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Jewish Business News


Israel High Tech Scene November 20 – 26

Tel Aviv

Tel Aviv at sunset, Israel Startup Israel

New Startups / VC Funding
Torr Raises $12 Million For Foodtech
Torr FoodTech, an Israeli foodtech startup that has developed technology that combines mechanical pressure and ultrasonic energy to press ingredients together in the production of snack bars and other food products, raised $12 million in a Series A funding round led by Harel Insurance Investment and Financial Services. Torr is one of a number of new Israeli firms that came out of Strauss Group’s foodtech incubator the Kitchen Hub.

Israeli startup Zero Egg, another firm that came out of the Kitchen Hub, produces an egg alternative made from plants for food service and food… Read More Here

Beti Raises $11 Million For Construction Tech
Beti, an Israeli startup founded by former IDF special forces soldiers that offers construction site management software specializing in safety, labor management and quality assurance solutions, raised $11 million strategic growth investment round led by PSG.

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Founded in 2018 in Tel Aviv CEO Omer Slavin, a fourth-generation to a family of contractors, and CPO Shir Mautner, Beti provides construction developers and general contractors with a one-stop-shop solution for site management that assists them in addressing on-site safety and compliance issues, while simultaneously working to improve on-site efficiencies and boost productivity. Slavin and Mautner served together in the IDF’s vaunted… Read More Here

Cordio HearO Detects Heart Failure From A User’s Voice
Cordio Medical is an Israeli medtech startup that offers a new device that can detect critical heart failure (CHF). The HearO can detect heart issues just by monitoring a user’s voice.

So, how does it work? Well, apparently a person’s voice changes in certain ways when there is a heart issue. But the change is too subtle for the person, or anyone else, to notice. But the new tech from Cardion Medical, the HearO… Read More Here

Piggy Raises $7.7 Million For Mobile Content Creation
Piggy, an Israeli startup co-founded by Shaul Olmert – son of former Prime Minister of Israel Ehud Olmert – that offers a platform that enables users to create documents, presentations, invitations, and more, directly from their mobile phones, raised $7.7 million in a Seed round of funding led by Insight Partners.

Have you ever wanted to be able to put together some kind of business presentation or personal group on Facebook, etc., but on your phone? It is so small and complicated to go back and forth between the different apps, so how would you do it? Well, this is where Piggy comes into the picture… Read More Here

Mergers and Acquisitions  
Palo Alto Networks Buys Israel’s Cider Security For $300 Million

Cider Security, an Israeli cyber security startup that offers the AppSec Operating System, is getting bought out by Palo Alto Networks, an American cyber security firm, for $300 million in cash and stock – $195 million in cash. Cider Security only just came out of stealth in March of this year when the company raised $38 million in a Series A round of funding.

The deal comes not long after it was revealed that a possible buyout of apiiro, an Israeli startup that boasts that it is the industry’s… Read More Here

Other Business Stories
Bank Of Israel Raises Interest Rates 0.5 Percentage Points
The Bank of Israel (BOS) is raising interest rates again. The bank announced Monday that it will increase the interest rate by 0.5 percentage points to 3.25 percent.

It was just seven weeks ago when the BOS raised interest the last time. At the beginning of October, the Bank raised the rate by 0.75 percentage points to 2.75 percent.

The reason for the… Read More Here  

Pagaya, Rapyd And Trax All In Trouble
Israeli fintech firm Pagaya has lost 97% of its value, Rapyd, an Israeli fintech startup, is about to lay off dozens of its employees and Trax Image Recognition, an Israeli startup and a unicorn that offers retailers a platform for getting the most out of consumers, is firing about 8% of its workforce. These three firms are just the latest examples of how Israel Startup Nation is suffering along with everyone else from the worldwide financial crisis.

Pagaya is probably the worst example of the current disaster that Startup Nation is going through. After hitting its peak with a market cap as high… Read More Here

Ormat Drops After Corix Stock Dump
Ormat Technologies, Inc., an Israeli geothermal energy company, offered up for sale on Friday a large block of stock belonging to Japan’s ORIX Corporation in an underwritten secondary offering of an aggregate of 3,500,000 shares of its common stock. Orix owned about 22% of Ormat’s stock and came away with $337 million after selling the stock for $90 per share.

Ormat did not offer any of its common stock in the offering for its own account and will not receive any proceeds from the sale of the shares being offered by the selling stockholder.

After the sale, Ormat stock… Read More Here

Capitolis, Similarweb, OwnBackup, Yotpo, All Making Staff Cuts In Global Financial Downturn
Four more Israel startup nation firms were forced to lay off workers this past week: Capitolis, Similarweb, OwnBackup, and Yotpo. The numbers of layoffs among Israeli high tech firms keep on rising and even unicorns and big publically traded companies are not immune from the global financial crisis that was sparked by the Russian invasion of Ukraine in March.

Well, here are the numbers:

OwnBackup, an Israeli startup that… Read More Here



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