CTECH: Latest Israeli Innovation & Technology News Sept. 25, 2024
Cyber startup Torq’s $70M funding pushes 2024 total to $112M amid triple-digit growth. The Israeli startup has seen revenue growth of over 3x for the second consecutive year and expects to reach $100 million in annual recurring revenue (ARR) by the end of 2026. Read more
Nvidia SVP: “We’re always concerned we are not fast enough or good enough.” Amit Krig, SVP networking software and Nvidia-Israel site leader, added that “no one offers a complete end-to-end solution like ours, and that is our biggest advantage.” Read more
Imaging sensor unicorn Vayyar laying off dozens of employees as cash burn forces strategic shift. After raising $300M, the 3D sensor company narrows focus to core markets in a bid for sustainability. Read more
Avi Eyal: “Maybe the next OpenAI won’t come from Israel, but there will be significant successes here.” Eyal was speaking on a panel at Calcalist’s AI conference together with Orna Kleinmann, Managing Director SAP Labs Israel & Senior Vice President at SAP Business Technology Platform, Sarai Bronfeld, Partner at NFX, Rona Segev, Co-Founder & Managing Partner at TLV Partners, and Ziv Katzir, Head of the National Program for AI Infrastructure at the Israel Innovation Authority. Read more
“We are committed to helping AI startups in Israel shape a new future.” Kevin Cochrane, Vultr’s Global CMO, added that “we’re at the beginning of a new 10-year cycle, with artificial intelligence architecture, where we’re developing not only for cloud computing and cloud storage but also new types of storage and network computing to support AI applications.” Read more
Despite the war, Israel holds third place in global tech investments, but growth slows. Cyber leads the charge, but stagnating employment and reliance on mature companies raise long-term concerns. Read more
Cherre raises $30M Series C to expand real estate data management and intelligence platform. The startup’s platform gives clients direct control over moving and managing their data, while providing visibility, observability, and validation tools to improve data quality. Read more
Intel in talks with Apollo over $5 billion investment as chipmaker faces critical crossroads. Massive cost cuts, layoffs, and acquisition interest from Qualcomm put Intel’s future in flux. Read more
Aption raises $2.4M to help founders and early employees diversify stock & options through equity pooling. The company’s target audience includes individuals who seek to manage their concentrated, illiquid holdings better. Read more
How the potential Qualcomm-Intel merger could impact Israel’s tech ecosystem. “The potential Qualcomm-Intel merger isn’t just a business transaction; it’s a catalyst that could redefine Israel’s technological narrative,” writes Yaniv Golan, General Partner at lool Ventures. Read more
Inside Yaron Singer’s surprising $400M sale to Cisco. Cisco’s acquisition of Robust Intelligence went almost unnoticed, but its impact could redefine AI security. Read more
Israel’s high-tech sector faces setback as key benefits removed from budget bill. Foreign investor incentives and multinational tax reforms pushed to lengthy legislative process amid growing uncertainty. Read more
Intel’s turmoil puts high-stakes business deals at risk. Disruptions at Intel’s Israeli operations are creating instability in ongoing mergers and acquisitions. The Rimon Group is trying to reduce the value of Pach Taas in a deal agreed earlier this year in which it was valued at over $50 million, as the former could lose lucrative deals due to the suspension in construction of Intel’s new plant. Read more
More Israeli tech workers relocating to UK every year. Dana Even-Chen, Managing Director at Easy LandOn, spoke to CTech at Calcalist and Bank Leumi’s Mind the Tech conference in London about Israeli tech workers relocating to the UK. Read more
Growing your organization the smart way – incorporating junior recruitment. “A healthy organizational culture combines both senior and junior employees,” writes Kendago HR Director Enav Attia. “Juniors, when given the chance, can succeed in their roles, prove their talents, and grow alongside the organization in the future.” Read more
Playtika acquiring Israeli gaming startup SuperPlay for $700 million. Additional contingent consideration of up to $1.25 billion is subject to SuperPlay achieving certain financial targets over the next three years. Founded in 2019 by former Playtika employees Gilad Almog and Eyal Netzer, along with industry veteran Elad Drory, SuperPlay has two successful titles in Dice Dreams and Domino Dreams, and has two more games currently in development. Read more
Intel employees face excruciating wait on layoff notice as CEO Gelsinger sets mid-October deadline. Gelsinger stated that the company is more than halfway to its workforce reduction target of approximately 15,000 employees by the end of the year. Read more
Intel denies Mobileye sell-off, shares rebound despite ongoing troubles. Mobileye stock rises after Intel rules out divesting its stake, amid operational challenges. Read more
Three Israeli startups selected as part of Google’s new AI First accelerator. The Israeli startups include: Bagel AI, which helps product teams to continuously quantify and validate their roadmap, maximize impact, and accelerate revenue, Dtect Vision, which addresses the growing threat of misinformation in the finance sector by leveraging AI to detect deep-fake video, audio, and content, and Geneyx, an AI bioinformatic multi-omics platform for clinical genetics data management. Read more
“By the end of the century, 5% of the world’s population will be created by IVF.” Daniella Gilboa, Co-Founder and CEO of AIVF, was speaking at Calcalist and Bank Leumi’s Mind the Tech London conference. The company aims to optimize and improve in vitro fertilization treatments using AI. Read more
Israel’s Unit 8200: From Stuxnet to Hezbollah—A legacy of cyber mastery. Western sources suggest Israel’s intelligence unit helped orchestrate the Hezbollah pager attack. Read more
Rapyd CEO: “We moved to profitability this year and AI will triple our EBITDA margins in the next three years.” Arik Shtilman, co-founder and CEO of Rapyd, added that the company is planning to go public in 2026 and that “we plan to automate 70% of back-office services by 2026. This will significantly improve our profitability, as 70% of our costs are personnel-related.” Read more
With raises $10M in Seed funding for community platform. The Israeli startup’s solution brings city and county payments, registrations, and communications to one synchronous platform, with municipal staff and partners across departments having the ability to create events, publish them, and immediately open a ticketing system. Read more
Viola Credit announces $500M strategic joint venture with Cadma Capital Partners. The venture will focus on executing asset-based lending transactions originated and managed by Viola Credit. Read more
“Israel has the highest potential to create solutions to global challenges.” Cecile Blilious, Head of Impact and Sustainability at Pitango Venture Capital, spoke to CTech at Calcalist and Bank Leumi’s Mind the Tech conference in London about the need for Israeli tech to improve sustainability and environmental regulation. Read more
