CTECH: Latest Israeli Innovation & Technology News 5/19/23
Secretive Israeli startup reveals AR laptop three years in the making. Sightful’s new laptop, Spacetop, has no physical screen and comes instead with augmented reality (AR) glasses. Read more
Anti-toxicity startup L1ght shutting down after acquisition falls through. The company, which developed technology to identify and analyze harmful online content, has notified all 22 of its employees that they are being laid off. Read more
Innoviz still far from translating potential to profits. The LiDAR company recorded just $1 million in revenue in the first quarter of the year and continues to bleed money despite buoyant partnership announcements. Read more
Senegal’s challenges at home don’t detract from its hopes for Israeli collaboration. Dr. Serigne Gueye Diop, Minister and Advisor to the President of Senegal for Agriculture and Industry, spoke to CTech about potential partnerships between the two nations. Read more
Intel Ignite names 10 deep tech startups for eighth cohort in Tel Aviv. Intel’s 12-week startup growth acceleration program will include startups from various tech industries, including: AI/ML, cybersecurity, hardware, and Web 3.0. Read more
Wix’s quick fix: Website builder increases full year growth outlook after cutting 18% of workforce. Wix reported a 10% growth in first quarter revenues to $374 million and now expects to end the year with 10-11% revenue growth, compared to 9% in its previous outlook. Read more
Zim leads $8 million investment in vehicle-inspection startup Spinframe. The Israeli startup’s AI-enabled platform creates “Digital Twins” for vehicles throughout the supply chain and detects anomalies from the assembly line throughout the vehicle journey to the dealership and end customer. Read more
SWAPP raises $11.5 million Series A to help architects with AI platform. The Israeli startup’s solution streamlines the creation and management of architectural construction documents. Read more
One star rating: Is this the end of the road for Uber and the like? After 15 years of grandiose promises, huge investments and IPOs, Uber, Lyft and DoorDash still aren’t making a profit. Read more
IDF computing unit alumni providing community to early-stage startups in a time of crisis. The Mamram Alumni Association accelerator program and co-working space are some of the ways it hopes to boost morale in an increasingly difficult climate. Read more
IBM acquires Polar Security for $60 million to help automate cloud data protection. The Israeli startup’s solution helps organizations see where data stores exist, which stores hold what information, who has access to this information, and spot and prevent data vulnerabilities and compliance violations. Read more
For the first time since 2008 the number of high-tech employees in Israel has shrunk. “Since the fourth quarter of 2022, we have seen a sharp decline in Israeli high-tech. We will see a continuation of the downward trend in the coming quarters as well,” said Dror Bin, CEO of the Israel Innovation Authority. Read more
Lemonade laying off dozens of employees, 3% of total workforce. Most of the employees being laid off hail from R&D departments based in Israel, meaning around 10% of the company’s workforce in the country is set to leave. Read more
Laguna Health lands $15 million Series A for AI-powered contextual care platform. The Israeli startup’s AI engine integrates medical care plans with social, emotional, and cultural factors to help care managers better support members’ recovery and ongoing care. Read more
Visual Layer raises $7 million in Seed for its visual data management platform. The company helps address the challenge of incorrectly labeled or broken images and videos that appear in data sets and affect AI models. Read more
NeoGames acquired by Australia’s Aristocrat in $1.2 billion deal. The Israeli-founded company, which provides services for regulated lotteries and gaming operators, is being bought out at approximately a 104% premium on its Nasdaq stock price. Read more
Monday.com expecting a profitable 2023 after recording 50% revenue growth in Q1. The Israeli software company’s stock soared after it raised its annual revenue forecast to $702-706 million. Read more
UK Ambassador: “I don’t think anyone comes to Israel and is not convinced that technology is the future.” Outgoing UK Ambassador to Israel Neil Wigan spoke to CTech about his time at the post and some of the lessons he’s learned along the way. Read more
From chip shortages to global chess: Geopolitical struggles are reshaping the semiconductor industry. Given the ubiquity of digital devices in our everyday lives, the need for semiconductors hasn’t shown any signs of stopping, but challenges such as US-China tensions are complicating matters, writes Renana Ashkenazi, General Partner at Grove Ventures. Read more
CryptoHub raises $6 million led by Tectona at $30 million valuation. The Israeli startup’s first project is CoinScan.com, a platform for displaying trading information in real time and providing resources for traders to perform analysis and research. Read more
Top gear: Israeli autotech cruises along despite high-tech crisis. Israeli startups in the sector have registered impressive funding rounds and exits this year, as well as collaborations with some of the biggest names in the industry. Read more
Mind games: Where does creativity come from? A groundbreaking new study, conducted at Beilinson Hospital, examines what goes on in the minds of artists, in an attempt to decipher one of the most elusive features of the brain: creativity. Read more
Google goes on the AI offensive with a new and improved Bard. Google has made its chatbot available in 180 countries with a slew of new features. Read more
Beresheet 2 lunar mission loses chief donors due to economic and social situation in Israel. The group of donors that invested $45 million in the Beresheet 2 mission announced that they will stop further funding. They will continue to support the educational activities of the SpaceIL organization. Read more
Opinion | Earn-outs: bridges leading to an exit. “Earn-outs, the legal jargon for conditioning and deferring part of the purchase price in an exit on the achievement of certain agreed milestones, are an established tool for compromising on the valuation of a company,” writes Adv. Ariella Dreyfuss, partner in the Corporate and M&A Department of Barnea Jaffa Lande. Read more
