CTECH: Latest Israeli Innovation & Technology News Oct. 8, 2024
Governments come and go – Israeli tech is here to stay. In the year since Hamas’ October 7th attacks on Israel, while the state’s political leadership has failed and 101 hostages remain in captivity, the resilience of Israel’s high-tech industry and its people offers some glimmer of hope amid ongoing turmoil. Read more
Edut 710 and Microsoft unveil AI tool to memorialize October 7th. The platform, developed by non-profit Edut 710 in collaboration with Microsoft, enables users to create personalized memorial ceremonies based on survivor testimonies, allowing communities worldwide a way to preserve and reflect on the events of October 7th. Read more
Wartime entrepreneurship: The Israeli startup tackling a global agricultural challenge. As rockets rained down, Ora Peled Nakash received a call from a friend struggling to cover greenhouses in wartime. Inspired by the crisis, she founded CoverDolly with Gilad Meller and Ahi Sitbon, a startup developing an automated solution to make greenhouse covering easier and more efficient, even in extreme conditions. Read more
“I’d like Wix to become a $100 billion company.” Nir Zohar, President of Wix, which is traded at a valuation of over $8.5 billion, is optimistic the company is well-positioned to increase its profitability. He takes pride in its Israeli identity, is unafraid to express a clear stance on the fight for democracy, and has an optimistic outlook even after the events of October 7. Read more
Cool cities: How global urban areas are tackling heat challenges. From implementing eco-friendly cooling systems in Singapore to increasing green spaces in Medellin, cities worldwide are reshaping their landscapes for a sustainable future. Read more
“In the NBA, I shared a locker room with LeBron and Steph, in high-tech, I’m like a baby learning to crawl.” Three years after retiring from basketball, Omri Casspi is trying to build a name for himself in the venture capital industry: “I get questions from entrepreneurs like, ‘What do you know about high-tech?’ In the end, you’re only as good as your last game.” Read more
“Israeli high-tech is a miracle, and we must work hard to ensure that this miracle doesn’t fall apart.” Rakefet Russak-Aminoach, former CEO of Bank Leumi, is now a Managing Partner at Team8, where she focuses on fintech. She believes in Israeli high-tech but is concerned about the impact of the ongoing war on the industry. “High-tech is a miracle. However, without a clear future outlook, foreign investors will not continue to invest indefinitely.” Read more
Lusix sale hits a snag: Unfulfilled guarantees and rising bids. Investor Naoji Fujimori’s bid falters as guarantees remain unpaid and rivals step up. Read more
High-tech employment surges to record levels in 2024. CBS data shows high-tech now makes up nearly 10% of Israel’s workforce, reaching a record 402,800 salaried jobs in July. The average salary dropped by 2.2%. Read more
20 Israeli climatech companies selected for UN COP29 in Baku. The companies will represent Israel at this year’s climate conference in Azerbaijan. Read more
The next Wiz? Eon raises $77M at $750M valuation before product launch. The Israeli startup, which is developing a cloud-native data recovery system, has raised a total of $127 million in less than a year. Read more
Nym raises $47 million for autonomous medical coding platform. The Israeli startup has developed an engine that integrates with hospitals’ and clinics’ data systems in the U.S., analyzing patient medical records to facilitate communication with insurance companies. Read more
Air Doctor lands $20 million Series B to connect travelers and doctors. The Israeli startup connects travelers abroad to a global network of over 20,000 doctors and specialists who speak multiple languages, and it already operates in 84 countries. Read more
“I haven’t decided whether Bitcoin is something to be proud of”: Prof. Naor talks proof of work, anonymity, and cryptographic impact. Prof. Moni Naor from the Weizmann Institute, recent winner of the Rothschild Prize for his research in the field of computer science, is responsible for the theoretical foundation for Bitcoin mining. Read more
September 2024 in Israeli tech funding: $446 million in 21 deals. Last month saw a flurry of deals for local startups, but no mega rounds. Read more
Augmented Intelligence raises $10M at $350M valuation, forms AI agent partnership with Google Cloud. The partnership will bring AUI’s Apollo model to companies needing robust AI solutions for customer interactions. Read more
From $152M in investments to a $2.5M sale: Lusix’s lab-diamond dream comes to a bitter end. After losing $65 million in two years, Benny Landa’s lab-grown diamond company is set to be acquired by Japanese firm EDP. Read more
Qodo raises $40 million Series A for AI-driven coding and bug prevention. The Israeli startup has developed an AI-based platform for writing and testing high-quality code to prevent issues like the CrowdStrike event that brought down millions of computers worldwide three months ago. Read more
Israeli high-tech raised $2.43 billion in Q3, contributing to $7.22B in first nine months of 2024. A 32% rise year-to-date showcases resilience amid challenges. However, a 20% decrease in capital and a 17% decrease in the number of transactions was registered between Q2 and Q3, even when including the $1 billion raised by Ilya Sutskever’s American-Israeli company Safe Superintelligence. Read more
Tech meets real estate: Why Neumann, Rappaport, and Andreessen Horowitz are backing Canada Global. Canada Global secures $27M investment from Flow, Andreessen Horowitz, and Wiz’s Assaf Rappaport for major U.S. projects. Read more
Ofer Ben-Noon’s billion-dollar journey to Palo Alto Networks: Mentored by Zohar Zisapel. At 38, entrepreneur Ofer Ben-Noon already has two exits worth more than a billion dollars, including the sale of Talon to Palo Alto Networks at the height of the war. In a candid interview, he shares his close relationship with the late Israeli high-tech pioneer Zohar Zisapel, who became a father figure and transformed him from a “talented entrepreneur to a successful one.” Read more
Immunai signs $18M collaboration with AstraZeneca to make cancer drug trials more efficient. The collaboration will focus on clinical decision-making, including dose selection, elucidating mechanisms of action, patient responder vs. non-responder analysis, and biomarker identification, by leveraging the Israeli biotech unicorn’s AI model of the immune system. Read more
New Check Point CEO Nadav Zafrir to receive $15 million in first year. Check Point moves away from Gil Shwed’s equity-based model with Zafrir’s mixed compensation plan. Read more
Zoomin’s journey from bootstrapped startup to Salesforce’s AI arsenal. What started as a quiet Israeli company is now reshaping customer service with AI. Read more
“Artificial intelligence is the Fourth Industrial Revolution.” Rotem Shacham, a director at PSG Equity, described the methodology she developed to identify the highest quality AI startups. Read more
Wiz eyes $20 billion valuation in potential $500-$700 million share sale. Earlier in July, Wiz ended talks with Google-parent Alphabet on a proposed $23 billion deal, a valuation that nearly doubled what the cybersecurity firm announced in May, when it raised $1 billion in a private funding round. Read more
Analysis | $20B? $23B? What difference does it make as long as Wiz keeps the headlines rolling. Rejected offers and rising valuations seem to define the journey of the Israeli cyber unicorn. Read more
Tamnoon raises $12M Series A for cloud security remediation platform. The Israeli startup has developed a hybrid human-AI managed service that reduces cloud exposures and enhances cloud security by optimizing prioritization, triage, remediation, and prevention processes for both pre and post deployment. Read more
GEOX secures $19 million Series A to analyze real estate risk from climate-related disasters. The Israeli startup’s technology uses artificial intelligence to conduct 3D analysis of aerial imagery, enabling automated and highly accurate assessments of real estate properties. This system helps to predict potential damage caused by natural disasters such as hurricanes, floods, and wildfires. Read more
“The AI revolution will change all the tools we use for content creation.” Dr. Zeev Farbman, co-founder and CEO of Lightricks, was speaking on a panel at Calcalist’s AI conference. Daniel Shichman, CEO and co-founder of WSC Sports: “We will see more proactive tools that will provide us with personal content without intervention.” Read more
