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Jewish Business News

StartUps

Israel High Tech Scene August 6 – August 12

Tel Aviv

Tel Aviv at sunset, Israel Startup Israel

New Startups / VC Funding
Elbit Systems Joins Peregrine Ventures’ New NIS 300 Million Investment Consortium For Medical Startups
Peregrine Ventures, an Israeli investment firm dedicated to supporting life-changing healthcare opportunities, established a consortium of leading companies and research institutes that will invest NIS 300 million in medical startups. The new members of Peregrine’s Incentive Incubator include global pharmaceutical leader Bristol-Myers Squibb (BMS), medical devices and diagnostics company BD (Becton Dickinson and Company) and Elbit Systems.

Peregrine’s Incentive Incubator will focus on the disciplines of targeted medical therapeutics, medical devices, pharmaceuticals, and advanced diagnostics… Read More Here

Shopic Raises $35 Million For New Shopping Solutions
Shopic, an Israeli startup that offers an AI based retail shopping solution, raised $35 million in a Series B round of investment led by Qualcomm Ventures, with the participation of Vintage Investment Partners and Clal Insurance. With this raise, Shopic has now brought in $56 million in investments to date.

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This raise comes a little over a year after Shopic brought in $10 million.

We have all gotten so used to online shopping that… Read More Here

Privya Raises $6 Million For Data Privacy
Privya, an Israeli startup that offers a platform for data privacy code scanning, came out of stealth mode with a $6 million seed funding round led by Hyperwise Ventures, together with several angel investors.

Founded in 2021 by Uzy Hadad, Arthur Garmider, and David Segev, Privya provides a data privacy code scanning platform that translates the requirements of privacy related regulations such as GDPR, CPRA, etc., and compliance best practices… Read More Here

Equalum Raises $14 Million For Data Integration
Equalum, an Israeli startup that offers data integration solutions, raised $14 million in a Series C round of financing. The round brings total investment in the company to $39 million to date.

IBM explains that Data integration tools and solutions are a group of technical and business processes designed to combine data from disparate sources into meaningful and valuable data sets. Tools such as ETL, data replication and… Read More Here

Mergers and Acquisitions
Stratasys Buys Germany’s Covestro AG For Up To $80 Million
Israeli 3D printer manufacturer Stratasys is acquiring the German additive materials company Covestro AG for $43 million. With additional performance payments, the total could come to as much as $80 million. The purchase of Covestro includes R&D facilities and activities, global development and sales teams across Europe, the U.S. and China, a portfolio of approximately 60 additive manufacturing materials, and an extensive IP portfolio comprised of hundreds of patents and patents pending.

The acquisition comes just… Read More Here

Kaltura Fights Panopto Takeover Bid With Poison Pill
Israel’s Kaltura, which provides live and on-demand video SaaS solutions, is attempting to fend off a hostile takeover bid being made by American video platform Panopto by taking what is commonly known as a “Poison Pill.” At the end of July, it was reported that Panopto is offering $3 a share in its bid which would give Kaltura a $383 million valuation. And the $3 price represents as much as 27% above Katura’s share value at the time the offer was revealed.

Kaltura announced that its board of directors adopted a limited duration stockholder rights plan. This is commonly known as a poison pill because… Read More Here

Qualitest Acquires Indian Company ZenQ
Qualitest, an AI-powered, engineering-driven software testing and quality assurance company founded in Israel, has acquired ZenQ PvT Ltd., an India-based software testing company. The purchase price was not disclosed. Qualitest will add ZenQ’s more than 600 engineers to its ranks, along with the company’s leadership team.

This acquisition comes just a few months after Qualitest bought out Israeli startup Comply, a quality assurance specialist in pharma… Read More Here

Other Business Stories
BOI: For Israel Capital Markets Decline Means Drop In Tax Revenues And Fewer Job Openings In High Tech
Israel Startup Nation has not been immune from the effects of the global economic crisis and the drops in the markets. The Bank of Israel (BOI) has released an important report on the health of Israel’s high-tech sector considering the current recession.

Israel Startup Nation is known for being the world’s biggest per capita success in the world of high-tech. Billions a year in new investments are brought into the country from foreign investors every year. But in the current crisis, it looks like Startup Nation may be turning into “close up nation.” The month of July…. Read More Here

UAE Royal Family Picks Tech It Forward For Israel Representation
Tech It Forward, the Israel-based “innovation bridge maker,” was selected by Seed Group, the UAE company owned by the Royal Family of Dubai and the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, to be its Israel Country manager, providing Israeli startups opportunities for collaboration and investment in the UAE. It is no longer big news when a UAE firm invests in Israel, but it is newsworthy to note that in Tech it Forward, the religious Muslim nation has chosen to work with a firm founded and led by two women.

Founded in 2016 by Jessica Rosner and Jennifer Elias, Tech It Forward is the bridge between local entrepreneurs and startups and the people out there who have the money to invest – VC funds and angel investors. It acts as sort of a travel agency…. Read More Here

Wix Not Immune To Markets Crisis – Cuts 100 Jobs
Even Wix, the highly successful Israeli company that offers people a way to build their own websites free of charge, is not immune from the ongoing economic crisis in the markets. The company is set to fire another 100 employees. Wix currently has 6,000 workers and about half of them work in Israel.

This marks the company’s second round of layoffs. Wix fired several dozen employees in June when it closed its subsidiary firm Wix Answers.

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The move comes just three months after Wix acquired Israeli startup Rise.ai, the gift card and customer re-engagement solution for…. Read More Here

Israeli Unicorn Melio Also Forced To Fire People
Melio, an Israeli fintech unicorn, is the latest Israeli unicorn to have to acknowledge the current downturn in the markets and make cutbacks The company is laying off 60 people from its sales and customer success team.

This is being done by a company that hit a $4 billion valuation last fall.

The news comes just days…. Read More Here

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