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Jewish Business News

StartUps

Israel High Tech Scene March 13 – 19

Tel Aviv

Tel Aviv at sunset, Israel Startup Israel

New Startups / VC Funding
Teddy Sagi Returns To FinTech With New Startup Pay.Com
Teddy Sagi is making a comeback in the fintech sector with the launch of a new startup, Pay.com, three years after selling payment solutions company SafeCharge to Nuvei for $889 million.

Pay.com was founded in 2020 by Teddy Sagi, Tom Vaknin, and Assaf Cohen, who joined the venture recently. Cohen worked as VP Sales at Checkout.com and Business Development Manager (BDM) at Payoneer… Read More Here

SupPlant Raises $27 Million For Precision Agriculture
Israeli agtech startup SupPlant has raised $27 million in a new financing round, led by Red Dot Capital Partners. This brings the total amount in investments raised by the company to date to more than $46 million.

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Founded in 2012, SupPlant says that by changing the basic concept of irrigation methods, and based on plants’ current necessities, its unique technology is proven to save water on global scales while improving productivity and yields. The system uses an advanced algorithm that analyzes live data from plants… Read More Here

Run:ai Raises $75 Million To Accelerate Its AI Orchestration Platform
Israeli startup Run:ai which simplifies the orchestration and maintenance of artificial intelligence infrastructure, has raised $75 million in a Series C round.

The round was headed by Tiger Global Management and Insight Partners, who also led the previous Series B investment. Also, participant existing investors TLV Partners and SCapital Venture Capital, increasing the total capital garnered to date to $118 million.

Founded in 2018 by CEO Omri Geller and CTO Ronen Dar, Run:ai has developed rapidly in the last year, more than tripling its… Read More Here 

IPOs and Unicorns

Gett Forced To Cancel Billion Dollar SPAC IPO Because Of Russian Sanctions
Gett, an Israeli based international taxi services company, has been forced to call off its planned SPAC merger with Nasdaq-traded special purpose acquisition company Rosecliff Acquisition ahead of an initial public offering (IPO). The merger was expected to give the company a $1 billion valuation, but several Russian funds currently under international sanctions are included in the planned investors… Read More Here

SolarEdge Expects To Rake In $600 Million In New Stock Issue
SolarEdge, an Israeli producer of alternative energy resources, is planning on issuing more stock that the company expects to bring in a windfall of $600 million. According to Globes, that company has filed a prospectus with the SEC to issue 2,000,000 new shares on the NASDAQ. Underwriters Goldman Sachs and J.P. Morgan and Morgan Stanley the option to buy another 300,000 shares which, if taken, would add as much as another $90 million.

SolarEdge first went public in January 2021. At the time it set a record for an Israeli public corporation, hitting a valuation of… Read More Here

Israel’s Memic Medtech Firm Cancels $1 Billion Planned IPO
Israeli medtech startup Memic Innovative has called off its planned initial public offering. The IPO was supposed to be held through an SPAC merger with MedTech Acquisition Corporation that would have given it a $1 billion valuation.

Specific reasons for the cancelation were not given, but the company said that its decision was, “due to market conditions and associated volatility as a result of recent world events … Read More Here

Mergers and Acquisitions
Israel’s SentinelOne Is Acquiring America’s Attivo Networks For $616.5 Million
SentinelOne, an Israeli cybersecurity firm, is buying out Attivo Networks, an American identity security and lateral movement protection company, in a cash and stock transaction valued at $616.5 million and is expected to close in SentinelOne’s upcoming fiscal second quarter,. SentinelOne currently has a market cap of almost $9 billion.

SentinelOne said that with this acquisition the company is extending its AI-powered prevention, detection, and response capabilities to “identity-based threats, setting the standard for XDR and.… Read More Here

Israel’s Overwolf Buys British Tebex For $29 Million
Overwolf is an Israeli startup which offers an all-in-one platform that enables creators to build, distribute, and monetize in-game apps and mods. It has just acquired British company Tebex, which offers a platform that allows creators to monetize private game servers, for $29 million – half of which will be paid in cash up front.

Tebex (originally named Buycraft) launched in 2011 as a Bukkit plugin for Minecraft Servers to monetize their game servers. Over the last 10 years, we’ve grown to support over 10 games.… Read More Here

Other Business Stories
Volvo To Use Israel’s UVeye AI Tech For Car Inspections
UVeye, an Israeli startup that uses artificial intelligence AI in the development of automated vehicle inspections systems, has been tapped by Swedish car maker Volvo to provide that company with its camera-based platform for vehicle inspections.

Volvo Car USA said that it is offering a new program to equip its U.S. retailers with automated vehicle-inspection systems. It will do so with high-speed, camera-based systems from Israel-based UVeye utilize… Read More Here

Israeli Speech Recognition Hi Auto Enters Multimillion-Dollar Deal With US Food Operator Checkers
Checkers & Rally’s, an American drive-thru restaurant franchise, has implemented the speech recognition technology developed by Israeli startup Hi Auto.

The Tel Aviv-based company’s solution enables fast-food restaurants to accept orders from virtual assistant which is a human voice artificial intelligence technology that comprehends its contents, offers additions and upgrades (upsell), and sends the order to the kitchen… Read More Here

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Breakthrough Technology: Israel Unveils Tomorrow’s Weapon; Laser System For Rocket Interception
Defense Minister Benny Gantz today (Thursday) approved the implementation and production of tomorrow’s weapon an advanced laser system for intercepting rockets and mortar shells.

The laser system for rocket interception system, which is named Magen Or (“Light Shield”) will be developed jointly by Rafael and Elbit. It is considered a breakthrough and first of its kind weapon, not seen before. The new system will work together with the “Iron Dome” and strengthen the… Read More Here

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