Israel’s Grove Ventures Raises $110 Million
October 29, 2017 | Israel-based venture capital firm Grove Ventures announced that it has raised $110 million in commitments for its fist fund. The firm, run by the inventor of the USB Dov Moran, invests in early-stage Israeli startups with a focus on groundbreaking technology in IoT, Cloud and Big Data. Moran founded and headed M-Systems Inc., the company that invented the USB flash drive, which was then bought in 2006 by by SanDisk Corp. for $1.6 billion. Grove Ventures, based in Ramat Hasharon, was set up in 2015. Israeli-born Guy Resheff manages the firm’s US operations. The firm said in a statement that it was “interested in expanding the possibilities available for talented entrepreneurs who present innovative technologies and allow Israeli companies to grow in the international market.” So far this year, Grove Ventures has invested in the Tel Aviv-based startup Astralink, which develops an AR solution for construction sites to manage errors, IoT startup WilioT Ltd, also based in Tel Aviv, and Spry Health, a Palo Alto-based company co-founded by an Israeli which develops health management technologies and remote patient monitoring.