CTECH Latest Israeli Innovation & Technology News June 24, 2024
Why AI innovator Ilya Sutskever left OpenAI to prioritize safety and Israel’s role in his new mission. Sutskever’s new company, Safe Superintelligence, seeks to build safe AI, distancing itself from OpenAI’s profit-driven model. Read more
Are Israeli arms exports facing a decline? In 2023, Israel’s defense industry exports broke a record, surpassing $13 billion. However, this growth is expected to be halted due to ongoing conflicts, government conduct, and foreign relations, which are creating global delegitimization. Since the outbreak of the war, Israeli defense companies have lost substantial deals, each worth several hundred million dollars. Read more
Bring’s mission to offer cashback to web3 at scale. The company has raised a total of $1.1 million to bridge the gap between the crypto ecosystem and traditional finance. Read more
India’s Flipkart eyeing Israeli innovation in latest accelerator program. The Walmart-owned e-commerce giant’s fourth edition of its cohort will focus on innovative eCommerce/eTail experiences, emerging technology solutions, and early stage businesses. Read more
Opinion | The stage is set for a defense tech revolution. “The geopolitical climate, soaring military budgets, and the need for innovation in modern warfare are setting the stage for a defense tech revolution,” writes Amit Pilowsky, Co-Founder and Partner at Key1 Capital. Read more
Semperis enters unicorn club with $125 million round at over $1 billion valuation. The cyber company also named a new CFO, CRO and CLO as it continues to gear up for a potential IPO. Read more
From euphoria to reality: Generative AI faces growing pains in corporate world. A recent survey has claimed that “the honeymoon phase of generative artificial intelligence is over,” with “the initial euphoria giving way to a more measured approach.” Read more
How the S&P 500 became the S&P 10. The top 10 companies, led by Nvidia, are responsible for 60% of the increase in the S&P 500 this year. Can the rest catch up or is a crash looming? Read more
Fintech company Bluevine laying off 12% of Israeli workforce. “Israel remains and will continue to serve as Bluevine’s R&D center,” the company said in response. Read more
Mapping Israel’s energy tech landscape. There are over 160 energy tech companies in Israeli, with 54 funding rounds taking place over the past 12 months, according to the new landscape map unveiled by Startup Nation Central, Ignite the Spark, and the Israel Export Institute. Read more
OpenAI co-founder Ilya Sutskever founding new AI company with offices in Tel Aviv. Safe Superintelligence (SSI), the new company founded by Sutskever, Daniel Gross and Daniel Levy, will emphasize safe developments in the field of artificial intelligence. “Our business model means safety, security, and progress are all insulated from short-term commercial pressures,” the founders said. Read more
Fintech unicorn Unit lays off 15% of workforce. “For now, we need to focus on efficiency and account for slower than expected revenue growth,” wrote the founders of the startup, which raised $100 million in a Series C round at a $1.2 billion valuation in May 2022. Around 25 employees are estimated to be affected by the cutbacks. Read more
IntSights founders unveil new cloud cost optimization startup, raise $16 million in Seed funding. Alon Arvatz, Gal Ben-David, and Amir Hozez’s new startup, PointFive, aims to uncover deep, infrastructure-level savings opportunities, enabling enterprise organizations to promote continuous cloud cost efficiency. Read more
Israel’s evolving fintech sector: A 2024 market overview. A new report from Viola has shed light on the sector’s resilience amid a challenging economic environment. Read more
Intel’s Moovit cutting 10% of staff. Around 20 employees are being let go by the company, which was acquired for $1 billion four years ago. Read more
Insightec raises $150 million six months after cutting 20% of staff. The healthcare company, which has developed a platform that focuses on sound waves, safely guided by MRI, to provide tremor treatment to patients, raised the funding at a $375 million valuation, down from $1 billion. Read more
Insight Partners and JVP acquire $120M worth of Earnix shares at about $1B valuation. The fintech company presented its first operating profit last year, with its revenues this year crossing the $100 million threshold for the first time. Read more
Chegg shutting down Israel operations, laying off entire workforce. As part of a 23% cut in its global team, Chegg is closing its Israel office, resulting in the layoff of dozens of employees. Read more
Zencity secures $40 million Series C for community engagement platform for local governments. The Israeli startup counts 8 of America’s 10 largest cities among its customers and plans to spend the new capital on advancing its artificial intelligence capabilities. Read more
Rapyd lays off dozens of employees, transferring positions from Israel to Eastern Europe, South America. The fintech unicorn is cutting 30 positions in Israel and is moving them abroad due to the desire to cut costs. Read more
Entro Security raises $18 million Series A for non-human identity and secrets management platform. The Israeli startup’s platform helps security teams to implement and automate strong governance for secrets and NHI management, with real-time detection and response. Read more
