Berytech Fund, the Beirut-based seed capital fund, just announced a new investment in Dermandar, a Lebanon based technology startup focused on online digital image processing; acquiring a 35% stake of the company through the deal.
Dermandar (Arabic for all around), is a company that has developed online software that automatically creates panoramic pictures in a fast and simple way.
It enables users to take photos with any normal camera, create a panorama out of them using their online tool really quickly and then share it with the world. Basically what the tool does is it takes the photos the user took, looks at the edges of the photos for matching parts and then uses those to stitch the photos together into a bigger panoramic image.
This round of funding is aimed to help the team behind the startup, entrepreneurs Elie-Grégoire Khoury and Elias Fadel Khoury, to further develop the company’s solutions in the field of digital imaging and the mathematical algorithms that power them, as well as establish themselves as a heavyweight in the area of panoramic imaging worldwide.
With over $6M under management, Berytech Fund targets early-stage technology companies, investing in them for high-tech growth, providing both equity capital and guidance needed to succeed. The fund invests from $100K to $1.2M in any single investment and helps secure additional financing if and when needed.
Dermandar is the fund’s third investment since it was launched; however the exact amount of this investment wasn’t announced.
Elie-Grégoire Khoury graduated in Engineering from the Ecole Centrale in Paris and holds an aggregation in mathematics. He started his career in the field of videogames and was head of R&D at Ubisoft Entertainment. He met Elias Khoury, a bright student and major of his promotion in the academic realm and partnered to launch the company and product.