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Jewish Business News

StartUps

Israel High Tech Scene and Other Business Stories April 29 – May 5

Tel Aviv

Tel Aviv at sunset, Israel Startup Israel

New Startups / VC Funding
Foretellix Raises $93 Million for ADAS Solutions
Foretellix, an Israeli startup that offers a platform for automating the testing, verification and validation of automated driving systems (ADAS and AV), raised $43 million in the first closing of its Series C funding round led by 83North. Woven Capital, the growth fund of Toyota, and NVIDIA joined the financing round. The company has now raised over $93 million to date… Read More Here

Novidea Raises $90 Million for Insuretech
Novidea, an Israeli startup offering a cloud-based, data-driven Insurtech platform, raised $50 Million in Series C funding. The funding round was led by Battery Ventures with participation from Cross Creek, both new investors, and the company’s existing investors, Israel Growth Partners (IGP), KT Squared, and JAL Ventures. To date, Novidea has raised $90 Million.

So, there are some Israel Startup Nation firms… Read More Here

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Magenta Medical Raises $55 Million for World’s Smallest Heart Pump
Magenta Medical, an Israeli medtech startup, just brought in $55 million for what the company says will be the world’s smallest heart pump. The money came in a financing round led by global healthcare investment manager OrbiMed.

Co-founded in 2012 by Ehud Schwammenthal (CMO) and Yosi Tuval (CTO), Magenta is developing miniaturized catheter-mounted axial… Read More Here

Duetti Raises $32 Million for Music Financing
Duetti, a new music financing startup founded by an Israeli, has raised $32 million in funding from Viola Ventures and Viola Credit, Roc Nation, Untitled and Presight Capital, Duetti is uniquely positioned to disrupt the music financing market.

Founded in 2022 by Lior Tibon, former… Read More Here

ADASKY Raises $30 Million
ADASKY, an Israeli startup that develops thermal imaging technologies, raised $30 million in a Series B round of investment led by the American corporation Gentex, which develops driver assistance systems. Gentex also established a commercial, engineering, and manufacturing collaboration agreement to help bring ADASKY’s proprietary technology to market. Adasky develops… Read More Here

Israel’s Ctrl Raises $9 Million
Ctrl, an Israeli startup that offers services that it says help revenue teams to simplify and automate customer-related tasks, announced that it raised $9 million in a round of funding led by LocalGlobe and Earlybird, with participation from Dig Ventures and Jibe Ventures, as well as angels including sales leaders from Slack, Intercom, Personio, and Celonis… Read More Here

Israeli Startups InfiniDome and Chiefy Make Small Raises
InfiniDome, an Israeli startup that offers anti-jamming solutions, raised $9 million in a Series A funding round led by Hanwha Aerospace, one of the largest conglomerates in South Korea, alongside Honeywell Ventures, and Next Gear Ventures. And Chiefy, an Israeli medtech startup that offers a cloud platform that helps surgical teams seamlessly embed…. Read More Here

Mergers and Acquisitions
Israel’s Model9 Sold to BMC Software for $40 Million
Model9, an Israeli startup that offers mainframe cloud data management software, has been acquired by BMC, a company that offers software solutions for the Autonomous Digital Enterprise, for $40 million. The deal is expected to be closed by the end of the first half of 2023. This is BMC’s sixth acquisition in the last three years.

BMC works with 86% of the Forbes Global 50 and customers and partners around the world to create their future. The company… Read More Here

RADCOM Completes Its Acquisition of Continual
RADCOM Ltd completed its acquisition of the technology, intellectual property, and customer agreements of fellow Israeli firm Continual Ltd. RADCOM announced its acquisition of the startup developed mobility experience analytics using in February. Meanwhile, RedHill Biopharma, an Israeli bio-medical firm, was granted two new EU and U.S. patents for the oncology meds RHB-102 (BEKINDA) and Opaganib.

RedHill says Opaganib is a “first-in-class,” orally… Read More Here

Permira Takes $40 Million Stake in Israel’s BioCatch
Permira Growth Opportunities has acquired what was described as a significant minority stake in the Israeli biometrics and behavioral tech firm BioCatch. The price of the acquisition was not revealed, but Calcalist reported that it was for $40 million.

Permira is a global investment firm that says it multiplies the potential of companies and people to build successful businesses with… Read More Here

Other Business Stories
In Good News for Teva Pharmaceuticals FDA Approves Schizophrenia Meds
Teva Pharmaceuticals, a U.S. affiliate of Israel’s Teva Pharmaceutical Industries Ltd., won approval from the U.S. Food and Drug Administration (FDA) for its UZEDY (risperidone) extended-release injectable suspension medication for the treatment of schizophrenia in adults. Teva says UZEDY is the first subcutaneous, long-acting formulation of risperidone that utilizes SteadyTeq, a copolymer technology proprietary to MedinCell that controls the steady release of risperidone. Therapeutic blood concentrations are reached… Read More Here

Healthy.Io, Unity and Corning All Making Major Layoffs in Israel
Israeli startup Healthy.io, which provides urinalysis at home via smartphone, is laying off about one third of its total staff, or 70 people. The move comes as the company raised $50 million in a Series D funding round for a total of $143 million to date. Meanwhile, Unity Israel, formerly ironSource, is making more cuts that will reportedly include dozens of terminations in Israel. And Corning is closing its Israel R&D center – Corning Israel – which will see dozens more Israelis lose their jobs.

So, Israel Startup Nation is far from out of the water… Read More Here

Is Israeli Hi-Tech At Risk of Splitting
Are global trends putting the Israeli high-tech sector at risk of breaking apart? Well, the experts at the Israel Innovation Authority say they very well might. But what the experts did not do was explain what is causing this phenomenon.

The Israel Innovation Authority’s (IAA) research wing presented a position paper that it prepared on the subject to Israel’s Minister for Innovation, Science and Technology Ofir Akunis. The paper provides an up-to-date picture of Israeli hi-tech against the background of recent events in the… Read More Here

Earnix, Selina and Karma All Having Troubles
In more bad news for Israel Startup Nation, three more companies are in trouble with two making drastic cutbacks. Earnix, an Israeli fintech unicorn, is laying off 10% of its team, or about 30 people. Karma, an Israeli online shopping startup, is laying off 20 employees, almost 30% of its total workforce. And Selina, an Israeli success story that already had its exit in an IPO, has seen its market cap drop by almost 90%.

Just yesterday JBN reported… Read More Here

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