CTECH: Latest Israeli Innovation & Technology News Aug. 9, 2023
Rubrik acquiring cloud security startup Laminar for $200-250 million. Laminar, which has developed a security solution for early identification of cloud data breaches, was in negotiations with several notable firms in the data space, including Datadog. Read more
Finance Ministry weighs leverage funds to offset judicial overhaul hit on high-tech. Following the judicial overhaul’s severe impact on the high-tech sector, Israel’s Ministry of Finance is considering the creation of leveraged funds, a tool that was employed during the severe crisis of 2008. Read more
Entrepreneur and investor Yuval Ariav closes $50 million debut fund Symbol. The new VC fund will be making first-check, $0.5-$3.5 million investments focusing on what it calls ‘pre consensus’ entrepreneurs and startups. Read more
Cyber attack paralyzes Israeli hospital’s computer systems. Mayanei Hayeshua Medical Center in Bnei Brak is dealing with a ransomware attack that damaged and shut down administrative computer systems on Tuesday. Following the attack, some treatments were stopped and the emergency room is referring patients to other hospitals. Read more
Telehealth startup TytoCare announces $49 million in funding one month after cutting 10% of staff. The Israeli company’s Home Smart Clinic is an FDA-cleared device with AI-powered guidance and diagnostic support that enables families to conduct remote physical exams with a doctor. Read more
Microsoft Responsible AI Leader: “There is so much potential for AI to change the world if we get it right.” Dr. Sarah Bird, Responsible AI Leader at Microsoft, has been part of Bing’s AI chat from the beginning. In an in-depth interview, she shares how it’s taught not to be racist, chauvinistic or discriminatory and when it is okay for the model to behave “in a humanlike way and when is it crossing the line.” Read more
Vesttoo in “active discussions” with potential investors to find alternative collateral. The Israeli fintech company added in a statement that a core team of more than 50 people was working to seek alternative collateral, and the company would meet all its commitments to suppliers and consultants. Read more
Russia-Ukraine war drives European demand for Israeli missile defense systems. Arrow 3 and David’s Sling gaining momentum with first-ever exports to Germany and Finland. Read more
IVIX closes $12.5 million Series A led by Insight Partners to combat financial crimes. The Israeli startup’s AI-powered technology helps tax authorities in the U.S., Europe and Asia identify large-scale tax evasion, money laundering and other financial crimes. Read more
Opinion | Why is it so hard to get VCs to invest in my Generative AI startup? By focusing on market needs, technical excellence, and innovative approaches, generative AI startups can position themselves for success in this rapidly evolving field, writes Nir Sabato of Entrée Capital. Read more
Quickfire round: Aporia’s CEO answers our AI questions. Artificial intelligence has a good, a bad, and an ugly – Liran Hason is here to guide us through it. Read more
Israeli software companies thrive amidst macroeconomic transformation. Growth and cash reserves bolstered the bottom line in the financial reports of Wix, Fiverr, JFrog, and even Lemonade. Read more
Google play? AI for the masses toys with online advertising business. The generative AI tool that Google rushed to deploy to the general public is used to create fictitious news sites, which divert good money from advertisers. NewsGuard found that ads from 141 global brands were planted on such sites, 90% of them by the Google Ads service. Read more
ThermoTerra’s hot new tech will keep our buildings cool in the face of climate change. The company has raised $500,000 to help tap into a $270 billion global heating, ventilation, and air conditioning (HVAC) market. Read more
Pensioner gives up fight with bank to deposit massive bitcoin savings. 70-year-old Esther Freeman invested around $3,000 in Bitcoin 10 years ago, but Israel’s Bank Hapoalim was unwilling to accept her 100x profits. She filed a lawsuit two years ago, but on Sunday both parties officially announced that they agreed to dismiss the case. Since filing the lawsuit, Bitcoin’s price has fallen by around 50%. Read more
“Heat waves reinforce the need to invest in the worlds of sustainability and energy.” Gil Davidman, CEO of Israel’s QD-SOL, which claimed first place in the Aviram Awards, added: “Companies like ours come to solve a fundamental problem.” Read more
Rapyd acquiring payment service PayU GPO for $610 million. The Israeli fintech unicorn will finance the purchase through a capital raising of approximately $700 million, which Rapyd will soon complete at the same valuation as its previous funding round. Read more
Vesttoo laying off 75% of employees amid fraud scandal. The Israeli startup is parting ways with around 150 employees. “The only way to give the company a fighting chance of survival and getting back to a path of sustainable growth is to keep on a small core of people that represent bare operational necessity,” wrote CEO Yaniv Bertele. Read more
Israeli startups raise just $3.9 billion in first six months of 2023, lowest total in five years. In addition to the decrease in the number of investments, there was also a 53% decrease in the number of funding rounds compared to the same period last year, marking the lowest level in nine years, according to Start-Up Nation Central. Read more
“We can bring relief, improve quality of life, and ensure better compliance with treatment for cancer patients.” EMRIS Pharma has raised $422,000 to help enhance the quality of life for cancer patients by preventing skin toxicities induced by EGFR inhibitors. Read more
Silk Security raises $12.5 million in Seed with backing from Shlomo Kramer and Mickey Boodaei. The startup’s platform enables security and operations stakeholders to collaboratively align finding risk with fixing risk – enhancing enterprise security and compl
