From INSIGHTEC Promotional Video
Here is Jewish Business News’ list of the seven biggest startup stories to come out of Israel Startup Nation in June, 2024.
Insightec Secures $150 Million To Beam In A New Era Of Surgery
Remember Star Trek’s futuristic surgery without scalpels? Insightec, an Israeli medical technology company, just got $150 million closer to making that vision a reality. The company secured funding to advance its focused ultrasound technology, offering a minimally invasive alternative to traditional surgery.
The funding will support Insightec’s continued development and commercialization of focused ultrasound technology, a non-invasive treatment approach with the potential to transform patient care across various medical fields.
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Insightec’s focused ultrasound platform utilizes sound waves to target specific tissues within the body, offering a minimally invasive alternative to traditional surgical procedures. This technology holds promise for treating a variety of conditions, potentially improving patient outcomes and reducing recovery times. (Full Story)
Cybereason Founders Start New Israeli AI Firm Seven AI
Seven AI, a new Israeli AI startup, was founded by the people behind Israel’s cybersecurity firm Cybereason, Yonatan Striem-Amit and Lior Div, both veterans of the Israel Defense Forces’ vaunted 8200 intelligence unit. Seven AI just came out publicly with a $36 million raise in a Seed funding round, led by Greylock Partners and joined by CRV and Spark Capital.
The Wall Street Journal reported that Seven AI was valued at more than $100 million in September when Greylock provided it with pre-seed financing.
Founded in 2012 in Israel by CEO Lior Div, CTO Yonatan Striem-Amit, and CVO Yossi Naar – all veterans of the IDF’s 8200 intelligence unit, Cybereason is an Israeli cybersecurity company, which provides protection against cyberattacks to both governments and businesses alike. Alphabet Inc’s Google Cloud unit is one of its backers. (Full Story)
Zencity Secures $40 Million To Power Up AI-Driven Government Decisions
Zencity, an Israeli startup providing offering AI-powered community insights for governments, has secured $40 million in Series C funding. This investment, led by StepStone Group with participation from existing investors, brings Zencity’s total funding to $91 million.
Founded in 2015, Zencity empowers local governments with data-driven insights into their residents’ needs. Their platform leverages AI and big data to “eliminate the guesswork from policymaking,” as the company states.
Zencity goes beyond traditional channels, offering a “cross-channel platform” designed to ensure all residents have a voice. Their solution gathers feedback from various sources, online and offline, providing a comprehensive picture of community needs. Advanced AI then analyzes this data, generating actionable insights for governments. (Full Story)
Israel Boosts Early-Stage Tech Investment With Eight New Angel Clubs
The Israeli tech scene is about to get a shot in the arm with the announcement of eight new Angel Clubs dedicated to supporting early-stage deep tech startups. This initiative by the Israel Innovation Authority aims to address a crucial gap in funding for promising young companies with the potential to revolutionize various industries.
Traditionally, many angel investors in Israel operate independently. While this approach has its benefits, it also comes with limitations. Individual investors typically have smaller investment capacity and limited ability to evaluate ventures across diverse sectors. Angel Clubs, on the other hand, offer several advantages:
Professional Management: Angel Clubs provide professional oversight of the investment process, including thorough due diligence for potential startups. (Full Story)
Israel’s Finaloop Secures $35 Million To Fuel E-Commerce Accounting Revolution
Finaloop, the real-time accounting platform for e-commerce businesses, has secured $35 million in Series A funding led by Lightspeed Venture Partners. This brings their total funding to $55 million and fuels their mission to transform how online retailers manage their finances.
Since launching in 2020, Finaloop has grown rapidly, with a 400% increase in customers and over $13 billion in Gross Merchandise Value (GMV) managed on their platform. This success is attributed to their innovative platform and a deep understanding of the e-commerce industry.
“Our success wouldn’t be possible without the incredible support of our customers and partners,” says a company spokesperson. Finaloop emphasizes the importance of the DTC (Direct-to-Consumer) community, highlighting their role in providing feedback and driving innovation. (Full Story)
Flipkart Launches Program To Partner With Israeli Startups
Flipkart, India’s leading e-commerce marketplace, announced the launch of a new initiative aimed at fostering collaboration with Israeli startups. This program, part of Flipkart Leap, the company’s startup accelerator program, is designed to connect Israeli innovators with Flipkart’s vast resources and market reach.
The Flipkart Leap Innovation Network (FLIN) offers Israeli startups at various stages the opportunity to test their solutions through partnerships with Flipkart and gain access to a massive market by reaching Flipkart’s hundreds of millions of customers in India.
Adi Lev, CEO of Flipkart Israel, said, “There’s a strong interest in Israel’s technology in India, and FLIN provides a unique opportunity for startups to collaborate with Flipkart and make a significant leap forward.” (Full Story)
Israeli Startup Remepy Offers Hybrid Drugs To Treat Brain Diseases
Remepy is an Israeli startup that offers a new hybrid drug that uses “digital molecules” that can cause changes in the brain. The new medication could lead to breakthroughs in the treatment of Parkinson’s disease and could even be used by way of an app.
Hybrid drugs are new proprietary pharma assets that combine software with drugs to create SaMD (software as a medical device) Drug combinations. Remepy boasts that its digital interventions target main disease endpoints as well as comorbidities and side effects. Combining therapeutic software interventions with pharmacological treatment facilitates personalized treatment at scale, based on real world data.
Remepy is developing a new type of medication: hybrid drugs. These combine traditional medicine with something they call “digital molecules.” Imagine a drug that works with an app. These digital molecules are basically brain-based treatments delivered electronically. They use things like sensory experiences (think light, sound, or even virtual reality) to cause specific physical changes in the body. In other words, they use the brain to make traditional drugs work even better. (Full Story)
