, Patrick Berdoz, added: "This is a singular opportunity for us to develop, grow and expand and we thank all our partner investors for this exceptional vote of confidence in our companies and in our people."
The groundbreaking fluid technology is currently available in the luxury independent watch industry with HYT's mechanical timepieces that use liquid to indicate the time. Launched in 2012, HYT's watches are available in 69 points of sale worldwide. HYT was awarded "Best Innovative Watch" of the year by the Grand Prix de l'Horlogerie de Genëve (GPHG) in 2012.
This Series C Financing will enable HYT to launch a new proprietary and powerful movement allowing case size reduction in addition to the introduction of multiple fluidic indications. HYT's sister company, Preciflex, has various applications in the fields of micro and meso-fluidic that can be utilized in industries as diverse as the horological, automotive or medical sectors.