Vendict Team (company pic)
Vendict, an Israeli cybersecurity startup that uses generative AI to help security compliance teams with their Governance, Risk, and Compliance, emerged from stealth with $9.5 million in funding led by NFX, Disruptive AI, and Cardumen Capital. Meanwhile, The Israel Innovation Authority (IIA) is investing $30 million in a new R&D center for bio-devices based on bio-chips.
IIA said that as part of the National Bio-Convergence Program, it is offering NIS 113 million – about $30 million -for the establishment of a center that will provide research and development infrastructure for bio-devices based on bio-chips. The offer is directed at companies dedicated to developing key service infrastructure for companies that develop bio-devices such as environmental diagnostic sensors, smart implants for treatment and diagnostics, lab-on-chip and organ-on-chip technologies.
Bio-convergence represents the integration of biology and life sciences with engineering and software technologies. This rapidly expanding field holds immense promise across various sectors, including medicine, environment, climate, energy, agriculture, food, security, to name a few. Bio-convergence is expected to lead development and manufacturing in these sectors over the next few years.
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“The field of bio-convergence has great potential to be a growth engine and a source of diversification for Israeli industry,” said Dror Bin, CEO of the Israel Innovation Authority. “As a world leader in technology and innovation, it is crucial that Israel stays ahead in a constantly changing technological landscape and amidst fierce global competition. This tender is of great significance, not only in terms of the substantial budget, but also in its ability to promote this sector. Eventually, we are looking to establish a unique and internationally renowned center that will drive the Israeli ecosystem forward and foster the emergence of a new sector within the country’s thriving high-tech industry.”
IIA said Israel possesses the ideal foundation to excel in the bio-convergence field and establish an innovative, competitive industry that will generate high returns to the local economy. It features a unique combination of biotech with a strong and well-established high-tech industry. The country already boasts a robust high-tech sector, renowned for its software and data expertise, as well as leadership in engineering and exact sciences.
As for Vendict, the company was co-Founded in 2020 by corporate hi-tech veterans Udi Cohen, CEO, and Michael Keslassy, CTO. The firm boasts that it excels in the latest frontier of AI research, a field known as Natural Language Processing, or NLP. This booming field of data science is giving computers the capability to comprehend the complexities of human communication and, more broadly, to operate in all environments where context is essential for understanding.
More broadly, NLP allows computers to operate in all environments where context is essential for understanding.
“Filling out a security questionnaire is one of the least preferred activities of any CISO, GRC specialist, or sales engineer I’ve ever spoken with. By using the GRC-specific generative language model, this is the first time that this pain is truly solved. As the CEO, I’m getting to see the astonished faces of our customers when they realize that they will not need to manually respond to questionnaires anymore. This is satisfying in a way that I can’t explain. But still, this is just an intermediate step. The technology we are now developing will eliminate the need to send questionnaires altogether. Vendict will generate security assessment reports to the buyers, based on the sellers’ documents, and the criticality of the vendor,” said Udi Cohen, Co-Founder and CEO of Vendict.
