CTECH: Latest Israeli Innovation & Technology News Sept. 18, 2024
Palo Alto Networks’ Nir Zuk: “We have overpaid for companies, but unique companies will get what they deserve.” “We prefer acquisitions. The reason we prefer acquisitions is because when a large company develops something new, the people that are doing it don’t have the same incentives as those that do it in their startup. In a large company it’s not life or death if something you develop is successful or not,” added Zuk. Read more
Bank Leumi CEO: “We will invest in technologies that could save lives in the battlefields.” “The main reason why Israelis are experts in solving problems is because we don’t have a choice,” said Hanan Friedman, who was speaking during the Mind the Tech London conference, “The chance for start-ups that seek to solve a true need to succeed – despite of the war – is significantly higher.” Read more
“Investing in Israel, especially now, is a wise decision that will yield great rewards.” “We understand why some investors are still hesitant, and our friends may be concerned. But we assure you that investing in Israel, especially now, is a wise decision that will yield great rewards,” said Calcalist Publisher Yoel Esteron at the opening of the Mind the Tech London conference. Read more
Intel’s Hail Mary play: Will a foundry split and AWS deal revive the giant? Facing competition from Nvidia and a $10B cost-cutting plan, Intel takes dramatic steps to stay in the game. Read more
Intezer raises $33M to provide security teams with AI that emulates human analysts. The startups’s Autonomous SOC platform uses AI models to simulate human analysts’ decision-making process, effectively functioning as an extension of the security team. Read more
REE Automotive raises $45M, secures key supply deal with India’s Motherson. Electric truck maker partners with Samvardhana Motherson to streamline supply chains and boost production. Read more
Meta picks 10 Israeli AI startups for Tel Aviv accelerator program. The selected startups will benefit from technical guidance from researchers and engineers of FAIR (Meta’s fundamental AI research teams); and access to advanced computing resources and artificial intelligence technologies – including Llama 3.1, the next generation of Meta’s state-of-the-art open-source large language model. Read more
Payouts.com adds $8M to Seed round for payments and vendor management platform. The company, which initially raised $4.1M in Seed funding in Q4 of last year, has developed an AI-powered solution that enables businesses to automatically manage payments and vendor relationships. Read more
Israel’s slowing economy and rising inflation: When will rate cuts come? With inflation at 3.6%, the central bank is unlikely to ease interest rates before late 2025. Read more
Epitomee surges 200% in two days on FDA approval for weight loss pill. Investors are hopeful, but the company must now face an uphill battle in a crowded market. Read more
“Intel is a sick company. It has to separate manufacturing from development.” Dov Moran, the legendary entrepreneur and inventor of the USB memory stick, believes Intel is running out of options. With job cuts looming and critical projects delayed, the question remains: How will Israel’s economy withstand the ripple effects of Intel’s global transformation? Read more
Intel scraps coffee stations and phone benefits as financial pressures mount. Cost-cutting measures continue at Intel with reductions in non-essential benefits for employees. Read more
Insight Partners selling $1B in startup stakes, including Wiz, to free up funds for investors. The private equity firm is on the verge of closing a new $10 billion-plus fund, roughly half the amount originally targeted, the Financial Times also reported. The VC has established a continuation fund that enables LPs to sell their stakes in portfolio companies to other investors, while allowing Insight to keep its ownership in the underlying company. Read more
Is Israel facing a new hypersonic missile threat? Houthis claim success; Israel scrambles to assess new security risks. Read more
AI investments surge, but cyber still commands higher valuations. Cybersecurity tops the charts in Seed rounds, while AI’s rapid growth lags behind in company valuations, according to data from altshare. Read more
Israeli startups raised $7.8B since October 7, but relocation fears threaten future growth. Impressive fundraising numbers are marred by the growing trend of startups moving abroad. Read more
New Era Capital eyes $150M fund despite institutional investor reluctance over war. The fund has completed a first close of $80 million and plans to invest in 20 to 25 companies. Read more
Intel’s future in limbo following key three-day board summit. With the company in turmoil, drastic options like asset sales and project delays are on the table. Read more
eToro to pay $1.5M fine, remove most cryptocurrencies for U.S. traders after SEC ruling. The trading platform restructures US crypto offerings as part of settlement with regulators. Read more
Unveiling the horrors: 3D models of Gaza attack sites revealed. The Antiquities Authority’s groundbreaking project brings the devastation of October 7 to virtual life. Read more
Unicorn OpenWeb announces new CEO, but founding CEO refuses to step down. Board chairman Tim Harvey notified the employees that he will be taking charge as CEO, but founder Nadav Shoval replied by saying he’s not going anywhere. “The board has falsely stated that I am stepping out of my role as CEO. Let me be clear: that is not true and not my intent.” Read more
Datricks raises $15M Series A for AI-powered compliance and risk management platform. Backed by Team8 and SAP, the Israeli startup’s platform autonomously detects unknown financial risks, surfaces hidden anomalies, and proactively prevents them from escalating into financial or reputational damage for large enterprises. Read more
“Israel is finding a phenomenal support base from the UK domestic investor base.” London Stock Exchange CEO Julia Hoggett spoke to CTech ahead of Calcalist and Bank Leumi’s Mind The Tech conference held every year in the UK capital. Read more
Gili Raanan: “I don’t believe there is a bubble in cyber.” “The world is facing a cyber crisis, exacerbated by geopolitical forces. As a result, we are seeing new companies emerge in the cyber sector, with valuations rising due to high demand and necessity,” added Raanan, founder of Cyberstarts. “I’m convinced that we have the best engineers in Israel,” noted Island co-founder and CTO Dan Amiga. Read more
Adam Singolda: “This past year, we realized we’ve been walking among wolves—but now I know who my true friends are.” The Taboola CEO reflected on the challenges of navigating anti-Semitism and finding strength in solidarity in a panel with Ori Birnbaum, co-founder of Global Impact Ventures, and Reed Rayman, a Partner at Apollo Global Management. Read more
