CTECH: Latest Innovation & Technology News Aug. 25, 2023
Why did Jensen Huang credit an Israeli company for Nvidia’s remarkable success? The CEO of Nvidia directly credited the purchase of Israeli company Mellanox as an important part of the success of Nvidia, which is heading for an unimaginable annual revenue rate of about $50 billion. Read more
“The state of fintech in Israel is depressing – All the entrepreneurs have switched their risk tolerance to ‘OFF’.” Yonatan Mandelbaum, a Principal at TLV Partners, noted that even within the limited number of fintech startups that emerged in 2023, “I haven’t seen anything that’s genuinely new, interesting, or groundbreaking. Mostly, what we are seeing are companies that are essentially copycatting existing ones.” Read more
Cypago raises $13 million for cyber governance, risk, and compliance automation platform. The GRC platform combines SaaS architecture and advanced analysis and correlation engines, GenAI, and NLP-based automation, and provides coverage across all security frameworks and IT environments, including cloud-based and on-premises systems. Read more
Unemployment among software developers doubles in one year. Despite the low unemployment rate in Israel, the number of job seekers for each available position increased in the last 12 months by about 45%. The deterioration is especially evident in professions that are considered relatively strong in the labor market, like software developers and lawyers. Read more
MadeRight is harnessing fungi to create sustainable food packaging. The company has raised a total of $2 million to tap into the $350 billion food packaging market. Read more
Can Selina and WeWork find stability beyond the high-tech mirage? Shaping the future: Pondering Selina and WeWork’s Path to stability beyond high-tech illusions. Read more
Moshe Hogeg accused of defrauding investors of $290 million through sham crypto projects. The investigation into the former owner of Beitar Jerusalem unveiled his recruitment of numerous investors globally for projects that were never realized. Utilizing the raised funds, he funded an opulent lifestyle and paid dozens of women for sex. The case has now been handed over to the prosecutor’s office. Read more
China’s contribution to Arm: A double-edged sword for reviving the U.S. IPO market. Arm did not disclose the valuation it is aiming for in its Nasdaq IPO, but according to estimates it hopes to raise as much as $10 billion at a valuation of $60-70 billion – the largest IPO in the technology industry since Alibaba’s IPO in 2014. Read more
How EU’s Digital Services Act is revolutionizing online platforms. Turning point for the tech sector: Unpacking the impact of the Digital Services Act on Meta, Amazon, TikTok, Apple, Google. Read more
AI denial: Half of tech workers think the AI revolution will have little to no effect on their companies. Surprisingly, the employees who are at the forefront of technology and know how generative artificial intelligence works believe that it will not have an impact on the strategy of the organization they work for. Read more
Grip Security raises $41 million led by Daniel Loeb’s Third Point Ventures. “There are companies that previously secured funding based on unicorn valuations with our level of revenue,” said CEO Lior Yaari. Read more
AI startup Datagen on verge of closure after laying off almost all remaining workforce. The emergence of generative AI significantly hurt the Israeli company and led to major layoffs already three months ago, as well as negotiations with Meta for a potential acquisition, which never came to fruition. Read more
The rise of information brokers: Unveiling the underbelly of data accessibility. Uncovering how information brokers facilitate easy access to segmented data in Israel. Read more
Vesttoo revenue reached $110 million in 2022 prior to fraud scandal. According to a declaratory filing as part of the company’s Chapter 11, interim CEO of the company Ami Barlev revealed that Vesttoo’s revenue surged from $30 million in 2021 to $110 million in 2022. Read more
Closure of another criminal case will help Teva’s new CEO to focus on return to growth. The pharmaceutical company has reached a compromise after being suspected of price-fixing with other generic drug manufacturers in the US. In the first four years, it will pay $22.5 million and in 2028 – $135 million. In addition, the company will donate two drugs worth $50 million to humanitarian organizations. Read more
Palo Alto’s 134-slide presentation reveals the insides of the global cyber market. In-depth analysis paints crucial portrait of rapidly evolving cyber landscape. Read more
Global chip market paying the price for Nvidia’s success. AI chip scarcity exacerbates disparity: How startups and tech giants navigate the challenge. Read more
Tower Semiconductor: Shifting from Intel to India? With Intel deal off, Tower Semiconductor could find new ground in India’s thriving chip market. Read more
Arizona and Israel face similar challenges, strengthening ties between both states. High heat and a thirst for innovation bring the two regions closer than ever. Read more
Bad vibes from Goodreads: Amazon’s book review platform sells AI-written falsely attributed books. If a book was written by AI and attributed to a reputable author can the real author ask that the fake book be removed from their profile? Welcome to the world of Amazon’s Goodreads book review platform. Read more
EU regulators cast doubt over Qualcomm’s $350-400 million acquisition of Autotalks. The European Commission cited the importance of the deal to original equipment manufacturers and others who need access to vehicle-to-everything (V2X) semiconductors. Read more
Selina shares down over 96% from IPO price after single-day 41% plunge. The Israeli-founded hospitality company currently has a market cap of just $46 million, a far cry from the $1.2 billion valuation at which it went public last October. Read more
Opinion | The violent arrest of a high-tech entrepreneur: Another step in the erosion of Israeli democracy. The ongoing conflict within Israeli society highlights how the government is gradually yet consistently eroding democracy. This erosion is not limited to the so-called “legal overhaul” alone; the government is also employing tactics reminiscent of dictatorial regimes to suppress citizens’ protests against it. Read more
Arrow 3 missile deal: A fruit of diplomacy or necessity in the face of Russia’s aggression? Tracing the origins of the groundbreaking $3.5 billion arms deal amidst geopolitical turmoil. Read more
Opinion | Empowering Generation Z and Alpha with AI: Skills for the digital age. What’s the connection between AI’s dominance over our economy, our shaky futures, and reshaping the education landscape? Read more
Tower Semiconductor caught in tug-of-war between U.S. and China over chip supremacy. Intel’s $5.4 billion acquisition of the Israeli company faltered as geopolitical tensions reshape the chip landscape. Read more
Israeli tech startups increasingly opt for US incorporation amid judicial overhaul. While mass job relocation is unlikely, the shift of companies and intellectual property registration abroad raises concerns over tax flows. Read more
Beleaguered Vesttoo regains control of assets thanks to bankruptcy filing. The temporary restraining order preventing the Israeli startup from accessing its assets in the U.S. was lifted after it filed for Chapter 11 bankruptcy protection in a U.S. court a day earlier. Read more
Google pay: Google Israel will compensate app store users to the tune of $12 million. Users who purchased an automatically renewed subscription between 2010 and 2022 will be entitled to a 55% refund. This is a compromise that the company reached in a class action against it that concerns Google Play users, whose subscription was renewed without informing them. Google Israel: “We made changes to the way users cancel Google Play subscriptions in Israel.” Read more
Opinion | Israeli startups and the enterprise market: A roadmap for success in uncertain times. What should Israeli early-stage startups do in light of the current market trend? Where should they focus their efforts? And how does the judicial reform and the political situation in Israel actually have a positive effect on the potential growth of Israeli startups? Read more
