AcousticEye Raises $6 Million in Funding from ICV and Sequoia

AcousticEye Ltd., a pioneer in non-invasive tube inspection for the global heat
exchanger and boiler NDT (non-destructive testing) markets, today announced
that it has raised $6 million in additional funding.

Led by Israel Cleantech Ventures (ICV), the leading venture capital fund focused
on backing Israel's emerging clean technology companies, the investment will
be primarily used for continued research, development and global
commercialization of the company’s breakthrough technology solutions.

Sequoia Capital, AcousticEye’s existing main investor and the venture capital
firm that has helped many of the world’s most successful companies, also
participated in this second round of funding.

"AcousticEye has introduced a disruptive technology for tube inspection that
delivers major advantages for users to significantly reduce operational costs
and contribute directly to improved profitability", said Mr. Matan Friedman,
Venture Associate at ICV. "We have been tracking AcousticEye for a while and
look forward to working with the team as they continue to increase their value
proposition and footprint in this large market space."

Sequoia Capital has a long history of partnering with founders to help them
build long-term, multi-billion dollar companies, including Google, LinkedIn,
A123, Yahoo!, Apple, and Oracle. "We back companies that are transforming
their industries", said Mr. Gili Raanan, General Partner at Sequoia Capital.

"AcousticEye has made significant strides in the development, deployment and
sales of its ground-breaking solution. It has the combination of a great product
with strong management and is well placed to make tube inspection more
efficient and affordable for many more companies around the world."

"We appreciate very much the confidence that ICV and Sequoia Capital have
placed in AcousticEye as we continue to build upon our momentum in the
market", said Mr. Yoav Harel, CEO of AcousticEye. "Our system has been utilized
in many of the industry’s most challenging jobs, inspecting hundreds of
thousands of tubes with accurate results and speed that are impossible using
today’s conventional techniques. With our technology approach now validated
in the industry, we are intently focused on achieving next stage growth that will
firmly establish AcousticEye as a game-changing solution provider."

About Israel Cleantech Ventures

Established in 2006, Israel Cleantech Ventures (ICV) is the leading venture
capital firm dedicated to providing value added growth capital to exceptional
entrepreneurs building Israel's leading energy, water and environmental
companies. The firm has $135M under management to date in two funds and
has completed 15 investments across diverse cleantech sectors, including clean
materials, waste water treatment, alternative energy generation, energy storage
& efficiency, green building, smart grid and in technologies that enable existing
industries to work in a more efficient and environmentally friendly manner. ICV
funds are backed by leading institutional investors and notable family offices in
Europe, the US and Israel.

About Sequoia Capital

Sequoia Capital is a venture capital firm specializing in seed stage, early stage,
and growth stage investments. The firm invests in all sectors with a focus on
energy, financial services, healthcare services, internet, mobile, outsourcing and
technology. Sequoia Capital was founded in 1972 and has offices in China,
India, Israel and the U.S.

About AcousticEye

AcousticEye Ltd. is a pioneer in non-invasive tube inspection for the global heat
exchanger and boiler NDT (non-destructive testing) markets. With breakthrough
capabilities for inspecting today’s most challenging tube sizes and
configurations up to 4", it is possible to inspect boilers, Fin Fans and other heat
exchangers in any shape or material. Ultra-fast, accurate testing can be
performed at a fraction of typical inspection cycle times and without extra
inventories of consumable probes and standards. Utilizing Acoustic Pulse
Reflectometry (APR) technology, AcousticEye’s Dolphin G3™ is a very advanced
yet easy-to-use tool. With its simple operation, automated analysis and report
generation, there are minimal training requirements and far less dependency on
operator expertise.