November 28, 2017 | The Israeli cybersecurity firm, Illusive Networks, says it signed a deal to provide its platform to a UK specialist bank, OakNorth, Reuters reported. The Tel Aviv-based Illusive Networks uses “deception technology” to trap attackers already in a system by “saturating the environment with deceptive information,” and creating “a distorted reality that the attacker cannot confidently navigate.” OakNorth has fuly hosted its system on the cloud since last year. OakNorth’s information technology director Rui Silva told Reuters that the bank “liked their (Illusive’s) approach of exploiting an attacker’s vulnerabilities by looking at the network from an attacker’s perspective rather than trying to anticipate every weakness of an organization. Illusive founder and CEO Ofer Israeli said at a recent Reuters cyber summit that the company set itself apart by building “a world and reality where the attacker would need to react to us instead of us reacting to him.” The financial details of the deal were not disclosed. Illusive also has operations in New York.
News Briefs
Israeli Cyber Firm Signs Deal With UK Bank
Uber Israel Ordered To Stop Services
November 27, 2017 | Popular ridesharing service Uber Israel has been ordered by the Tel Aviv District Court to halt its UberDAY and UberNIGHT taxi services within 48 hours, following the an appeal by the Israel Taxi Drivers Association and the Gett taxi app, according to a report in Globes. The court also found that Uber Israel did not meet the current criteria for ridesharing where drivers cover costs for a journey. The service already had severe restrictions on the amount of rides each driver was able to do, in order to ensure that each driver’s earnings would be able to cover car maintenance costs as defined by the Israel Tax Authority, the report said. The court was also not certain that Uber Israel had proper insurance for their service. The Ministry of Transport has also sued Uber Israel for what they call an “illegal service.” Since November, Uber Israel began operating its UberDAY ridesharing service in Tel Aviv and the neighboring cities of Ramat Gan and Givatayim with journeys undertaken to Herzliya in the north and Bat Yam in the south. Since October 2016, Uber Israel had been operating its UberNIGHT service in Tel Aviv and surrounding areas. Uber is a global mobile app connecting passengers with drivers for hire which has faced suspensions in many countries because of government regulations. It was founded in 2009 by Garret Camp, Oscar Salazar, and Travis Kalanick.
Israeli Medical Device Startup Receives European CE Marking
November 27, 2017 | Israeli medical device startup Butterfly Medical has received European CE approval for its its non-surgical, office-based treatment of Benign Prostate Hyperplasia (BPH). According to the European Commission, the letters ‘CE’ appear on many products traded on the extended Single Market in the European Economic Area (EEA). They signify that products sold in the EEA have been assessed to meet high safety, health, and environmental protection requirements. The solution expands treatment options for BPH sufferers, by providing a simple, fast, and minimally invasive, in-office procedure that is an alternative to drug treatment or surgery, a statement from the company said. The device is designed to dilate the prostatic urethra without surgical incision or prostate tissue removal. The device’s design secures to the prostate tissue and prevents migration. It moves the obstructing lobes of the prostate to improve urine flow. The procedure is performed in the comfort of the physician’s office under local anesthesia and can take as little as 10 minutes. Butterfly Medical was founded in 2014 by Dr. Adrian Paz and Yehuda Bachar.
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Israeli Heart Treatment Company Wins Shark Tank Innovation Contest
November 27, 2017 | Two Israeli startups working on solutions to combat heart failure were among the three finalists at the Cardiovascular Research Foundation’s Shark Tank Innovation competition held at the 2017 TCT Conference in Denver, Colorado this month, according to a report in Israel21c. Shark Tank judges chose Israeli company Enospace Biomedical as the winner of this competition. The Caesarea-based heart failure treatment company is developing a minimally invasive implantable neurostimulation device called Harmony, which increases cardiac efficiency by reducing the work of the left ventricle. The company was founded in 2008 by Rainbow Medical Group. Third place went to Nazareth startup Paragate Medical, which is part of the NGT3 incubator there. Paragate is in the process of developing an implantable device programmed to remove the excess fluids produced in patients with heart failure or kidney disease. Startups that participated in this competition were judged on uniqueness, intellectual property, a professional staff, the ability to bring their product to market and the potential to make a change. Though 100s of companies applied, only 50 were chosen to continue on in the competition.
Barney’s Farm Invests in Israeli Medical Cannabis Company
November 26, 2017 | Dutch cannabis breeder Barney’s Farm has made a $2.1 million investment in Tel Aviv-listed medical cannabis company Medivie Therapeutic. Barney’s received around 244,000 of Medivie’s ordinary shares, allocated according to a company value of $14.2 million for Medivie, as well as a seat on the company’s board of directors. Medivie received permission to use Barney’s logo and graphics for its future product. Medivie was once a company that developed medical oral devices for pain relief and migraines, but was sold earlier this month and then partnered with an anonymous Israeli kibbutz that grew medical cannabis in Northern Israel. Medivie will pay $4 million in milestones for a 51 percent stake in a cannabis operation to be set up in Northern Israel. The company will receive 2.5 acres of land from the kibbutz for three years, with an option to receive as much as 47 more acres.
Amazon In Talks To Set Up Shipping Center In Israel
November 26, 2017 | US commerce and tech giant Amazon is in talks to open a shipping center in Israel and may also launch operations targeting Israeli consumers, Calcalist reported on Sunday citing “people familiar” with the negotiations. Amazon seeks to open a warehouse of a minimum 270,000 square feet (over 25,000 square meters) probably near the city of Modi’in, between Jerusalem and Tel Aviv. Amazon is currently studying the Israeli market and the shopping habits of Israelis, according to the report, which indicated that should the warehouse negotiations finalize, Amazon would set up a website for Israeli customers. Currently, Israelis ordering off Amazon pay expensive shipping fees and sometimes wait weeks for delivery. Amazon has been making inroads into the Israeli market in recent months, reportedly aggressively pursuing Israeli talent and poaching programmers from startups and other firms. Last month, it announced that it was opening two R&D centers in Israel to develop its Alexa Voice Shopping system.
Israeli, Canadian Researchers To Collaborate On Brain Studies
November 26, 2017 | Israeli and Canadian researchers from Ben-Gurion University of the Negev in southern Israel and Dalhousie University in Halifax, Nova Scotia have formed a “trailblazing research relationship” to study brain injuries and disease. The collaboration, called the Canada-Israel Trans-Atlantic Collaboration for Brain Studies, is presently engaged in a fundraising campaign to secure an investment of $5 million which will go toward funding research focused on developing new treatment in three key areas: traumatic brain injury, motor control and rehabilitation and neuro-development and autism, Dalhousie University said in a statement. The partnership includes “the exchange of postdoctoral fellows between the two universities and an international annual research symposium.” An Israeli delegation from BGU traveled to Halifax earlier this month, led by BGU’s vice-president and dean for research and development, Dan Blumberg, to announce the collaboration. “This is transformative,” said Blumberg. “We’re creating opportunities for students and researchers to share knowledge, resources and data, to help close the knowledge gap in key areas of brain disorders.” The partnership between the two institutions was formed after a previous, successful collaboration on ocean science.
Perrigo Completes $110 Million Sale of Israeli Business
November 26, 2017 | Pharma biotech company Perrigo has completed the sale of its Israeli-based active pharmaceutical ingredients (API) business to New York investment firm SK Capital for $110 million last week. The deal was first announced in August. In the agreement, Perrigo API, now called Wavelength Pharmaceuticals, will continue to supply existing and commercial APIs to Perrigo under a longterm contract. SK Capital currently has over $1.9 billion assets under management. It usually invests in specialty materials, chemicas, and pharmaceuticals. The companies it invests in tend to generate annual revenues of as much as $6 billion.
Dropbox To Open New Tel Aviv Office Seeking Fresh Talent
November 23, 2017 | Dropbox, the California-based file hosting service company, is expanding in Israel and opening new offices in Tel Aviv, according to Calcalist. The company leased office space for 10 years in the luxury Azrieli Sarona tower in the city for a reported $9 million. Facebook and Amazon also have offices in the tower. Dropbox currently has an office in Herzliya, opened in 2015, and employs several dozen people in Israel. “Dropbox’s research and development center has been growing steadily in recent years,” said Meir Morgenstern, head of Israel operations for Dropbox, in an interview with Calcalist. “This trend will continue in 2018. The move into Azrieli Sarona will allow us to attract the leading talent in Israel and allow our teams to work together seamlessly,” Mr. Morgenstern added. Morgenstern is the founder of CloudOn, which Dropbox bought two years ago.
El Al Profits Are Down In Q3
November 23, 2017 | Israel’s flag carrier El Al Airlines had a steep drop in profits in the third quarter and first nine months of the year. Reports speculate the drop had to do with less operating days in September due to the Jewish holidays, a rise in jet fuel prices caused by an oil price increase, the strength of the shekel against the dollar and more. El Al reproted its revenue was down 2.7 percent to $626 million in the third quarter. According to Calcalist, which reported the drop, operating profit fell 28% to $69 million and net profit went down 29% to $49 million. Volatile trading continues as shares are going up and down.
Ohio Delegation Scouts Israeli Tech in Haifa
November 23, 2017 | A 25-member delegation from Ohio wrapped up a visit to Israel recently, scouting for cutting-edge Israeli technology and academic partnerships. The high-profile delegation, including a group of 11 bipartisan lawmakers, visited the University of Haifa during the trip from November 8-16, to hear presentations from leading Israeli scholars on AI, drones, agritech, big data, autonomous cars and marine technology. “Israel has a well-earned reputation as the ‘start-up nation,’ and innovators at University of Haifa are the source of a notable amount of these technological breakthroughs,” said Karen Berman, CEO of the American Society of University of Haifa, according to a report in The Yeshiva World. “We hope that the delegation’s visit to the University bears fruit for the state of Ohio for years to come,” she said. A member of the delegation, J. David Heller, a past board chair of the Northeast Ohio Medical University and a current board member of Cuyahoga Community College told Yeshiva World: “Colleges and universities are playing a key role in creating economic opportunities not just in educating a workforce, but by incubating and launching innovative start-ups. The Haifa model has a lot to offer. Hopefully this visit helps connect Ohio’s and Israel’s higher education leaders who can work together researching and developing life-changing technologies.”
Israel To Tax Airbnb Apartments
November 22, 2017 | Apartments rented out through Airbnb will face taxation soon, according to David Shilon, chief coordinator of the Assessment Review and VAT Advisory and Directives at the Israeli Tax Authority, who said this in a panel at a conference organized by The Institute of Tax Consultants in Israel held this week in Eilat. The report, featuring statements from Shilon and published by Calcalist, says regulation will be posted in the upcoming weeks. According to Shilon, current Israeli tax regulations say a person purchasing a residential apartment does not pay input tax, meaning the apartment can be used as a residence and a rental source of income. While Israel has laws to regulate taxation of businesses running out of apartments that are also areas of living, there is “no local legal framework regulating rentals made via Airbnb or similar platform,” Calcalist reported. For now, there is no word on the amount of taxation to occur. Founded in 2008, Airbnb is a mega-force in today’s sharing economy and a popular and cheaper community alternative to hotels and hostels with apartments for rent around the world.
Chinese Pharmaceutical Company To Acquire Israeli Medtech Firm
November 22, 2017 | The Shenzhen-listed, China-based pharmaceutical firm Chengdu Kanghong Pharma Group will acquire Israeli medtech company IOPtima in four stages. BioLight Life Sciences, the parent company of IOPtima, announced the acquisition through the Tel Aviv Stock Exchange. In the first stage, Chengdu Kanghong Pharma will buy 19% of IOPtima’s stock for $7 million. Chengdu Kanghong Pharma board of directors already announced they intended to invest in the company in October in a Shenzhen Stock Exchange filing. In later stages, the Chinese pharmaceutical company will buy out the Tel Aviv-based medtech firm’s current shareholders. Founded in Tel Aviv in 2005, IOPtima is a maker of minimally-invasive surgical ophthalmic devices.
P&G European IT Hackathon To Be Held in Israel
November 22, 2017 | Procter & Gamble announces its first-ever P&G European IT Hackathon in the area of voice recognition. The hackathon will take place simultaneously in 10 countries, including Israel. Winners will have the chance to win prizes and pitch their idea to European IT leaders including the head of global innovation at Procter & Gamble, with a flight and a visit to the company headquarters in Europe. The Israel hackathon, led by the Innovation Desk of Procter & Gamble, will be held on Thursday and Friday, November 23 and 24, will be held at the consumer goods corporation’s offices in Tel Aviv. The hackathon will include students, startups, and voice recognition experts who have knowledge in areas of software development, product management, digital marketing, UX-UI design, and more. The participants will work on developing unique ventures concerning Amazon’s Alexa voice recognition system. Judges for this hackathon in Israel include Ofir Gutman, CEO of Procter & Gamble Israel, Uri Adoni, Partner at Jerusalem Venture Partners (JVP), Amit Harel, Head of Innovation at Deloitte, Eitan Sela, Alexa expert, Boaz Ziniman, a cloud technology expert at AWS Israel. Procter & Gamble is a multinational consumer goods corporation founded in 1837 with headquarters in Cincinnati, Ohio.
Ex-Trump Spokesperson Scouting Hi-Tech Sector In Israel For Business Opportunities
November 21, 2017 | Anthony Scaramucci, the former White House communications chief, is in Israel to scout for Israeli high-tech opportunities and collaborations. Scaramucci, who was in the high-profile role for just 11 days in July, arrived in Israel on Sunday night, hosted by the Orthodox Jewish Chamber of Commerce, a US-based group which brings together businesspeople, entrepreneurs and politicians for business opportunities and policy discussions. The successful entrepreneur and former Wall Street financier visited the Western Wall in Jerusalem upon arrival and Yad Vashem the next day. Scaramucci said he was in Israel looking for future opportunities, the Associated Press reported, but that he expects to help US President Donald Trump with his re-election campaign. “At some point I’ll probably be more involved from the outside, but more in a re-election capability than from inside the administration,” he was quoted as saying.
[sharethis-inline-buttons]Praying Marriv (Evening Prayer) at Kotel @Scaramucci @Duvi_Honig & Dr.Joe Frager @ojchamber pic.twitter.com/C4FUxHZMJJ
— Duvi Honig (@Duvi_Honig) November 19, 2017
