CTECH: Israel’s Latest Innovation & Technology News Mar. 14, 2024
Cyber decacorn Wiz acquiring Gem Security for $350 million. Israeli startup Gem, which has developed a Cloud Detection and Response (CDR) platform, has raised $34 million to date. Read more
Cyber startup Cyera targeting over $200 million in funding at $1.5 billion valuation. The Israeli data security company is set to triple its valuation from its $100 million Series B last June. Read more
US furniture giant Ashly Home to pay $1 billion to acquire online mattress platform Resident. The Israeli-founded Resident, a leading digital retailer and wholesaler of mattresses and bedding accessories, is estimated to have registered revenue of $900 million in 2023. Read more
Remote driving startup Phantom Auto announces closure, lays off over 100 employees. The company employed dozens of workers in Israel and had raised approximately $95 million to date. Read more
America’s regard for Israeli tech remains steadfast, says StageOne Ventures. Yuval Cohen, Founder and Managing Partner at StageOne Ventures, joined CTech for its 2024 VC Survey series to share how he sees the relationship between Startup Nation and the United States amid times of war. Read more
| Empathy raises $47 million Series B for platform that assists with grief and the loss of a loved one. In the past three years, Empathy has made a full range of assistance with grief, estate settlement, probate and more available to 5 million employees and 35 million policyholders across the US. Read more
Tech’s gender gap: representation isn’t enough without equal pay. A new report published by Compete, in partnership with Power in Diversity, Viola Group and Meitar Law Offices, shows that Israel’s tech sector is still rife with gender disparity particularly in executive roles and seed stage companies with a persistent wage gap. Read more Pecan AI parts ways with a third of its workforce in second round of layoffs. The startup is laying off approximately 30 employees, meaning that in a little over a year it has gone from around 130 employees to about 60. Read more After surging 900% to reach $1B market cap, Israeli drone camera company sets sights on accelerated growth. “Our efficiency allows us not to increase product prices and still maintain high profitability,” says Chen Golan, chairman of NextVision, which manufactures cameras for aircraft. NextVision doubled its revenue to $52 million last year, with net profit jumping 250%. The company is expecting 70% growth in 2024. Read more “The ingenuity and persistence of Israeli entrepreneurs are reasons to remain optimistic and bullish.” Shuly Galili, Co-Founding Partner at UpWest, joined CTech for its 2024 VC Survey to discuss why she remains optimistic regarding Israeli tech and the significance of maintaining a healthy communication with international bodies amid war. Read more |
“There is a pressing need to reposition the Israeli tech brand.” Rotem Eldar, Managing Partner and Co-Founder at 10D, joined CTech for its 2024 VC Survey series to discuss how the Startup Nation brand can recover from a tough 2023. Read more
“AI is an opportunity to close gender gaps.” The Shavot association has been working for six years to reduce gender inequality. In the flagship project “Girl’s Week” that took place last week, pioneering women gave inspirational lectures to girls and teenagers. Read more
NextVision revenue surges amid rising demand for drone cameras. The war sharply increased the demand for NextVision’s cameras, in addition to a jump in sales in Europe and the US following the war in Ukraine; the company ended 2023 with a 150% jump in net profit to $27.5 million; NextVision’s stock jumped by 302% last year. Read more
Less than half of Israeli climate-tech companies are focused on decarbonization. Investments in climate are increasing worldwide, but according to a new report less than half of Israeli climate-tech startups address decarbonization – the biggest problem with the most in-demand solutions and flow of investment. Read more
Opinion | Hackers can use ChatGPT too: How GenAI became a powerful cyber-weapon. “Balancing the encouragement of technological innovation with the prevention of social harm is a delicate task. Alongside the immense power of AI technologies comes great responsibility,” write Moshe Karako and Lilach Danewitz of NTT Israel. Read more
“The AI revolution is ten times bigger than the mobile revolution.” Legendary investor Shmil Levy, a former partner at Sequoia Capital, took a very unconventional route to the top. In an in-depth interview, he shares how the immigrant boy who dreamed of a military career and survived a near-fatal battle wound rose to become a leading venture capitalist and why it is so important for him to integrate ultra-Orthodox men into Israeli high-tech. Read more
Wiz eyeing hundreds of millions of dollars in new funding at over $10 billion valuation. According to the Financial Times, the cybersecurity unicorn, which has already raised $900 million to date, is in talks with investors including Thrive, Lightspeed Venture Partners and G Squared. Read more
eToro targeting IPO at over $3.5 billion valuation after surge in activity. CEO Yoni Assia told the FT that the trading platform has yet to decide whether it will go public in New York or London. Read more
Israeli high-tech pioneer Yehuda Zisapel passes at 82. Zisapel, together with his brother Zohar, who passed away last year, founded the RAD Group, which at its peak included more than 20 independent high-tech companies. Read more
The tech juniors crisis: 700 CVs for 20 jobs. With many more experienced workers in the market due to layoffs and downsizing, the lives of those trying to make their way into the tech industry are becoming much more difficult. Why do companies continue to recruit employees without experience and how can you increase the chances of being accepted? Read more
Randi Zuckerberg: “If information is created by AI, we must scrutinize its authenticity.” CTech’s virtual anchors, created using AI, discuss Zuckerberg’s fireside chat at Mind the Tech NY from a fully AI-powered newsroom. Read more
“Israeli entrepreneurs are better built and equipped to deal with tactical challenges.” Dina Pasca-Raz, Partner and Head of Technology at KPMG Israel, spoke to CTech at Mind The Tech NY to shed light on how Israeli tech “always delivers.” Read more
Fijoya raises $8.3 million Seed for employer-sponsored healthcare platform. The Israeli startup’s AI-driven recommendation engine matches employees with the precise health services they need from thousands of options available in the platform. Read more
Blackstone CTO: “There is a whole chain of companies needed for AI to exist, and among them you can always find opportunities.” John Stecher, CTO at Blackstone, was speaking in a conversation with Yifat Oron, Senior Managing Director; Head of Tel Aviv Office at Blackstone. Read more
Nir Erez stepping down as Moovit CEO after 13 years. Erez, who headed the company since its founding and through its $1 billion acquisition by Intel, will transition to the role of President and advisor to new CEO Nir Bezalel. Read more
Dozens laid off after Totango and Catalyst merge. One week after the Israeli and American companies announced they would merge, they are initiating significant cutbacks due to an “overlap in roles and functions.” Read more
