Maker of liquid time-telling wristwatches and SIHH 2016 newcomers HYT have announced a successful fundraising effort for their upcoming new collections, with investors including Nestle CEO Peter Brabec-Letmanthe and a Swiss private asset management company joining the investor fold. Beat C. Burkhardt, President and CEO of Tetral SA will join the Board of HYT and Fulvio Maccarone, Head of Private Investments of Tetral SA will join the Board of Preciflex.
The self-described hydro-mechanical horologists intend to launch watches with a new smaller movement and Preciflex, which developed the liquid technology, will use the funding to further develop it for watches in other price segments and for jewellery (an interesting development).
HYT and Preciflex had initially aimed to raise 15 million CHF ($15 million) in their current round of funding.
The full press release can be read here.