CTECH: Latest Israeli Innovation & Technology News Aug. 14, 2024
Healthcare fintech PayZen raises $32M Series B and $200M in debt. The Israeli startup has developed a fintech platform that allows hospitals to receive payment in advance for medical treatment invoices, thereby enabling patients to benefit from interest-free payment plans. Read more
Healthtech startup DayTwo shuts down. Once one of the most promising medical startups in Israel, DayTwo raised $85 million in total, but failed to navigate market challenges. Read more
High-tech’s growing influence: 36% of Israel’s income tax comes from tech workers. Over a period of six years, nearly 100 billion shekels were collected from the income tax payments of high-tech employees. Read more
Israelis join Americans in flocking to Florida for business. Similar weather and low taxes have attracted Startup Nation to Florida for those seeking an eastside state to do business. Read more
Fitch cuts Israel’s credit rating, citing geopolitical turmoil. Gaza conflict and rising regional tensions drive negative outlook. Read more
Monday.com tops estimates, registers operating profit for first time. Current price:The Israeli software company ended the second quarter with an operating profit of $1.8 million, compared to a loss of $12.2 million in the corresponding period. The company raised its total revenue forecast for 2024 to nearly $1 billion. Read more
Lawsuit alleges Flex used guard surveillance, Facebook campaigns to stymie worker organization. The struggle of 3,500 Flex employees to unionize in Israel has reached the court, with a lawsuit in the amount of NIS 4 million being filed against the Israeli branch of one of the largest manufacturing companies in the world. Read more
How deepfakes are misleading swing voters in the U.S. elections. As the U.S. election approaches, deepfake content is becoming more pervasive, influencing voters who have not yet decided whom to support, posing a threat to one of the fundamental pillars of the democratic process and easing the path for anti-democratic forces to ascend. Read more
Get hired with AI: Tools and tips for job seekers. Uncover the AI strategies that can help you craft standout resumes and navigate the job market more effectively. Read more
Flint Capital raises $160 million to continue investment in Israeli entrepreneurs. The new fund will invest in roughly 25 companies with Israeli founders as well as Israeli pre-seed VC funds and European startups. Read more
The highs and lows of Amnon Shashua’s tech empire. Why the tech visionary behind Mobileye is facing his toughest business challenges yet. Read more
Israel launches multi-million initiative to attract top global AI talent. The 10 million shekel program will support recruitment of highly skilled AI researchers with advanced degrees and experience in the high-tech industry to bolster Israeli high-tech companies. Read more
Cisco set to cut thousands more jobs as part of AI and cybersecurity focus. As Cisco refocuses its business, another round of significant layoffs looms for the networking giant. Read more
AI, copyright, and the music industry’s next big fight. Suno and Udio challenge the monopoly of music giants, but face massive lawsuits for alleged copyright infringement. Read more
Embracing the pivot: How investors support startups in transition. “The initial idea is just the beginning, and the willingness to evolve and pivot can lead to extraordinary outcomes,” writes Avichay Nissenbaum, General Partner at lool Ventures. Read more
“There are a lot of things that women founders can do better than men.” Audrey Chocron and Cynthia Phitoussi spoke to CTech about founding and managing SeedIL Ventures which just raised $18 million for its second fund, about their journey as two female investors and founders in a male-dominated landscape, and how the war has impacted investment. Read more
JFrog loses a third of market cap after 2024 guidance cut. The software company’s weak forecast stands in contrast to many software companies of its size, including other Israeli firms, which have actually raised their annual forecasts. Read more
BAIBYS raises $4.5M Series A for AI-based system that selects ideal sperm for fertility treatments. Japanese pharmaceutical giant ROHTO joined the Israeli startup’s round as it prepares to begin sales this year. BAIBYS’ system examines sperm samples and automatically selects ideal sperm according to WHO criteria, both in terms of their motility and morphology. Read more
LightSolver awarded €12.5M from the European Innovation Council to advance its all-optical supercomputer. The Israeli startup was selected for the accelerator due to its first all-optical supercomputer that is more energy-efficient than classical computers. Read more
Top secret: Israel Aerospace Industries strikes mysterious $2B advanced weapons deal. The IAI announced the deal without providing specific details, not disclosing the country to which the system will be provided or the type of system involved. However, the deal likely involves an air defense system, with the IAI the developer and manufacturer of the Arrow 2 and Arrow 3 air defense systems, as well as the Barak 8 and Barak MX systems. Read more
Wiz secures multi-million SoftBank investment to expand in Asian cloud market. The Israeli cyber company, which recently rejected a $23 billion offer from Google, plans to double its workforce in Asia by the end of the year after recently recruiting dozens of employees in Japan, Singapore, Australia, and New Zealand, and establishing a new data center in Sydney. Read more
Up to 19 months of pay: What Intel is offering employees for early retirement. Employees with five years of service will receive four months’ salary, those with over 10 years will be entitled to 10 months’ salary, and employees with more than 30 years of service will receive 19 months’ salary upon retirement. Read more
Taboola’s transformational year: Revenue soars, losses narrow. Revenues up 29% in Q2, operating loss narrows significantly as Yahoo deal begins to pay off. Read more
Payoneer shares surge on optimistic guidance and $61 million acquisition of Skuad. The Israeli fintech company reported a 16% growth in revenue in the second quarter, but also a 29% decrease in net profit to $32.4 million. Payoneer also announced an acquisition that expands its services into global HR management. Read more
Wix surprises with consistent double-digit growth, boosts annual forecast. The Israeli website-building company continues to demonstrate a double-digit growth rate, with the fastest-growing segment being revenue from business partners who create websites for their clients. Wix more than doubled its operating profit in the second quarter, and revenues increased by 12%. Read more
