Radiflow on Forbes: Tech scale-ups in Israel are on a roll
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Radiflow on Forbes – Tech scale-ups in Israel are on a roll

Tech scale-ups in Israel are on a roll

August 03, 2018
By Jenny Sotnik-Talisman
Start-Up Nation Central

In July, at least 5 Israeli startups raised funding rounds of between $10M-$20M, part of a new trend we at Start-Up Nation Central are seeing: a growing group of “scale-ups” staying independent for longer, and raising larger rounds than usual in these parts.

For the full picture of Israel’s bustling tech ecosystem, and its latest trends, check out our H1 2018 Israeli Hi-Tech Ecosystem Report.

The Israeli innovation ecosystem –long characterized by the meteoric rise, precipitous demise, or quick exit of exciting startups– is maturing into a more stable rhythm, where startups can scale and grow and investors place more prudent bets. The number of companies raising between $10M and $20M –so-called “scale-up” rounds, has more than doubled compared to 2015 – from 22 rounds in H1 2015 to 53 in H1 2018.

Some of the latest deals show what’s going on, in sectors as diverse as ID management, maritime data, cyber, and insurance.

  • Advanced authorization management and control platform PlainID has raised $11M in a Series A. The round was led by Viola Ventures, with participation from Capri Ventures, Springtide Ventures and iAngels.
  • Maritime data and analytics insurance co Windward raised $16.5 in a Round C from XL Innovative, Salesforce founder Marc Benioff, and other private investors.
  • Planck Resolution, which provides artificial intelligence-based data platforms for commercial insurance companies, raised $12M in a Round A. The round was led by Arbor Ventures with a participation of Viola Fintech and Eight Roads.
  • Industrial cybersecurity co Radiflow raises $18M in a Series B, led by ST Engineering (Singapore) and a few existing investors, including Israeli technology entrepreneur Zohar Zisapel.
  • Toka, a cyber company, emerged from the stealth and announced that it has raised $12.5M to help governmental agencies transform their cyber-defenses. Investors include Andreessen Horowitz, Entrée Capital, Dell Technologies Capital, Launch Capital, and Ray Rothrock, CEO of cyber analytics firm RedSeal.
  • AI personal health assistant K Health raised $12.5M to show patients how doctors have diagnosed and treated other people with similar cases. Investors include Mangrove Capital Partners, Lerer Hippeau, Primary Venture Partners, BoxGroup, Max Ventures, Bessemer Venture Partners and Comcast Ventures.

There were even a few larger scale-up rounds:

  • Viz.ai, an applied artificial intelligence (AI) healthcare company focused on time sensitive conditions, has secured $21M in Series A funding led by Kleiner Perkins, with participation from GV, formerly Google Ventures. Founded in 2016 by Dr. Chris Mansi and Dr. David Golan, Viz.ai has built the first FDA cleared computer aided triage software to detect and triage urgent stroke cases. The AI cloud-based platform analyzes brain scans for large vessel occlusions (LVOs) and sends the scan to a neurovascular specialist to facilitate early therapeutic intervention.
  • Facial recognition technologies co AnyVision raised $28M in a Round A. AnyVision, designs and develop computer vision technology for facial, body, and object recognition and related technologies for homeland security, defense, financial services, gaming, pathology, agriculture, and home applications.

Our view is that the Israeli high-tech industry is showing clear signs of both growing (in the amount of money raised by its tech startups) and maturing (a growing layer of maturing companies). Part of the criticism of Israeli tech in the past has been that Israeli startups sell out too early, and that global companies get all the benefits from it. The data we are seeing shows there is a growing layer of Israeli technology companies growing their business for longer, staying Israeli for longer, staying independent for longer.

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