CTECH Latest Israeli Innovation & Technology News May 11, 2024
Israel’s Generative AI expansion: A 2024 market overview. The local GenAI landscape now covers 27 categories, a significant expansion from 17 previously, featuring a total of 238 companies, almost double from last September. Read more
Blood testing startup Sight Diagnostics lays off 30% of team. Sight Diagnostics, which has raised a total of $124 million to date, is parting ways with around 40 employees. Read more
Pango acquires Gett for $175 million. Gett raised a total of $900 million throughout the years, but saw its valuation dwindle from $1.5 billion four years ago as it struggled to find a buyer. Read more
The dangers of chasing big funding rounds: A cautionary tale for startup founders. “In the race for bigger funding rounds and higher valuations, founders must exercise caution and consider the long-term consequences of their decisions,” writes Eran Bielski, General Partner at Entrée Capital. Read more
Fairgen raises $8 million Seed round for accurate AI-generated survey responses. The Israeli startup, founded by Samuel Cohen, Benny Schnaider and Michael Cohen, uses synthetic data for granular insights after proving that it could augment under-sampled segments with a high degree of accuracy using proprietary algorithms. Read more
Wiz President: “I truly believe that Wiz is on its way to becoming the largest cyber company in the world.” “I want to turn Wiz from an unimaginable wonder into a well-oiled machine in order to set the standard in everything related to cloud security,” added Dali Rajic after Wiz raised $1 billion at a $12 billion valuation. Read more
XTEND lands $40 million Series B for robot and drone operating system. The Israeli startup’s XOS operating system aims to provide robots and drones with AI capabilities and help them partner with humans. Read more
Panax raises $10 million Series A for AI-powered cash flow management platform. The Israeli startup’s platform aims to help mid-market and large companies to gain full visibility and control over their cash operations and to optimize their liquidity by leveraging AI-driven automation and insights. Read more
Navigating Identity: Insights from startup founders post exit. As founders transition from the intense demands of building and selling their companies to a new chapter in their lives, questions arise about the impact of this transition on their sense of self, identity, and well-being. Read more
Shlomo Kramer-backed Token Security emerges from stealth with $7 million. Token Security brings visibility and continuous threat exposure management to the space by introducing the machine-first approach. Read more
Unstoppable Wiz: Cyber startup nets another $1 billion in funding as valuation jumps to $12B. The four-year-old decacorn, which took its total funding to date to $1.9 billion, said it will use the latest round of funding to help drive future M&A efforts, along with talent recruitment and product development. Read more
Akamai acquiring cyber startup Noname Security for $450 million. The Israeli API security startup was valued at $1 billion in its last fundraising round, raising $135 million in a Series C in December 2021. Read more
Honeycomb raises $36M Series B for landlord insurance platform. The Israeli startup insures more than $21 billion worth of real estate assets and expects to triple that number in the next 12 months. Read more
Harness digital health to reduce burnout among doctors. “The primary challenge currently facing entrepreneurs and investors in the digital health field is to adapt to the next generation of developments to preserve and enhance the valuable relationship between doctors and patients,” writes Team8’s Varda Shalev. Read more
As Israel’s war rages on, questions bubble about its long-term tech talent. Square Peg’s Yonatan Sela joined CTech for the final installment of its 2024 VC Survey to sum up where Startup Nation can go from here. Read more
Moritz code: Inside the mind of the best VC investor ever. Michael Moritz made an unusual career change, from a successful journalist to the best venture capital investor in history. He was the first to identify startups that would change the world, from Google and Yahoo to YouTube and PayPal. In an exclusive interview, he talks about the Israeli mistakes that have helped Hamas control the October 7 narrative, the struggle on US campuses, and his predictions for the AI sector. Read more
Israeli reliance on US arms under the microscope as Rafah attack looms. A report by the Israeli Chief Accountant reveals the dramatic dependence of the country on the United States in the current war. Read more
From intern to VP: the long yet rewarding route of growing with a startup. At first they did everything including washing dishes, organizing parties and ordering office equipment for new employees, but the first employees in a startup who choose to grow with it may reach senior positions and enjoy significant success. Read more
Opmed.ai secures $15 million Series A to bring AI optimization to healthcare operations. The Israeli startup’s optimization engine runs billions of permutations in seconds and is tailored to make predictions based on industry-specific factors, automatically generating alternative schedules for ORs that significantly improve resource allocation. Read more
“We have the right entrepreneurial and innovative spirit to fight the anti-Israeli movement.” Mobilion Ventures joined CTech for its 2024 VC Survey to share how the country can combat the rising anti-Israel sentiment across the world. Read more
Blackstone in advanced negotiations to acquire Priority Software in $400-500 million deal. Blackstone is set to purchase 60-80% of the shares of Priority, which operates in the field of enterprise software (ERP), from current owners – Israeli private equity fund Fortissimo and American investment fund TA Associates. Read more
Defense companies are the new high-tech hit. Following the outbreak of the war and especially since the Iranian attack, more high-tech employees are showing interest in working in companies that produce weapons and defense systems. “People want to be part of a success story and everything that has happened since October 7 makes people want to work in a significant organization.” Read more
Alcon acquiring glaucoma laser therapy developer Belkin Vision for up to $330 million. Belkin Vision has developed a non-contact automated glaucoma laser therapy accessible to all ophthalmologists. Read more
Could international backlash threaten future deals for Israel’s defense giants? The continuation of the war and the undermining of Israel’s international status are harming the marketing operations of the defense industries. Read more
Qortein’s Quest: Turning jellyfish into a global food solution. The company has raised a total of $400,000 to create multiple functional applications based on jellyfish biomass. Read more
Nvidia to acquire AI startup Deci for $300 million. The chip giant has spent $1 billion purchasing two Israeli startups in one week after announcing a deal to buy Run:ai for $700 million last week. Read more
Permira acquiring control of BioCatch at $1.3 billion valuation. The Israeli startup, which developed a system for fraud detection and financial crime prevention powered by behavioral biometric intelligence, finished 2023 with 49% ARR growth, whilst also surpassing the $100 million ARR milestone and attaining EBITDA profitability. Read more
Sam Altman-backed Apex emerges from stealth with $7M to help secure AI adoption. The Israeli company has built a security platform that provides organizations with comprehensive visibility of their AI activity. Read more
Wiz deal to acquire Lacework collapses. The companies recently signed a Letter of Intent with the aim of completing a deal for around $150-200 million. However, negotiations fell through in the due diligence process. Lacework was valued at $8.3 billion in 2021. Read more
LayerX raises $26 million for its browser security platform. The Israeli startup’s Enterprise Browser Extension integrates with any browser, helping enterprises to secure their devices, identities, data, and SaaS apps from web-borne threats and browsing risks. Read more
Cyber startup Oasis secures $35 million Series A extension, doubles valuation. The Israeli startup’s solution aims to tackle the exponential growth of Non-Human Identities which malicious attackers are exploiting with increased efficacy. Read more
April 2024 in Israeli tech funding: Over $1 billion in 20 deals. After hitting a five-year April low with $377 million raised last year, Israeli startups crossed $1 billion in funding last month, which hasn’t happened in a single month since August 2022. Read more
From $200 million valuation to insolvency: Insurtech startup Sproutt heading for bankruptcy. The Israeli startup raised $38 million since its founding in October 2017, but struggled to generate income and turned to the court due to its inability to pay its debts. Read more
Remepy raises $10 million Seed round to bring first hybrid drug to market. The Israeli startup’s new hybrid drugs combine traditional drugs with its “digital molecules.” Digital molecules are therapeutic interventions that trigger physiological effects through the brain. Read more
Tesla freezes hiring in Israel amid global layoffs. Recruitment of candidates has been halted and job openings previously listed by Tesla Israel have been removed from the company’s website. Read more
