CTECH: Latest Israeli Innovation & Technology News Aug. 28, 2024
Intel’s layoff plan enters new phase after voluntary retirement program closes. With initial retirements complete, Intel focuses on additional layoffs and operational scaling. Read more
‘The war in Israel doesn’t scare us’: Ukrainian immigrants on fleeing one war for another. In the two and a half years since Russia’s invasion of Ukraine, almost 20,000 Ukrainians have immigrated to Israel. CTech spoke to three about fleeing one war for refuge only to experience another war as we quickly approach one year into Israel’s ongoing multi-front conflict. Read more
“The Arab community has a significant role to play in the future of Israel’s high-tech industry.” Salma Eyadi, Ahmed Alshafaee, and Saja Jbaly spoke to CTech about the programs that helped members of the Arab community enter Startup Nation – and how the government can continue to support them. Read more
Israel Innovation Authority announces NIS 35 million investment for high-tech in the Negev and Galilee. The funds will address challenges stemming from the ongoing war to hire and support local talent in the north and south of the country. Read more
From Iron Dome to David’s Sling: Rafael’s innovations power Q2 success. Revenues jump 25% as new laser Iron Beam system nears completion. Read more
Check Point acquires Cyberint in $200 million deal. The Israeli startup specializes in threat intelligence, digital risk protection, and attack surface management, and Check Point plans to use its solutions to enhance its Security Operations Center. This marks Check Point’s 22nd acquisition and the 10th Israeli company it has acquired in the last six years. Read more
Cisco to acquire Yaron Singer’s Robust Intelligence to enhance AI security. Robust Intelligence’s platform offers protection for AI models throughout their lifecycle, from development to production. Read more
Checked out: Selina’s global hostel empire sold off after unicorn’s dreams unravel. Once a darling of digital nomads, reaching a valuation of $1.2 billion, Selina is stripped of its assets as investors lose faith. Read more
Intel’s AI struggles and bureaucratic culture led to key board member’s abrupt exit. Lip-Bu Tan’s departure highlights internal conflicts and strategic misalignments at the faltering chip maker. Read more
Opinion | The Next Arms Race: Why AI will outpace the nuclear arms race, and why Israel cannot afford to lose. “Israel can close the gap and become a global leader in AI, mirroring its success in cybersecurity technologies, thereby securing its position as a key player on the global stage,” writes Dr. Micha Breakstone. Read more
From OrCam to Verbit: Big Tech 50 reports the devaluation of leading Israeli startups. Big Tech 50 limited partnership’s H1 2024 report highlights widespread devaluation of Israeli startups due to the judicial overhaul and the war in Gaza. Verbit’s valuation dropped from over $2 billion to $512 million, Trax’s from $2.2 billion to $790 million, and OrCam’s from $333 million to just $31 million. Read more
Monday.com hits $1 billion in annual recurring revenue. The enterprise software company said it achieved the financial milestone a decade after it launched its Work Operating System and eight years since it reached $1 million in ARR. Read more
Robots aren’t coming to take our jobs just yet. The Boston Dynamics robot can do a cartwheel, but not office work. Despite fears of machines replacing human workers, it will take a long time for robots to learn what millions of years of evolution have taught us. Read more
Killer Robots: Does anything go during a war? In a mirror image of the “good” robots stand the “killers”. When armies around the world, from China through the United States to Israel, begin to deploy armed robots that enjoy a degree of autonomy, the fear arises of the moment when robots will make the decision of who will die and who will live in battle. How will their supervision be conducted, and are we on our way to the third revolution in warfare after gunpowder and nuclear arms – the autonomous weapon. Read more
Former Israeli Air Force commander launches defense tech fund. Amikam Norkin, in collaboration with the Key1 fund, is establishing a new venture capital fund, Ace Capital Partners, focused on military startups, with Harel Insurance serving as an anchor investor. The fund has already met with dozens of startups and has begun the investment process. Read more
Ex-PayPal and Hippo exec closes $15M Series A for solopreneur fintech Lettuce. Founder Ran Harpaz’s startup recently launched LettuceHead AI, a free AI-chat bot specialized to answer solopreneurs tax and accounting questions. Read more
AI21 unveils upgraded long-context Jamba models for enterprises. The new models aim to revolutionize AI capabilities for organizations with long context needs and include Hebrew and Arabic support. Read more
New AI tool from D-ID allows creators to translate video content into multiple languages. People are 52% more likely to share video content than any other type of content and in 2024, 89% of consumers confirmed they want to see more videos from brands. Read more
Can we talk? LIV’s GenAI gets trauma sufferers to open up. The generative AI-based platform, developed by Sheba Medical Center, ARC, Microsoft and KPMG, streamlines accessibility to mental healthcare by amplifying workflows of practitioners, reducing time to treatment amid a national surge in demand since Oct. 7. Read more
Eve Mamane, Co-Founder and CRO of mental health startup Agave Health
“There are so few female founders; this has to be put in the past.” Eve Mamane, Co-Founder and CRO of mental health startup Agave Health, spoke to CTech about founding her first venture, the need to normalize female founders, and why the tech industry must eliminate outdated limitations on women in leadership roles. Read more
Israel’s hidden treasure: unclaimed defense dividends amidst economic crisis. Why billions in profits from Rafael and IAI are lying idle while the nation faces financial turmoil. Read more
Riding the V-Wave exit: Who are the big winners? The pharmaceutical giant Johnson & Johnson announced on Tuesday the purchase of the Israeli medical device company for up to $1.7 billion. BRM is the largest shareholder in the company and is expected to receive at least $100 million. The second largest shareholder is Pontifax VC of Tomer Kariv and Ran Nussbaum. Other notable investors include Ilan Grinboim and Prof. Benad Goldwasser. Read more
Venu’s launch in limbo: Antitrust ruling puts sports streaming venture on hold. The ripple effects of Fubo’s antitrust victory on the broader streaming industry. Read more
Gaza, Hezbollah, and Iran: The triple threat to Israel’s economic stability. Prof. Zvi Eckstein, former Deputy Governor of the Bank of Israel and founder of the Aaron Economic Policy Institute at Reichman University, warns against the economic implications of an all-out war. Read more
