News Briefs

January 29, 2018 | Israeli insurance company Menora Mivtachim announced Monday that it has teamed up with global startup accelerator MassChallenge to identify Israeli insurtech and fintech startups interested in collaborating with the insurance group. “The purpose of this connection is to increase exposure to innovation and to seek out technological ventures at various stages of development that may provide a solution to the technological and business challenges of the Company,” said Orly Stern Itzhaki Chief Digital Officer and Head of Innovation at Menora. Menora Mivtachim seeks tech solutions in fields that include underwriting, distribution, customer service, claims and more. Startups that are selected to the MassChallenge program will be provided with professional and business consultations from Menorah experts, with an opportunity to incorporate its developments into the insurance company, Menora Mivtachim said. Menorah is the latest insurance company to partner with MassChallenge, joining Liberty Mutual, Fidelity, MassMutual, and others. Startups can apply to MassChallenge Israel by February 4, 2018.

 

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January 29, 2018 | Israel-based IVC Research Center in cooperation with Israeli law firm APM & Co released an report on Monday ranking Israel’s most active venture capital funds, with Vertex Ventures Israel in the top spot. The report analyzes first investments in Israel performed in the past five years. Vertex manages some $800 million in four funds, and came in first for 2017 with 12 first investments. In second place is aMoon Partners, a life sciences fund of $150 million managed by CheckPoint founder Marius Nach, with 11 new investments. The third spot is shared by three funds: F2 Capital, iAngels Seed Fund and Mindset Ventures with ten new investments each. In all, according to the report, Israeli VC funds increased their first investment activity with 212 new deals in 2017 amounting to 48 percent of total new investments, a record in the past five years. Foreign funds closed 233 new deals in 2017, holding 52 percent of the total, the lowest in five years.

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January 29, 2018 | Over 250 companies and startups are currently operating in Israel’s retail technologies industry, according to a new study released jointly by Israeli early-stage tech incubator Nielsen Innovate Fund (NIF), financial services company Deloitte, Israeli venture capital firm Jerusalem Venture Partners (JVP), and Israeli retail innovation platform The Shelf. Most are active in logistics, robotics, shipment optimization powered by software, and sales, and include technologies such as e-commerce capabilities, smart buying, payments, digital signatures, inventory control, and new user experience featuring AR/VR and 3D. Together, they have raised over $1 billion in recent years, according to the report. Prominent deals have included marketing platform Yotpo raising $51 million last November, Trax raising $64 million in June, Retalix being bought by omni-channel solutions company NCR Corporation for $650 million, online engagement ring seller R2Net being acquired by Signet’s Jewelers for $325 million, and QR code tech developer Visualead bought by e-commerce giant Alibaba for an undisclosed amount. “Israel is quickly becoming a leading innovation base in the retail world,” says Ilan Leiferman, managing director of The Shelf. “Managers from Walmart Tesco, Carrefour, H&M, Best Buy and others have visited Israel in the past two years and are collaborating with Israeli start-ups, and we expect this trend to continue and retailers worldwide will establish innovative activities in Israel in the form of partnerships, investments or acquisitions. The way to open R&D centers, as well as strategic acquisitions.”

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January 28, 2018 | Cylus, an Israeli startup focused on developing technology to protect railway and metro systems from cyber attacks, has raised close to $5 million in a seed funding round led by Vertex Ventures, in collaboration with Magma Venture Capital, the company said. Cylus was founded just last year by veterans of the IDF Intelligence Corps’ elite technological intelligence and security units, and a former CEO of Israel Railways, Boaz Zafrir, now president of Cylus, as well as Zohar Zisapel, a high-profile Israeli entrepreneur and chairman of the RAD Group, who is also invested in Israeli car sensor company Innoviz Technologies, which develops technologies for autonomous driving and was an early investor in Argus Cyber Security, acquired by German auto giant Continental in November for over $400 million. “Train attacks are no longer science fiction,”  Zisapel said in a statement. “Trains, passengers and critical railway infrastructure are undoubtedly high-quality targets for hackers. Cylus is laser-focused on protecting railway systems while enabling customers to swiftly adapt new technologies to reduce the risk to the public.” Zafrir said, “Railway companies cannot compromise on passenger safety, and one of the pillars of passenger safety is cybersecurity. Railway executives are acutely aware of the dangers and are looking for answers. The extraordinary team at Cylus has rich experience creating effective cybersecurity solutions, and I am confident that the company’s unique technology will help keep passengers safe all over the world.” Cylus CEO Amir Levintal said, “Our team of world-class cyber specialists together with rail industry experts have tailored a solution to the industry’s unique requirements. Our solution enables rail companies to detect cyber-attacks in their operational network, including their signaling systems and rolling stocks, and block attackers before they can cause any damage. The automotive industry has woken up to the critical need for cyber protection – it’s time the railway industry got on board as well.”

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January 25, 2018 | Israeli cybersecurity startup Hysolate, a Team8 portfolio company, has announced it has raised $8 million in a Series A funding round led by cybersecurity think tank Team8 and Eric Schmidt’s Innovation Endeavors, according to a statement from the company. It has also launched its first product — a platform that allows workers to maintain productivity through various work-related tasks on multiple operating systems as the product deal with security issues and eradicates potential cyber threats. Founded in June 2016 and in stealth mode until now, Hysolate is the creator of a “hybrid” endpoint architecture technology that closes the gap between security and productivity, with a platform allowing enterprises to run multiple operating systems  on a single workstation without security issues or the loss of production efficiency. Hysolate is the fourth company to be launched out of Team8, joining companies like Illusive Networks, Claroty, and more. Team8 is an Israeli cybersecurity think tank and company creation platform founded by members of Israel’s Technology and Intelligence Unit 8200.

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January 25, 2018 | Israeli virtual reality startup StoryBot won first place at the Global EdTech Startup Awards (GESA) this week, a  competition showcasing the most promising educational technology startups around the world. The Israeli-founded, London-based startup wins a $50,000 prize and new opportunities for business development and mentoring, a statement about the event said. StoryBot was chosen from more than 650 startups in 70 countries who competed for the prize. Finland’s educational technology platform Claned won the AI category, while the global awards winner was Arcterus, am adaptive Japanese learning EdTech venture. The event featuring GESA took place in London and was part of a bilateral initiative between the UK Embassy in Israel and MindCET, a center for innovation and technological development in education located in Tel Aviv. Prizes were awarded by the UK Israel Tech Hub and MindCET, as part of the UK Israel EdTech Taskforce, an initiative aimed to create a joint UJ-Israel ecosystem for the global EdTech network. The event included the fifth annual meeting of the UK Israel EdTech Taskforce, where 35 senior representatives from the UK and Israel came together to discuss the future of EdTech and the promotion of bilateral cooperation in the field. They also launched the Teachers & Startups EdTech Alliance, providing certificates for teachers who implement EdTech innovation in classrooms, providing startups with opportunities to pilot their products and access to educational systems.

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January 24, 2018 | Israeli startup Nexar announced on Wednesday that it closed a $30 million Series B funding round, led by Ibex Investors, with participation from Alibaba Innovation Ventures, Nationwide Insurance and previous investors Aleph, Mosaic Ventures, Slow Ventures, True Ventures, and Tusk Ventures. Co-founded by CEO Eran Shir, a former manager of Yahoo’s Creation Innovation Center in Israel, and CTO Bruno Fernandez-Ruiz, Nexar uses smartphones to create an AI-backed vehicle-to-vehicle network that works to predict and prevent accidents. Nexar leverages “millions of crowd-sourced road miles jointed with sensor-fusion, deep-learning, and map-layering technologies” to provide “real-time alerts to prevent vehicle, cyclist, and pedestrian collisions.” Nexar said in a statement that it will use the funds “to further its mission of eliminating car crashes and expand its vehicle-to-vehicle (V2V) network by working with insurers, cities, and automakers.” Nexar’s app, launched in 2016, is used in 740 cities across 160 countries, according to the company. Its biggest markets are in New York City, San Francisco, Tel Aviv, and Las Vegas. Nexar also announced the appointments of Yoad Shraybom, a former Disney executive, as the new chief financial officer, and veteran technology executive Marc Gaffan as chief business officer.

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January 24, 2018 | Israeli startup Montfort Brain Monitor won the Henry Ford Health System’s first-ever artificial intelligence challenge for Israeli companies. Montfort developed a real-time brain monitor which uses smartphone technology to record and analyze data from tests conducted on patients with neurological disorders. The Henry Ford Health System is based in Detroit, Michigan and is one of the US state’s leading healthcare provider. It issued the challenge last year as part of its Global Technology Development Program, designed to identify cutting-edge healthcare technologies from Israel and co-develop and launch them in the US healthcare market. Montfort will receive $75,000 to fund the research and clinical development of its cutting-edge technology at Henry Ford and will be able to benefit from Henry Ford mentors and experts to help navigate their development. Founded in 2014, the Herzliya-based Montfort Brain Monitor company has an app that uses smartphone sensors to record and analyze data of patients suffering from neurological disorders like Parkinson’s disease. The app is available for both iOS and Android in two versions — a clinical app to be used by the patient’s care team and a home version that patients can use themselves.

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January 23, 2018 | Tel Aviv University will partner with Yandex, the Russian multinational technology company operating Russia’s largest search engine, to launch the Yandex Machine Learning Initiative, the tech firm announced in a statement. The initiative will run through TAU’s Blavatnik School of Computer Science as part of the Bachelors of Science program in computer science. The partnership will expand machine learning education at TAU through the launch of courses that will focus on machine learning, deep learning, natural language processing, computer vision, and robotics as well as lecture series that will bring experts from around the world to lecture on machine learning and collaborate with TAU faculty. The initiative will also support the recruitment of new faculty and the acquisition of new equipment for research. Yandex Fellowships will provide scholarships opportunities to students at Master’s, Doctoral, and Post-doctoral levels. Tel Aviv University will be the sixth branch for the Yandex School of Data Analysis (YSDA.) YSDA will offer a one-year career advancement program in machine learning in fall 2018. Founded in 1997, Yandex celebrates more than 20 years as a company providing Internet-related services, with 10 years running its free Master’s program in computer science and data analysis. Yandex operates the largest search engine in Russia, with about 65 percent market share in the country, according to a March 2017 report from BBC News.

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January 23, 2018 | Israeli-founded insurtech startup Hippo, which uses modern tech to provide proactive, and comprehensive homeowners insurance, announced yesterday that it had raised $25 million in a Series B funding round. The round was led by VC firms Comcast Ventures and Fifth Wall. This is the first insurance investment for both investors, signaling their interest in a fast-growing insurtech market. The California-based firm said it will use the investment to expand the company across the US in 2018, including the opening of a new customer service center in Austin, Texas. Launched in January 2015, Hippo is led by Israeli-born CEO Assaf Wand, who founded the company with Eyal Navon. The company closed a $14 million Series A funding round in December 2016 led by Horizons Ventures with participation from RPM Ventures, Propel Venture Partners, GGV Capital, and Pipeline Capital.

 

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January 22, 2018 | Dr. Mark A. Israel has been appointed the executive director of the Israel Cancer Research Fund, the largest nonprofit organization dedicated to funding cancer research in Israel, healthcare site Healio.com reported yesterday.  Israel is a pediatric oncologist and translational scientist who served as a volunteer member of the Israel Cancer Research Fund’s scientific review panel and chair of the translational cancer research proposal evaluation panel for the last 12 years. He has also served as director of the Dartmouth-Hitchcock Norris Cotton Cancer Center from 2001 to 2016. He was also a professor in the Department of Pediatrics, Medicine, and Molecular and Systems Biology at Geisel School of Medicine at Dartmouth College. Before that, he was a professor in the Department of Neurological Surgery and Pediatrics at the University of California in San Francisco, where he headed the Preuss Laboratory of Molecular Neuro-Oncology. Founded in 1975 by a group of North American physicians, scientists, and other leaders, the Israel Cancer Research Fund was established in North America to support cancer research in Israel.

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January 21, 2018 | Microsoft Israel has named Assaf Rappaport the new CEO of its research and development activities, the company announced last week. Rappaport is replacing Yoram Yaacovi, who stepped down from the position last fall, after 20 years. Rappaport joined Microsoft in 2015 after the tech giant bought his cloud security company Adallom for $320 million. According to Globes, he has managed Microsoft Israel’s security unit, which has grown to hundreds under his leadership in the past two years. Microsoft’s first research and development center in Israel opened in 1991 in Haifa. Microsoft currently has three R&D centers in Israel, in Herzliya, Nazareth, and Haifa. In December 2017, NoCamels reported that Microsoft had leased a new campus in Herzliya.

 

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January 21, 2018 | Kryon Systems, an Israeli company that developed AI-powered software robots, or Robotic Process Automation (RPA), enterprise automation announced that it was expanding into the US with new offices in New York City and Atlanta. The company also announced the appointment of a general manager for Kryon Systems in Americas region, Tony Ehrens. Kryon Systems said it is “changing the reality of today’s process-focused business world by offloading the repetitive, soul-crushing processes to a digital workforce,” with its solutions. Ehrens welcomed the announcement of the two new US locations and said that Kryon’s solutions “enable the potential for rapid growth and high-quality performance.” Kryon Systems’ CEO Harel Tayeb says, “We’re seeing all industries undertake digital transformations, which is why we’re so excited to have Tony bring his many years of AI industry experience to our team to scale Kryon Systems into a global market leader.” He adds, “Our American expansion is a critical part of our future and we’re looking forward to partnering with enterprises to achieve actionable visions and grow together.” Kryon recently opened a new office in Germany to meet European and Asian demand and was named by Business Insider as one of  “50 startups that will boom in 2018.”

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January 18, 2018 | Palo Alto Networks, a cybersecurity company founded by Israeli Nir Zuk, announced the opening of a new office and research and development center in Tel Aviv. The company’s new operations will be located near the Hashalom train station, the company said in a press release on January 11. The Santa Clara, California-based firm said its Israel team has grown significantly over the past 3.5 years since Palo Alto acquired Cyvera, an Israel-based cyber firm for some $200 million in 2014. The company also acquired LightCyber in 2017 for a total of $105 million, further growing its Israel team as “other teams have grown and new functions are now housed in Israel, including customer support, sales and DevOps.” Palo Alto says the “rapid expansion prompted the need for a new facility that enables collaboration, provides room for future growth, and features great amenities for an increasing employee base.” The new offices, the company said in the statement, “will host over 200 employees across several operational functions, including IT, HR, facilities and finance.” Tel Aviv is the only R&D site for Palo Alto outside of its Santa Clara global headquarters.

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January 18, 2018 |Israel-based data automation tech company Sigmento has been acquired by French technology firm Akeneo, an open source product information management solutions provider, the companies announced in a joint statement. The acquisition will boost Akeneo’s position as a leader in product information management (PIM) providers as it is now equipped with Sigmento’s cutting-edge machine learning technologies. Sigmento’s founders will join the Akeneo management team, with a combined development set to advance Sigmento’s technology while integrating into Akeneo’s PIM products. Sigmento’s Israel office will Akeneo’s fourth global location, joining locations in the US, France, and Germany. Founded in 2013, Akeneo’s mission is to help retailers turn product information into powerful brand assets. Sigmento, founded in 2015, has machine learning algorithms that optimize product listings for ecommerce vendors.

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