Tower Semiconductor Ltd. said Sunday it raised $48 million through the sale of convertible debentures to be listed for trade on the Nasdaq Capital Market under the symbol TSEMG and the Tel Aviv Stock Exchange as TSEM.C2.Russell Ellwanger, CEO of Tower said the offering was a strong vote of confidence in Tower by its shareholders and the financial community, "as demonstrated by the exercise of approximately 96% of the total rights." "The fundraising will allow us to continue to meet our customers' needs and help enable their success, as we drive the company towards further growth," he added. A 20 member delegation of Norwegian venture capitalists arrived in Israel Sunday to take part in the Israel Venture Association (IVA) conference in Tel Aviv today. The visitors form part of the Nordic Venture Network, an association of 12 leading technology VC firms in the Nordic region with approximately â‚¬3 billion under their combined management - nine of those will be represented at the conference. Their arrival marks the first business delegation from a Nordic country to arrive in Israel in five years, ending a boycott that began with the start of the Intifada. During their four day visit, the group will meet with Israeli VCs, public officials, incubators, and technology companies. Electronic equipment distributor Aloda has won a tender to represent Chinese company 4PLAY in Israel, giving it the selling rights of the company's MP3 and MP4 players. The 4PLAY products will join the Trekstor line of players which have been offered by Aloda for the past two years. The new product line will include an MP3 music player which doubles as a crystal hand bracelet from jeweler Swarovski. The four MP4 players on offer will allow one to download music and pictures, differing in the size of the screens, memory and price of each. One of these, the MP4 VOD will allow users to download videos on demand. Jerusalem-based software company Centico Ltd. has released its Centico Photo Album 1.0, a digital photo management application for Windows 2000/XP with advanced support for backing up photos. Centico Photo Album uses an advanced backup mechanism for digital photos called Time Warp Backup, which backs-up editing changes, such as cropping and sharpening, independently from the photos themselves. The computer applications product unit of importer I.E Mittwoch & Sons has started to sell the next generation disk on key based on the U3 platform. The technology reinforces the disk on key product U3 Intuix, which spear-headed the back-up and storage of data in the personal work environment with its ability to adapt to all computers.