Another Scitex investment is folding. The Rehovot based PrintLife is closing up. Scitex may have to write off more than $4M.

PrintLife Closes Up –

Source: 3/16/01 “WhatTheyThink”

Boston based PrintLife has ceased operations, according to CEO Meg Weston.

Weston told WhatTheyThink that market

conditions overwhelmed the company. “Unfortunately, the capital markets

changed dramatically. We were unable to find new investment, and current

investors were unable to carry the company forward to profitability.”


Those current investors included Jafco Ventures, Israel Seed Partners, Apax

Partners, Scitex, Mitsubishi and DOR Ventures. PrintLife had just secured

$10 million in funding last fall. PrintLife developed a technology and

service that enabled users to send images from digital cameras over the

Internet, to be printed in high quality albums. The company patented

PhotoBook Publisher software which created bound, hardcover picture books

with customized page layouts, selected backgrounds and personal captions.

With print facilities in Japan and in the United States the company used

Indigo digital color printers exclusively.


In a letter posted at the company’s web site, Weston said Printlife

determined the unsettled economic environment and the recent volatility in

the digital imaging marketplace made it impossible to raise money.


The funding was to help support Printlife’s marketing and business

development efforts and maintain its manufacturing facilities in Japan and

the United States. According to a recent earnings statement, Scitex invested

$4.6 million in the company and owned 13.7% of its shares. We were unable to

confirm investment figures from other partners.


Printlife was led by former industry executives from Konica, Kodak, Fuji,

Indigo, and Polaroid.



If you log into you’ll find this letter from the CEO:


To Printlife Friends,

Printlife announced today that it is discontinuing its operations. As of

March 7, 2001 the company will discontinue its marketing and manufacturing

in the US and Japan, and research and development in Israel.

Although the company has successfully launched its business in Japan and the

US, the tightened venture capital markets were not receptive to the ongoing

capital needs of the company. Printlife has found that the unsettled

economic environment coupled with the recent volatility in the digital

imaging marketplace made it impossible to raise the additional capital

necessary to sustain the business.

As employees of Printlife we are all tremendously disappointed. Come the end

of the day we all feel proud to have created a product that customers love

and launched it globally. Many people have believed in the product and the

vision, and dedicated tremendous effort, energy and resources in a short

period of time to make it a reality.

We want to thank all of our investors, suppliers, partners and other friends

for your help and support over this past year.

Meg Weston, President & CEO