CTECH – Latest Israeli Innovation and Technology News July 29, 2022
The circle of life: Soluto died, but Israeli high-tech feeds off it. A rare peek behind the scenes of the high-tech crisis. The day after the sudden announcement of its closure, Calcalist visited Soluto’s offices and talked to its worried employees and heartbroken founder, as well as the other founder, who left the company a long time ago, and believes that what’s happening now is the best thing for both the workers and Israeli high-tech. Read more
How did Lemonade turn $145 million in stock to over $155 million in cash? The Israeli insurtech company completed the acquisition of car insurance provider Metromile on Thursday for 7.3 million LMND shares, which have fallen by 70% since the deal was agreed last November. Read more
Frontegg raises $40 million for user management platform for B2B apps. The Israeli startup’s solution provides user management infrastructure for B2B SaaS, handling the full user journey, from signup to subscription. Read more
NeuroSense Therapeutics and NeuraLight collaborate to detect ALS using AI. The collaboration between the Israeli companies will help the scientific community better understand Amyotrophic lateral sclerosis (ALS) and develop effective drugs to treat it. Read more
Annual Israel-Japan event mourns Shinzo, praises relations between the two nations. Big In Japan was hosted by SOMPO Digital Lab Tel Aviv, Aristagora VC, and held at the Pearl Cohen offices. Read more
“In the coming years we will eliminate the need for amniocentesis.” Oren Tadmor, founding partner and CEO of IdentifAI Genetics, was speaking during a panel at the finals of the StartUp+ competition sponsored by Calcalist and Poalim Hi-Tech. “The technology allows full genetic sequencing of the fetus, relying on a simple blood test from the mother, with close to 100% accuracy and through a non-invasive procedure.” Read more
Boarding Pass | “Our platform is changing the face of incremental marketing.” Israeli startup INCRMNTAL has raised an additional $4.1 million to help marketers measure the value of their marketing activities without the need for cookies and identifiers. Read more
Opinion | Save up nation: Israel can establish solar cities run by AI. Rocketing electricity prices have emphasized the need for a long-term solution to the global energy crisis, which should lead to a significant reduction in carbon emissions and damage to the environment. Oz Mendelsohn, a data scientist at DSG, believes that for Israel the road to reaching sci-fi cities is shorter than ever. Read more
PerimeterX to merge with HUMAN Security at estimated combined valuation of $1.5 billion. The Israeli company will join its U.S. competitor to provide holistic protection against fraud, malicious elements online, and attacks. The company will continue to expand its significant presence in Israel and expects to recruit 50 new employees. Read more
Apple setting up new R&D center in Jerusalem. The tech behemoth will be opening its third such center in Israel, with the Jerusalem site seeking engineers for the development of Apple’s M1 processors used in Mac desktops and notebooks. Read more
Teva reaches $4.35 billion settlement in U.S. opioid lawsuits, shares surge. Teva is set to pay state and local governments up to $3.7 billion in cash over 13 years plus a contribution of $1.2 billion worth of the opioid overdose reversal drug naloxone. Read more
Why are investors so pleased about Teva’s $4.35 billion opioid settlement? The settlement removes the cloud of uncertainty that hovered over Teva, which on the one hand prevented investors from placing trust in its stock, while on the other hand also prevented Teva management from making substantial moves. Read more
Marketing platform Skai sacks scores of employees. The Israeli company, formerly known as Kenshoo, is laying off around 30 employees, making up about 4% of its workforce. Read more
Israeli adtech company Tremor to acquire Amobee from Singtel for $239 million. Amobee was bought by Singtel for $321 million 10 years ago, but the Singapore telecom giant has been looking to offload its loss-making digital marketing arm to focus on core businesses. Read more
High-tech startups hit by downrounds as crisis deepens. Downrounds were nowhere to be seen in Israeli high-tech during 2021, but that has changed in 2022. For example, Israel’s Bizzabo is raising at a value of $200 million, a 30% decrease in value compared to its previous round in 2020. Read more
Pickommerce AI Robotics crowned winner of Calcalist and Poalim Hi-Tech’s StartUp+ competition. The startup’s Dumbo system is a robot that is able to analyze the item in front of it using AI, figure out how to hold it and how to arrange it inside a box in a smart and economical way. “The people who are here today will succeed, not necessarily because they will love what they do but because they will be curious about it,” said Michal Kissos Hertzog, CEO of Poalim Hi-Tech. Read more
MassChallenge Israel announces 10 startups as its 2022 accelerator program winners. The startups will receive an all-expenses paid roadshow to Boston and New York to meet officials, investors, and business leaders. Read more
Opinion | Israel is ready for CVCs. While locally traditional VCs are still dominant in the investment field, Efrat Shuster, founding partner of Shuster Law Firm, believes the time is ripe for CVCs to step up to the plate. Read more
Fiverr fires 60 employees as part of a refocus on core business. The NYSE-traded and Israeli-founded online gig marketplace will be laying off around 8% of its workforce. Fiverr shares have fallen by 66% in 2022 and by almost 90% from their peak at the start of 2021. Read more
Outbrain to oust 38 employees after losing 75% of its market cap in a year. The internet recommendation platform will be laying off around 3% of its workforce. Read more
PayPal alums raise $56 million for fintech startup Balance. The Israeli startup has developed a B2B e-commerce payments platform offering an online checkout with omni-channel support built for businesses. Read more
Cisco investing $10 million in cybersecurity startup Island. Island, which has developed a secure enterprise browser, received the funding as part of an extension of its Series B funding round in which it raised $115 million at a $1.3 billion valuation in March. Read more
Former Samanage team secures $21 million for new startup Viably. The Israeli startup, founded by Doron Gordon, who led Samanage to a $350 million acquisition by SolarWinds, has developed a free banking, insights, and financial management app designed specifically for small business owners. Read more
On the road again: Israel’s REE unveils an electric walk-in step van. The first Israeli commercial vehicle in decades is a delivery vehicle for the American market, which will compete with Rivian and General Motors. REE, which has lost 80% of its value on the Nasdaq since the beginning of the year, will produce the platform in its factory in the United Kingdom, its American partner will build the chassis on it and sell it to customers. Read more
Startups and entrepreneurs connect for the UK-Israel Collaborative R&D Call. Led by Innovate UK and the Israel Innovation Authority, startups from both countries can together apply for up to 50% financing of a collaboration project. Read more
The future of soccer: The sports technologies aiming to revolutionize the Beautiful Game. From a camera that will provide the audience with a player’s point of view, to a scarf with a unique NFT. The sports innovation center, HYPE Sports Innovation, will be showcasing sports tech startups in the upcoming friendly match between Tottenham and AS Roma taking place in Haifa. Read more
CTalk | “We are facing social crises with technology.” Assaf Shmuelevitz, CEO of Lev Kachol, explained how the company creates a positive social impact in an interview at the ‘Entrepreneur of the Year’ event hosted by Unistream. Watch full interview
“Unistream continues to be a part of the youths lives for the rest of their life.” Oded Tal, Managing Partner Claridge Israel and Board Member & Mentor at Unistream, spoke to CTech about Unistream’s success. Watch full interview
Opinion | Despite the slowdown in investments in high-tech, the Seed stage is still bubbling. “Unlike later-stage startups who may be struggling to raise enough funds to account for their higher valuation, pre-Seed and Seed startups are keeping their valuations manageably lower,” writes Nimrod Cohen, Managing Partner of TAU Ventures. Read more
Kira Radinsky’s Diagnostic Robotics raises $45 million Series B. The Israeli startup, which has developed an AI platform that helps predict which patients will benefit from proactive interventions and improve the point of care, has doubled its valuation to several hundred million dollars since its last funding round in 2019. Read more
So long, Soluto: A worrying trend as Israel-based R&D centers fall victim to tech giant cutbacks. Despite going through the classic route for Israeli high-tech startups, Soluto, which was purchased by American tech giant Asurion in 2013, was unable to survive the wave of cutbacks ravaging the industry. Sadly, Soluto won’t be the only Israeli company to experience such a fate. Read more
Yahoo expanding in Israel, names new local Managing Director. The internet giant has named Neetai Eshel as the new Managing Director of its R&D Centers in Israel, which include a center in Tel Aviv focused on development with engineers and programmers in the AdTech, video, and Data products, as well as a research site in Haifa. Read more
“Blockchain will replace all of the financial industry as we know it.” Shy Datika, Co-Founder and CEO at INX Digital Company, which operates a cryptocurrency and digital securities trading platform licensed by U.S and EU regulators, believes more regulation by governments will improve some of the pitfalls currently seen on the blockchain. Read more
“The solution for the climate is coming from the entrepreneurs and the institutions.” CTech spoke to RGREEN INVEST, a Paris-based investment management company that has come to Israel to help fight the climate crisis. Read more
“The word ‘crisis’ is not relevant to the reality of Israeli high-tech.” Tal Dori, CEO of IBI Capital, which manages trusts and options for employees in high-tech companies, doesn’t believe the local tech industry is in trouble, while Gali Meamen Sheffer, Vice President of Banking at Poalim Hi-Tech, noted that “companies are taking various measures aimed at extending the company’s runway.” Read more
CTalk | “The diversity in the teams, mentors and programs is one of Unistream’s biggest successes.” In an interview with CTech at the ‘Entrepreneur of the Year’ event hosted by Unistream, Michal Geva, Co-founder & Managing Partner at Triventures, shared her insights about integrating youth into the tech ecosystem. Read more
“We are trying to create a startup nation in the Negev.” Arnon Columbus, CEO at InNegev, shared his vision for the future of high-tech in the Negev at Unistream’s ‘Entrepreneur of the Year’ event. Read more
Asurion shutting down Israel R&D center Soluto, lays off all 120 employees. Soluto was acquired by the U.S. company in 2013, but will be closing as part of a reorganization being taken on by Asurion. Read more
AID Genomics closing Israeli R&D center, firing 400 employees. The global company rose to prominence in Israel over recent years following its activity in the Covid-19 testing market, but has decided to cut back its local workforce due to differences with the Ministry of Health. Read more
Is Pagaya the new GameStop? The fintech company’s stock, which plunged by 85% after merging with a SPAC, has suddenly been revived, surging back almost to its original value. Why? Likely due to speculators, who
specialize in intraday trading in stocks with low liquidity. Read more
Opinion | We will all benefit from the blue economy. Merav Niv Geva & Merav Tabib of Gross & Co. Law Firm, share how the Blue Economy will benefit both the environment and our pocketbooks. Read more
The warehouse robotics startups revolutionizing retail. E-commerce growth, lack of human capital and better automation capabilities have created a need for superior fulfillment capabilities. These four Israeli startups are stepping up to the challenge and changing retail logistics for the better. Read more
Smart mattress and fire-detection system among winners in Unistream ‘Entrepreneurs of the Year’ competition. A group of third year students from Netivot, who developed a mattress that wakes people up
and interfaces with electrical appliances in the home, claimed first place in Unistream’s ‘Entrepreneurs of the Year’ competition. In second and third places: a project to make closet shelves accessible and a system for monitoring fires with drones and 5G technology. Read more
CTalk | “Youngsters are the future, so anyway we can help them would be great.” Yossi Matias, VP at Google and Head of Israel’s R&D Center, talked about the various ways of supporting youth during Unistream’s
‘Entrepreneur of the Year’ event. Watch full video
“The main issue in the industry isn’t not knowing how to code, it’s about speaking the language.” Alon Arvatz, co-founder at Step2Tech, explained during Unistream’s ‘Entrepreneur of the Year’ event why he believes youth from various sectors are having trouble integrating into the Israeli high-tech industry. Watch full video
CTech’s Book Review: Following the Hero’s journey for startup pitches. Ben Wiener, Managing Partner at Jumpspeed Ventures, shares insights after reading “Science of Storytelling” by Will Storr. Read more
