CTECH: Latest Israeli Innovation & Technology News Aug. 21, 2024
Johnson & Johnson to acquire Israeli medical device maker V-Wave for up to $1.7 billion. V-Wave’s device is implanted in the heart through a minimally invasive procedure to help reduce heart failure and other events. Read more
Palo Alto’s platformization strategy pays off: revenues soar to $8 billion. Next-gen systems developed in Israel drive significant growth and position the company for further success. Read more
Google backs Energix in $1.5 billion deal to fuel US renewable energy growth. New deal set to power data centers and drive AI with renewable energy solutions. Read more
GM lays off dozens in Israel as part of worldwide job cuts. The layoffs affect GM’s critical software and services sectors, with a global impact. Read more
Kubiya raises another $6M for AI assistant for DevOps teams. The Israeli startup took its Seed funding to $12 million after initially raising $6 million in October 2022. Read more
The fall of Lusix: Inside the collapse of Israel’s synthetic diamond pioneer. The company has submitted a request for a stay of proceedings to the court due to debts of about $28 million. According to the company, it needs six weeks to complete a merger with another company, after which shareholders will inject $22 million. Lusix has raised over $150 million to date. Read more
Proptech startup Localize shuts down US operations amid real estate crisis. The volume of real estate transactions in the US has decreased significantly in the last two years, leading to a reduction in the company’s activities that provide data tools for apartment buyers and agents. However, sister company Madlan’s activities in Israel will continue as usual. Read more
DreaMed secures $3M and strategic deals amid CEO’s reserve IDF duty. The AI solution developed by DreaMed is designed to provide treatment recommendations to millions of people with diabetes who do not have access to endocrinologists. Read more
XRHealth is taking physical patient care into the digital world. The Israeli company has introduced virtual reality to healthcare professionals and patients looking to change the way therapies are delivered and measured. Read more
Zim surges on strong Q2 performance and upgraded forecasts. A booming container market prompts Zim to sharply upgrade its annual profit outlook. Read more
Startup Nation CFOs discuss the impact of war on Israeli high-tech. CTech was joined by three CFOs – Overwolf’s Moran Izhaki, Artlist’s Noa Zabar, and Bits Of Gold’s Omri Donyo – about the challenges of managing a company’s finances during wartime. Read more
Benny Landa’s synthetic diamond company facing insolvency. Lusix, a company that manufactures lab-grown diamonds, has informed its creditors of its intention to file for insolvency, after unsuccessfully seeking a $15-million cash injection from shareholders. Read more
Tech entrepreneur purchases $4.6M penthouse in Tel Aviv’s high-demand market. Tufin co-founder Reuven Harrison and wife invest in a prestigious property, signaling confidence in the city’s real estate sector. Read more
Israel’s arms industry profits soar as wars fuel billion-dollar contracts. With conflicts intensifying, Israeli defense companies see record orders, boosting the country’s military-industrial complex. Read more
Has Israel become too risky for foreign capital? Credit downgrades and rising CDS rates highlight deepening economic woes. Read more
The biggest global VCs are secretly battling over Israeli defense-tech startups. The vision is becoming reality: reservists returning from the battlefield are establishing defense tech startups, and unlike in the past, the VC industry is rising to the occasion. Global venture capital leaders have arrived in Israel, closing a series of under-the-radar investment rounds. The hot name: Kela, which just completed a Seed round with Sequoia and has already secured a commitment for another round of funding from Lux. Read more
Wiz eyeing US government contracts after receiving FedRAMP approval. With FedRAMP certification in hand, Wiz aims to leverage its cloud security platform across federal agencies. Read more
Chip company Inuitive laying off 20% of workforce as CEO retires. Inuitive, which focuses on 3D imaging, has raised approximately $200 million to date. Read more
Blockchain risk management platform Chaos Labs raises $55M Series A. The Israeli startup’s technology has secured $765 billion in cumulative trading volume, $25 billion in loans, and $35 million in incentives. Read more
NICE appoints former SAP exec Scott Russell as new CEO. NICE also reported a 14% increase in second-quarter revenues, reaching $664.4 million. The company’s quarterly operating profit increased by 22% to $128.8 million, and net profit surged by 33% to $115.8 million. Read more
Prytek acquires TipRanks at $200 million valuation. The investment firm, which had already owned 40% of the Israeli fintech startup, is taking its stake to 80% with an $80 million investment. Read more
The Israeli team that led cyber company Kiteworks to a $1B valuation and $456M funding round. Less than $100 million of the current fundraising will go into the company, with the remainder being used to buy out veteran investors, making room for Insight Partners and Sixth Street Growth. Read more
Element acquires Autofleet in $110 million deal. The Israeli startup’s turn-key solution helps businesses launch, manage, and scale sustainable fleet operations globally. Read more
Data platform definity raises $4.5 million in Seed funding. The Israeli startup’s data application native solution provides in-motion and contextualized insights into data pipeline execution, data quality, and data infrastructure performance. Read more
Lawsuit alleges Intel fired Jewish VP for complaining about anti-Israel bias. Former IDF soldier sues after alleging retaliation for reporting supervisor’s anti-semitic posts. Read more
Arrow developer IAI sees profit double amid global demand for defense tech. The Israel Aerospace Industries recorded a sharp increase across all reporting parameters and presented a record order backlog of $22.2 billion. Read more
