Elven Technologies Attracts $160,000 Investments
Elven Technologies has attracted investments of $160,000 as part of the first fundraising round, where nine investors have taken part, including the US venture studio Technovate, founded by Azerbaijani investors.
Thanks to the mentioned investments, the Georgian Startup has also obtained a co-funding grant from the Georgian Innovation and Technology Agency (GITA). ELVEN Technologies is the Georgian Startup that manufactures high-technology firefighting uniform. The attracted financial resources will be spent on testing and improving the product. The company team is represented by Vamekh Kherkheulidze, Aleksandre Chubinidze, Giorgi Gabarashvili, and Bela Butskhrikidze. They have created an absolutely fire-resistant product that integrates the internal cooling system for the whole body. This product has no analog on the global market yet. These two new and important components will tackle all problems of firefighters. “Firefighters always face two problems: the threat of physical injuries and burning and mental stress. Many studies confirm this consideration. Psychological stress arises from a sense of vulnerability. Every morning firefighters wake up with the feeling that they may not return home alive. And this uniform neutralizes an important part of this stress. Firefighters will make sure that the product represents guarantees their safety”, Vamekh Kherkheulidze said.
The Elven Technologies team conducts constant meetings with firefighters and managements of firefighting services to make its product capable of resolving the existing challenges and meeting the market demands. The team plans to carry out product validation in Georgia. Besides safety, the uniform also examines the health condition of firefighters and transmits the information to the control hub. “The major progress in innovative development of firefighters’ uniform was recorded in the 1960s-1970s.
Since then, smaller micro innovations were carried out from time to time, but no essential breakthrough was achieved. Thus, our product represents the same breakthrough that smartphones brought after the generation of mobile phones. iPhone has entirely changed the industry, has not it? We plan to do the same”, Vamekh Kherkheulidze noted.