Landa Digital Printing, the Israeli digital press manufacturer founded by print technology pioneer Benny Landa, has filed for creditor protection in the Tel Aviv District Court as it battles severe financial distress. The company is seeking relief under Israel’s Insolvency and Economic Rehabilitation Law, following a significant cash-flow crisis and the cessation of investor funding.

According to court filings, Landa Digital Printing has accrued total debts of approximately USD 516 million (INR 4,310 crore), including USD 413 million (INR 3,450 crore) owed to secured creditors and USD 88 million (INR 735 crore) to unsecured suppliers and service providers. The company’s tangible assets, excluding intellectual property, are valued at just USD 127 million (INR 1,060 crore).

The Tel Aviv District Court has granted a 14-day freeze on proceedings, effective June 30, allowing the company to formulate a recovery or sale strategy.

Despite raising over USD 1.3 billion (INR 10,860 crore) in investments since its inception – including major backing from Germany’s Altana AG, SKion GmbH, and other strategic partners – Landa Digital Printing has struggled to achieve commercial viability for its much-anticipated Nanographic Printing Presses.

While the company reported revenues of USD 35 million (INR 292 crore) in 2022 and USD 47 million (INR 392 crore) in 2023, operating losses for those two years totaled over USD 312 million (INR 2,600 crore), with USD 148 million (INR 1,230 crore) lost in 2022 and USD 164 million (INR 1,365 crore) in 2023.

Extensive patent holder and serial inventor Benny Landa previously developed the Indigo digital press, first unveiled in 1993 and later sold to HP, which went on to successfully commercialize its ‘liquid ink’ digital printing technology. In 2011, Landa launched Landa Digital Printing, and at drupa 2012, he dramatically introduced what would become the company’s flagship innovation: nanographic digital printing, a process that uses ultra-small “nano” pigment particles to deliver offset-quality results at competitive speeds and running costs.

Though the technology drew industry-wide attention, its rollout was beset by delays and extended R&D phases. At drupa 2016, industry experts noted that color quality had reached a “good enough” threshold, and Landa presses were exhibited at both the company’s own stand and that of Komori. Some early orders were taken, with small advances paid, but Alpha and Beta units were only shipped in 2017, and full-scale production began as late as 2022.

At drupa 2024, the company showcased substantial improvements in print quality, including consistent color reproduction across diverse substrates during live demonstrations at the Landa Theatre. However, commercial traction remained limited. Of the 50 letters of intent signed at the show, only 11 have converted into confirmed sales to date. In total, the company is reported to have sold only around 50 presses globally.

In its court filings, Landa cited a combination of external pressures and internal financial instability. The ongoing geopolitical tensions in Israel, delays in customer payments, international shipping challenges, and a sudden halt in investor funding have been cited as major contributors to the company’s current predicament.

Landa Digital Printing has already begun scaling back operations, including significant layoffs across its Rehovot headquarters, and has appointed Deloitte as restructuring advisor. The company is currently in discussions with multiple potential investors and buyers. Industry observers believe that major global print technology players – including HP, Canon, Fujifilm, and Xerox – may express interest in acquiring Landa’s technology portfolio and assets.

Despite the setback, Benny Landa has expressed optimism that the company’s core innovations could still find a viable path forward. “We have built revolutionary technology, and we remain hopeful that it will continue to shape the future of printing – either through us or others who believe in its potential,” he said in a statement.

The coming weeks are expected to be critical as Landa Digital Printing navigates its restructuring efforts and explores strategic alternatives, including the potential sale of its technology and manufacturing assets.