News Briefs

March 10, 2016 | Spotinst, an Israeli cloud optimization startup, announced it has raised $2 million in a Series A funding round led by PICO Venture Partners. Founded in 2015 by Amiram Shachar, Yakir Daniel and Liran Polak, Spotinst provides an IaaS platform using advanced machine learning to optimize cloud deployments on Amazon Web Services (AWS) and will introduce support for Google Cloud Platform and Microsoft Azure later this year. Estblished in 2015 with offices in Tel Aviv and New York, PICO Venture Partners is led by serial entrepreneur Elie Wurtman. PICO invests in entrepreneurs and founders and works closely with them to transform innovative ideas into high-growth, market defining companies.

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March 9, 2016 | Intel has acquired Israeli sports imaging startup Replay Technologies for a reported sum of $175 million, although niether company has confirmed the amount. In a statement this morning, Intel SVP Wendell Brooks said, “Intel has been collaborating with Replay since 2013 to optimize their interactive, immersive video content on Intel platforms. As a natural next step in our collaboration, today we’re excited to announce that Intel signed an agreement to acquire Replay Technologies.” Founded in 2011 by CEO Oren Yogev, CTO Mateo Shapira and COO Aviv Shapira, Replay has developed multi-dimensional video imaging technologies called FreeD, which allows sports fans to view replays in 3D from multiple angles. Most recently, Replay partnered with Intel to deliver consumer-controlled, 360-degree instant replays for the NFL during Super Bowl 50 and the NBA during the All-Star Weekend. Just last week, Replay announced it had raised $13.5 million in a round led by Deutsche Telekom Capital Partners (DTCP) bringing the total amount raised to $27 million. Other investors include Dallas Mavericks owner Mark Cuban, Samsung Ventures, and Israeli crowd-funding platform OurCrowd.

 

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March 8, 2016 | Chinese venture capital firm Pando Group has invested US$2 million (HK$15.53 million) in Israeli fintech hub “The Floor” in Tel Aviv. The funds will go towards creating an academy for startups to learn about regulation, investment banking, retail banking and corporate banking. The Floor offers a “physical home for local fintech entrepreneurs and serves as the focal point of access to Israeli Fintech for leading international financial players, tech giants and VCs,” according to the The Floor’s website. The organization includes four founding partners and 25 expert mentors, as well partnering companies including HSBC, Banco Santander and RBS.

 

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March 8, 2016 | Israeli 3D laser printing developer Utilight has raised $2.9 million from SCI Advanced Technology Fund, high net worth Asian investors, and a strategic investor from the polymers’ industry. These new investors join existing investors including Robert Bosch Venture Capital (RBVC), Waarde Capital and I2BF Global Venture. The company has also received $3 million in grants from Israel’s Office of the Chief Scientist (OCS) and plans to raise a $15 million Series B financing in the second quarter of 2016. Founded in 2009 by chairman and CEO Dr. Giora Dishon, Amir Noy, Misha Matusovsky and Moshe Finarov, Utilight has developed a disruptive non-contact 3D laser printing technology for high-volume manufacturing of printed electronics including PV solar cells. The Company will use the latest financing to target and market to the world’s top 20 global PV manufacturers.

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March 3, 2016 | Singapore’s United Overseas Bank (UOB) said it would invest $10 million in Israel-headquartered crowdfunding platform OurCrowd as part of the companies’ collaboration to help Asian startups raise equity funds. The agreement would allow accredited investors from UOBs clientele to invest in OurCrowd’s portfolio companies. Sassoon Investment Corp, an investment holding company of Singapore-based Sassoon family known for building The Coffee Bean & Tea Leaf brand, will also be investing in OurCrowd’s Asian expansion. The deal follows, UOB’s agreement with Singapore sovereign wealth fund Temasek (which also has venture arm in Israel) to provide venture debt financing to start-ups in China, India and Southeast Asia. Founded in 2013, OurCrowd has raised over $200 million from individual investors and financed over 93 portfolio companies, four of which have already exited.

 

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March 3, 2016 | Israeli focal glasses startup Deep Optics has raised $4 Million in a Series A financing round, including investment from the world leader in ophthalmic optics, Taiwan-based Atomics 14 Ventures. Founded by CEO Yariv Hadad, Deep Optics will use the investment to further develop its electronic lens and glasses system, aiming to provide alternative progressive glasses and new ophthalmic applications with electronic dynamic focal technologies. Deep Optics is also exploring additional applications for its adaptive electronic lens technology, namely Augmented Reality and Virtual Reality. According to Haddad, Deep Optics has already started discussions with companies in this field.

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March 3, 2016 | Israeli medical device startup Medasense Biometrics, has closed an $8 million Series B financing round, led by Benslie International. Founded in 2008 by CEO Galit Zuckerman, Medasense Biometrics has developed a platform technology that can assess and monitor changes in a patient’s pain level by processing multiple physiological parameters affected by pain and by analgesic administration. Medasense will use the new funding to accelerate commercialization of its flagship product PMD-200™: An objective pain monitoring system for operating rooms and critical care, where patients under general anesthesia are unable to communicate their pain. The system consists of a non-invasive finger probe that records multiple pain-related physiological signals, and the PMD-200™ monitor, which uses a composite algorithm to determine an individual’s real-time, pain level index NoL™.

 

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March 2, 2016 | Cisco Systems has reportedly acquired Israeli company Leaba Semiconductor for $350-$400 million, according to Globes. Established in 2014 by CEO Eyal Dagan and CTO Ofer Eini, Leaba develops fabless semiconductors. The company, still operating in stealth mode, explains on its website that it provides “innovative solutions for significant infrastructure challenges,” and “is backed by blue-chip investors and led by seasoned entrepreneurs.” The latter statement can be confirmed: the founders previously setup and sold Dune Networks to Broadcom in 2009 for $200 million, and the pair reportedly received $50 million from the exit. Globes reports that investors in Leaba include Pitango Venture Capital and Bessemer Venture Partners, which hold 13% and 15% respectively, while Dagan and Eini hold only a 2% stake each. 53% of the company is held in trust and it is not clear who holds these shares. This is Cisco’s 12th acquisition in Israel, following its purchase of Ra’anana-based self optimization network software company Intucell for $475 million in 2013.

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March 2, 2016 | Israeli sports virtual reality startup Replay Technologies has raised $13.5 million in a Series B financing round, led by Deutsche Telekom Capital Partners (DTCP). The new financing will support development of next-generation, multi-dimensional video imaging technologies, including Replay’s Free Dimensional Video (FreeD), which allows viewers to see 3D sports replays in realtime. The latest round brings the total raised to date to $27 million, including investment from Dallas Mavericks owner Mark Cuban, and Samsung Ventures. Founded in 2011 by CEO Oren Yogev, CTO Mateo Shapira and COO Aviv Shapira, Replay recently partnered with Intel to deliver consumer-controlled, 360-degree instant replays for the NFL during Super Bowl 50 and for the NBA during the All-Star Weekend.

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March 1 2016 | Israeli clinical stage drug developer Avraham Pharmaceuticals has closed a $4 million round, led by Yissum, the technology transfer company of Hebrew University. Participation also came from Pontifax, Clal Biotechnology Industries, Integra Holdings (Yissum’s biotech holdings company), the Technion Research and Development Foundation and others. The biomed company will use the capital to complete the on-going Phase 2b study of its lead product, ladostigil, a novel molecule designed for the treatment of mild cognitive impairment (MCI) and early stages of Alzheimer’s disease, results of which are expected in the third quarter of 2016. The investment will also support activities in preparation for the next Phase 3 study of ladostigil. These include the establishment of a clinical advisory board which includes key opinion leaders in the fields of MCI and Alzheimer’s disease and a steering committee that will assist the Company in the design of the Phase 3 study. In addition, the capital will be used for preparations for a future pre-IND meeting with the FDA. Ladostigil was designed by Professor Marta Weinstock-Rosin of the Hebrew University of Jerusalem, inventor of Exelon® and Professor Moussa B.H. Youdim of the Technion Israel Institute of Technology, inventor of Azilect®. The drug substance was first synthesized by Professor Michael Chorev of the Hebrew University, who is now based at Harvard University. All three distinguished scientists act as scientific advisors to Avraham Pharmaceuticals, which is now led by CEO Dr. Yona Geffen.

 

 

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February 29, 2016 | Israeli 3D printing company Nano Dimension is partnering with Tel Aviv University Chemistry Professor Gil Markovich, who has developed nickel nanoparticle material. Nickel is a metal used for industrial applications, namely because it does not corrode. However, when used in 3D printing, it can clogs printer nozzles with particle clusters. Now, researchers at Professor Markowitz’s labs have developed a unique method to produce nickel nanoparticles that do not cluster. Founded in 2014 $13 million in funding , Nano Dimension is developing a way to 3D print circuit boards (PCBs).

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February 29, 2016 | Amazon announced that Tel Aviv will become the fourth city to host its Pop-up Loft, after New York, San Francisco and Berlin. The loft, a free working space for people to gather, work, and learn about Amazon’s web hosting services, will open March 1 at location on Lillienblum street, just a few meters away from Rothschild Boulevard. The site, which remain open for three weeks, will offer live demos and lectures on topics such as the IoT and Machine Learning, as well as technical sessions for budding entrepreneurs.

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February 29, 2016 | Israeli cyber-security startup enSilo has raised a further $9 million as part of its Series A financing round, led by Rembrandt Venture Partners with previous investors Carmel Ventures and Lightspeed Venture Partners also participating. This brings the total amount raised to date to $21 million and will enable the company to expand sales and marketing, and improve customer support. Founded in 2014 by CEO Roy Katmor, CTO Udi Yavo, VP of Research Tomer Bitton, and VP of Engineering Ido Kelson, enSilo has developed a real-time data protection platform focusing on preventing data tampering and exfiltration. The real-time data protection platform is currently in use by a number of Fortune 100 companies along with leading defense contractors and payment solutions worldwide.

 

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February 28, 2016 | Israeli startup AppCard announced that they have raised $20 million in Series B funding round, led by Alexander Rittweger and PLDT capital, the investment arm of Philippine Long Distance Telephone Company. Existing investors Founders Fund (founded by Peter Thiel), Innovation Endeavors (founded by Eric Schmidt), and Jerry Yang (former CEO of Yahoo) also participated in the round. Established in 2011 by CEO Yair Goldfinger and CTO Amichay Oren, AppCard gives small and medium sized businesses the ability to achieve high level targeted marketing and connect more effectively with their customers with tools, sending personalized offers to their phones. The company is headquartered in New York, with an additional R&D site in Israel. Their 65-member team is expected to double by the end of 2016.

 

 

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February 28, 2016 | CEO of the Israeli-founded company Powermat, Thorsten Heins, is stepping down from his position, following a lawsuit between the company’s founder and former CEO Ran Poliakine and the German-born executive. The news, first reported by The Jerusalem Post, follows from an October court filing, which alleged that Heins was running the company without an approved budget. On Sunday morning, the sides entered into mediation in a Tel Aviv district court, reflecting an agreement that Heins would leave the position and a new CEO search committee will be set up. It was also agreed that the board would be restructured and that investors, which include Goldman Sachs, would finance the company with an addition $10 million in bridge loans. Heins, known for his failed attempt to turn around Blackberry as CEO from 2012-2013, was brought to Powermat in 2014 following shareholder pressure, including that from Goldman Sachs, Hudson Clean Energy Partners and Chris Bruch. At the time, shareholders thought that Poliakine was running the company for his own benefit. Now it seems that those same shareholders see Heins as overspending, lacking strategic vision, and failing to grow the company. Founded in 2007, Powermat developed wireless mobile phone charging mats that have been adopted by Fortune 500 clients including Starbucks, GM, Proctor, Samsung and Gamble, and AT&T. Last month the company also announced that Samsung would embed its wireless charging technology directly into its Galaxy s7 and future phones.

 

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