Israeli MedTech startup Momentis – formerly called Memic – is letting go of roughly 60% of its employee, leaving it with only 50. In a sign of how bad things have gotten in Israel Startup Nation due to the worldwide financial crisis, Mometis is a firm that once aspired to hold a $1 billion IPO. Meanwhile, Jerusalem-based Joyned, an Israeli startup that offers software as a service SaaS platform that helps retailers to provide social shopping experiences directly to their consumers, has teamed up with travel firm Amadeus.
Amadeus, a global travel technology company, said it will use Joyned’s solution with online travel agents and digital travel companies with which Amadeus works. Joyned said that in the months since the two firms have been working together its platform has helped to generate millions in sales.
Founded in 2017 by Jonathan Abraham (CEO) and Michael Levinson (CPO), Joyned boasts that it offers the only social marketing platform that allows merchants to “own the entire shopper journey and helps them leverage natural social engagement for better business results”. The company says that it empowers retailers to capture and grow their customers through social media on their own sites, reducing reliance on third-party social media platforms, and generating unique customer insights through real-time analyses of shopping behavior.
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“Social hotel bookings are a huge story in the tourism industry, and today we are the only company offering an off-the-shelf solution for tourism websites,” Abraham says. “The agreement with Amadeus will enable us to bring our solution to many more tourists around the world, and to make the long and sometimes exhausting process of arranging a vacation into something simple, quick and fun for them.”
Founded in 2012 by Dvir Cohen and Peregrine Ventures, Memic, now Momentis, declares that its mission is to transform robot-assisted surgery. Its main product is Memic’s Hominis surgical platform which features miniature, humanoid-shaped robotic arms with human dexterity, superhuman flexibility, and 360˚ articulation for various access configurations. The company states that this makes it ideal for minimally-invasive procedures that until now have been off-limits to robot-assisted surgery.
“The company made progress in launching its gynecological product in accordance with the plans and proved its clinical and economic value, which can be seen in the fact that leading hospitals in the U.S. are repeat customers of the company,” said Dvir Cohen. “The system has been getting better and better thanks to feedback from the field following close work with the customers and leading doctors.”
But, apparently, this success necessitated the cuts at Momentis. Cohen went on to say that since the performance specifications of the system, planned for reaching the market in 2025, have already been achieved, the company decided to focus on bringing to market a platform that serves a wide patient audience.
“Due to the need to focus on the regulatory efforts,” explained the Momentis leader, “we have made the necessary business decision, with the broad support of the board of directors and all shareholders, to suspend production, marketing and sales efforts in the coming year. Therefore with great regret we say goodbye to approximately 70 out of the company’s 120 employees, with the aim of slowing down the cash burn rate and to reach the market under optimal conditions at the beginning of 2024. This is a difficult day for me and it pains me to say goodbye to wonderful and dedicated employees who have come a long, long way with me.”
