CTECH:Latest Israeli Innovation & Technology News Dec. 27, 2022
After the hangover of 2022, the real pain for high-tech will come in 2023. The big test of the upcoming year, which will decide which companies survive the crisis and perhaps get stronger and which will be closed or sold, will not be in capital raising but in business. Read more
She-Inspires | “I felt I needed to prove something, and failure was not an option.” Maayan Cohen-Haziz , Israel Site Manager & Global Director of HR at CyberProof proves, through her story, how important a strong support system can be. Read more
2022 VC Survey | “The Israeli tech market is proving to be resilient, productive, and competitive.” UpWest has joined CTech to share its views on how Israel has tackled the tech crisis in comparison to the rest of the world. Read more
Israeli businesses vow to fight discriminatory law: “We are obligated to do as much as we can to prevent discrimination.” Israel Discount Bank said it has updated its credit policy and said it would not lend money to groups that discriminate against customers on the basis of religion, race, gender or sexual orientation following calls by far-right members of Israel’s incoming government to revise anti-discrimination laws. Read more
Kornit CEO set for raise despite share price plummeting 85% in a year. The printing company currently has a market cap of just over $1 billion, falling from over $7 billion one year ago. However, Kornit’s board wants to increase Ronen Samuel’s overall compensation from $2.18 million to $3.4 million. Read more
Opinion | Will 2023 be the year of the secondary in high-tech? “With reasonable valuations and no need for raising new money, companies and shareholders may provide an opportunity for secondary shares sales at a more accommodating price for the buyers,” writes Efrat Shuster. Read more
The Israeli startups that benefited from Sam Bankman-Fried’s investments. SBF’s portfolio, allegedly amassed through extensive fraud and the stealing of customer funds, includes around 500 companies, including Israeli crypto startups StarkWare and Solidus Labs. Read more
High-tech helps Israel’s exports climb to record $160 billion in 2022. Services, led by high-tech exports such as programming and research and development, will likely account for 51% of total exports. Read more
Could Norwegian wealth fund dropping Israeli banks start a global trend? The sovereign wealth fund is considering stopping its investments in local banks that provide services to companies operating in the settlements. The fund recently announced it was selling its holdings in Israel-founded cybersecurity company Cognyte. Read more
Cognyte reeling after being dropped by Norway sovereign wealth fund. The Norwegian fund said that its ethics council found that several states that are customers of Cognyte’s surveillance products and services “have been accused of extremely serious human rights violations.” Read more
Know your options: Fired from a high-tech company? What can you do with the options? The wave of layoffs in high-tech is intensifying and thousands of workers hold options in the companies they left. Can they be realized or sold and what questions should be asked in order to make the most financially sound decision. Read more
Computer vision startup Brodmann17 facing liquidation. Former employees have filed a request with the Tel Aviv District Court, claiming they are owed money after the company shut down earlier this month. Read more
“Prophecies are only given to fools – and investors are not fools.” Maor Fridman of F2 Venture Capital joined CTech for the latest installment of “2022 VC Survey” to share insights and predictions for the year ahead. Read more
Moon Active acquiring Zen Match for estimated $100-150 million. The Israeli gaming unicorn purchased the mobile game along with the associated team from its Turkish developer, Good Job Games. Read more
Israel’s five most promising early-stage fintech startups. While the macroeconomic conditions have undoubtedly worsened this past year, Israeli fintech startups are continuing to build solutions to cater for the ever-growing need. Read more
The SPACtivism Era: Why Wall Street wolves are collecting shares in young high-tech companies. Seasoned Wall Street traders are taking advantage of companies issued through SPACs, looking to make easy profits from mostly small and inexperienced tech companies. Read more
Biomica raises $20 million for microbiome-based therapeutics. The Israeli company’s drug candidates are based on a rationally designed consortia of microbes, selected through high-resolution functional microbiome analysis. Read more
2022 VC Survey | “Good companies do hire, and good people will find interesting opportunities.” Among a slew of tech layoffs, Amiti Ventures offers some insights into what companies and employees can expect next year. Read more
She-Inspires | “I don’t feel guilty, maybe I should, but it’s not a feeling I have in my lexicon.” Liri Halperin Segal, Co-Founder and CEO at LeO, shows that it is possible to raise children, build a company and help others. Read more
Trending downward: How low can the job market go? Although the employment figures published this week are still good, the negative trend cannot be ignored. High-tech, for example, is still short of software engineers, but the demand has been cut in half. Is the Israeli economy heading for a soft or hard landing? Read more
Black soldier fly farming among new areas of focus for Israel Innovation Authority in 2023. The IIA has approved a budget of over $40 million for three new consortiums that will encourage the development of new technologies in three areas, including integrated photonics, and metamaterials and metasurfaces. Read more
Israeli nanotechnology startup Nanosono nets $2 million from Gadot Group. The Israeli startup has developed an advanced antimicrobial platform to eliminate pathogens and will collaborate with the Gadot Group, which specializes in chemical production and logistics and is a part of the group that won the tender to privatize the port of Haifa with the Indian Adani Group. Read more
CyberArk appoints Omer Grossman Global Chief Information Officer. Grossman joins CyberArk after 25 years in the IDF, most recently serving as the Head of the Cyber Defense Operations Center. Read more
10D raises $245 million for two new funds. The Israeli VC is aiming to make the most of early-stage opportunities at a time when more companies are seeking financing. Read more
SoftBank leads $9 million investment in AI pharma startup Quris. The Israeli startup expanded its Seed funding to $37 million and plans to use the additional investment to advance its Bio-AI clinical-prediction platform that simulates clinical trials. Read more
Uber competitor Bolt enters Israeli market. The company, which provides transportation services similar to Uber, food deliveries, and electric scooters for rent, published a job advertisement for private car drivers, who are not necessarily taxi drivers, but according to current Israeli law only taxi drivers are allowed to drive for a fee. Read more
2022 VC Survey | What has history taught us about how to handle next year’s tech turbulence? Gal Gitter, Partner and Managing Director at Ibex Investors, has joined CTech for its 2022 VC Survey series to predict trends in the year ahead. Read more
Technion receives $50 million gift to establish sustainability center for catalysis. The pledge from American philanthropists Lynda & Stewart Resnick, co-owners of The Wonderful Company, will establish a center designed to empower faculty and students to accelerate a sustainable future. Read more
