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Jewish Business News

StartUps

Israel High Tech Scene September 3 – September 9

Tel Aviv

Tel Aviv at sunset, Israel Startup Israel

New Startups / VC Funding
Carbyne Raises $128 Million For Emergency Medical Response Tech
Carbyne, an Israeli Startup that offers emergency medical response technology, raised $56 million in a Series C funding round co-led by Cox Enterprises and Hanaco Growth Fund. This round brings the company’s total funding to date to $128 million.

Former Israeli Prime Minister Ehud Barak is counted among Carbyne’s investors.

Carbyne said that this round of funding came after the company’s revenue… Read More Here

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Taranis Raises $100 Million For New Agtech
Taranis, an Israeli agtech startup that offers a crop intelligence platform, raised $40 million in a Series D funding round led by Inven Capital, a European climate tech fund. The round brings Taranis’ total funding raised to date to $100 million.

Food insecurity is a major concern for the world today. According to the World Food Programme, as many as 828 million people go to bed hungry every night, and the number of those facing acute food insecurity has soared… Read More Here

Cymulate Raises $70 Million For SaaS Continuous Security Validation Platform
Cymulate, an Israeli cyber security startup that offers a SaaS-based Continuous Security Validation platform has raised $70 million in a series Series D round of funding led by One Peak. Cymulate has now raised a total of $141 million to date.

Founded in 2016 by Israeli cyber sector veterans Eyal Wachsman (CEO) and Avihai Ben-Yossef (CTO), Cymulate is a SaaS-based breach and attack simulation platform. The company boasts that its platform makes it simple to…. Read More Here

Olive Diagnostics Offers Home Do-It-Yourself Medical Testing Tech
Olive Diagnostics, an Israeli medtech startup, offers KG, the world’s first artificial intelligence (AI)-based optical device capable of early detection of diseases at home or in the clinic. The company extended its seed round of investment, now bringing in a total of $7.3 million after raising an additional $1.5 million.

Think of it this way: It is time-consuming and not always convenient to travel to a lab to give urine and stool samples. And for the elderly and the infirm, this is not always practical, or possible. Now, think about that dreaded walk from the bathroom to the nurses’ station holding that little cup in your hand… Read More Here

Mergers and Acquisitions
Elmo Motion Control Sold To Bosch For $700 Million
Bosch Rexroth – a subsidiary of world renowned German manufacturer Bosch Group – is set to acquire Israeli manufacturer of ultra-advanced servo drives Elmo Motion Control. Bosch and Elmo signed an agreement to that effect on September 4th, 2022. While the companies did not reveal the purchase price, Calcalist reported that the deal is worth $700 million.

Bosch said that Elmo Motion Control’s high performance, extremely space-saving… Read More Here

5 Biggest Israeli Merger And Acquisition Stories From August
Israel Startup Nation saw a number of mergers and acquisitions in August, several of which were actually Israeli firms buying out foreign ones. The biggest deal, involving IronSource, was the completion of a long planned merger that hit a bump in the road in July. And in one case, an Israeli company decided to oppose a takeover bid; even though, the prospective buyer offered a premium above its share price… Read More Here

Other Business Stories
Snapchat To Lay Off 20% Of Staff Including In Israel
Snap Inc., the company behind social media giant Snapchat, is just the latest in a long line of top-tier firms forced to make cutbacks and fire employees due to the continuing worldwide financial crisis. The company is letting go of about 20% of its total workforce, including 30 people at its research and development center located in Herzliya, Israel.

Snap expects to save about $500 million per year by making these cutbacks… Read More Here

Mahindra Racing Selects Israeli Company Sygnia As Its Global Cybersecurity Partner
Mahindra Racing, a British-Indian international motor racing team based in Banbury, United Kingdom, has selected the Israeli company Sygnia, an incident response and cyber security consulting company that protects organizations worldwide, as its global cybersecurity partner. It really comes as little – actually basically no – surprise that an Israeli firm got an international cyber security contract.

Israeli cyber security companies have been at the forefront of the field for decades. One of Israel Startup Nation’s biggest and earliest successes, Check Point Technologies, is a cyber security company. And most of… Read More Here

Israel’s Foreign Currency Reserves Drop
The Bank of Israel reported that its foreign currency reserves have declined. Israel’s foreign exchange reserves at the end of August 2022 stood at $192,151 million, a decrease of $5,318 million from their level at the end of the previous month. The level of the reserves relative to GDP was 37.2 percent.

Also, on August 23, 2021, the International Monetary Fund allocated approximately $2.6 billion to Israel, as part of the IMF’s $650 billion allocation to all of the organization’s member countries. Together with this increase in reserves… Read More Here

JBN’s 5 Biggest Business Busts From August
So far in 2022, dozens of Israeli firms have been forced to make huge cutbacks including layoffs. Even Startup Nation Unicorns have been having problems, as well as companies that have already gone public. And in August two large Israeli owned businesses went under entirely, declaring bankruptcy.

This trend is largely attributed to the current global inflation crisis and the steps being taken to curb it. The U.S. and Israel have both raised interest rates. That move means there will be less money for future investments so…. Read More Here

New Israeli Study Concludes No Clear Evidence COVID-19 Transmitted From Bats
Covid-19 probably did not come from bats. This is according to a new Tel Aviv University study that such rejects assertions, and said that bats have a highly effective immune system that enables them to deal relatively easily with viruses considered lethal for other mammals.

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So, does this mean that the whole “bats caused Covid” theory will go down in history as just another urban myth? It seemed that the same people blamed the Chinese for allowing the mutation of the new plague because of its “wet markets” where bats and other exotic animals are sold for food to the general public…. Read More Here

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