CTECH – Latest Israeli Innovation and Technology News Aug. 12, 2022
Wix announces $150 million cost-cutting plan as bragging backfires. Just three months ago the company’s CEO boasted on social media that the only cuts he will be making will be in the brand of alcohol at the company, but this week it already announced the laying off of 100 employees. Read more
Equalum secures $14 million Series C for data integration solution. The Israeli startup’s platform continuously and natively supports all use cases under a single unified platform without the need for custom coding. Read more
Despite layoffs and talk of a recession, Israel’s high-tech sector remains optimistic. A survey by the Central Bureau of Statistics, which examined the expectations of company managers in the high-tech sector, found that 51% of companies expect an increase in activity in the coming year. Read more
Opinion | Healthcare systems neglect women with chronic conditions and tech can help. “Technology is already changing how we engage patients in precision care. By embracing the latest advances in precision engagement, healthcare providers can make sure that women – and all patients – receive the chronic care they need,” writes Keren Shavit, Co-Founder and COO at Sweetch. Read more
Appointment | Panorays appoints Nir Livni as VP of Products. Livni previously served as VP of Products at BIgID and Checkmarx and as a Product Manager at CyberArk. Read more
Wiz sets sights on $1 billion in revenue after quickly reaching $100 million. The Israeli cybersecurity startup reached $100 million in annual recurring revenue (ARR) just 18 months after hitting $1 million. Read more
Mesh Security emerges from stealth with $4.5 million Seed round to improve Zero Trust in the cloud. The Israeli startup implements Zero Trust principles across a company’s XaaS estate in minutes. Read more
16 companies graduate from Meta’s first B2B Disruptors Program in Israel. The program, which ran for seven weeks, included strategic and practical content for early-stage B2B product-led startups. Read more
NBA superstar Giannis Antetokounmpo joins Antidote Health as ambassador and investor. “I believe that every human being has the right to affordable quality healthcare, no matter their race, location or circumstance, which is why I am proud to join forces with Antidote Health,” said Giannis. Read more
Was ironSource just a pawn in a game between Unity and AppLovin? A month after the announcement of the expected merger between ironSource and gaming platform Unity, U.S. giant AppLovin submitted an offer to merge with Unity as long as it cancels its deal with the Israeli-founded company. Read more
Israeli tech employees netted staggering $4.5-6 billion through options in 2021. The Tax Authority’s report reveals the huge sums that flowed into the accounts of 200,000 high-tech employees. Read more
Israeli startup FairFly lands major deal with travel giant BCD. The deal will see BCD integrate FairFly’s tech and is estimated at $10-$15 million per year for 5-10 years. Read more
The challenge: To feed 10 billion people with healthy food by the year 2050. Global warming, problems in the global supply chain and the spike in the number of humans on the planet are some of the catalysts for new developments in the foodtech industry, where Israeli high-tech is emerging as a global leader. Ahead of Calcalist’s Foodtech Competition, industry executives identify the challenges and trends in the field. Read more
Opinion | Sustainability innovation is a concern for startups today and tomorrow. While most startups think of transitions in terms of transitioning from a startup to scale up or from a service to a product, transitioning also means being able to adapt to market and regulatory changes, writes Galit Palzur. Read more
Wix laying off 100 employees. This will be the second significant cost cut by the company since it announced its intention to reduce expenses earlier this year, with Wix parting with several dozen employees when it closed its subsidiary Wix Answers in June. Read more
Fintech unicorn Melio fires 60 employees. The Israeli company raised $250 million at a $4 billion valuation last year, but said that due to a shift in product priorities it will be parting with 60 team members across its sales and customer success team. Read more
Kaltura cuts 10% of workforce as growth stalls and takeover looms. The Israeli-founded video creation and distribution company is laying off 80 employees, 30 of them in Israel. Read more
Privya raises $6 million Seed round to tackle data privacy challenges in cloud applications. With privacy fines at an all time high, the Israeli startup’s data privacy code scanning platform ensures that private and personal information is kept safe before code is deployed to production. Read more
Shopic raises $35 million Series B for smart cart solution. The Israeli company’s computer vision-based clip-on device turns any regular shopping cart into a smart cart. Read more
Peregrine Ventures announces new consortium to invest over $90 million in medical startups. The new members of Peregrine’s Incentive Incubator include global pharmaceutical giant Bristol-Myers Squibb (BMS), medical devices and diagnostics company BD (Becton Dickinson and Company), Elbit Systems, and institutions such as Tel Aviv University, Ben-Gurion University of the Negev, and Shaare Zedek Medical Center. Read more
Lemonade shares surge despite continued losses. The Israeli insurtech company concluded the second quarter of the year with a loss of $68 million, but presented a 77% jump in revenue to $50 million. Read more
“Only 1 in 50 applications is a woman entrepreneur, so I thought how can I create awareness.” In an interview with CTech, Lee Moser, Managing Partner and Founder at AnD Ventures, talks about her unique fund and what she is doing to support other women entrepreneurs. Read more
Boarding Pass | Altooro’s platform helps companies “evaluate skills, not resumes.” The company has raised $2.5 million to scout hidden gems and identify creative users, superstars, and outliers for the tech sector. Read more
Qualitest acquires India’s ZenQ, adds over 600 engineers. The Israeli-founded company continues to expand after completing at least four acquisitions across Europe, the U.S., and India in 2021. Read more
Current crisis not on same scale as dot-com bubble, says Bank of Israel. A study conducted by the central bank on the consequences of the crisis on Israeli high-tech noted that only 9% of high-tech jobs are exposed to a high risk of layoffs. Read more
Monday.com registers 75% increase in revenue, shares surge. TheIsraeli enterprise software company said its revenue in the second quarter of the year reached $123.7 million. Read more
Stratasys acquires Covestro AG for $43.8 million. The purchase will help the acquiring company with next-gen materials development. Read more
“Invite more people to dream with you, that’s how you will succeed.” Idit Gazit Berger, Head of Digital Native at Microsoft, shares why Digital Native is significant, how being a woman has shaped her decisions, and what she has learned throughout her journey. Read more
CTech’s Book Review: Achieving equilibrium with our work/life balance. Ifty Kerzner, Co-Founder and President of Kissterra, shares insights after reading “The Giving Tree” by Shel Silverstein. Read more
Rescana appoints Yigal Unna to its advisory board. Unna is the former Director General of the Israel National Cyber Directorate where he reported directly to the Israeli Prime Minister. Read more
Airtouch Solar appoints Tal Laufer as CEO. Formerly the CEO of Spectronix-Emerson, Laufer will be responsible for leading Airtouch’s growth strategy in Israel and abroad. Read more
“We will need another bubble to get to the valuations we had last year.” In an in-depth Q&A, CTech picked the brains of angel investor and Salto co-founder Benny Schnaider, serial entrepreneur and Kissterra’s chairman of the board Reuven Ben Menachem, and Atera CEO and founder Gil Pekelman, to gain perspective on the current crisis and where it’s headed. Read more
Five enterprise browsers and extensions to protect your security online. The space for protecting user privacy and safety is becoming more crowded, with hundreds of millions of dollars being invested in new companies from Israel. Read more
“Synchrony is making respiratory treatment accessible for patients all around the world.” In an interview with CTech, Anat Shani, CEO at Synchrony Medical, elaborates on her lifesaving technology, why she feels gender doesn’t play a role in the biomedical industry, and shares her tips for success. Read more
ActiveFence appoints Nurit Cohen Inger and Shahar Tarshish to executive roles. Cohen Inger will be VP of Product AI & Data, and Tarshish will serve as EVP of R&D. Read more
Opinion | Natural disasters are increasing – time to leverage the potential of tech for insurance. Climate change is one of the world’s most pressing issues, and its serious effects are felt globally. For the insurance industry, advanced technology will be essential to adapt to and mitigate climate risks. Read more
