iAngels Israeli Deal Digest – September 2019

Welcome to the iAngels Monthly Deal Digest, a summary of corporate developments in the Israeli startup market.

This September we tracked 46 announced deals totaling to $890 Million, and 3 exits totaling to $270 Million

IT & Enterprise Software was the leading sector this month. Fundbox, a company that leverages machine learning to assess the creditworthiness of businesses, has raised $176 Million in a growth round from Allianz, Battery Ventures, Blumberg Capital, Cathay Innovation, Hanaco VC, Khosla Ventures, among many other investors. Snyk, a company providing developers with an open-source security solution, closed $70 Million led by Accel with the participation of Boldstart, Canaan Partners, Fundfire, GV and Heavybit.

On the M&A side, we saw two larger acquisitions – Cheetah Medical and EViation. Cheetah Medical, a company that provides solutions in non-invasive Cardiac Output and Hemodynamic monitoring, was acquired by Baxter Group for $190 Million. EViation, a company that develops drones for transportation (capable of carrying up to 9 people), was acquired by Clermont Group for $76 Million (Clermont acquired 70% of the company).

 September 2019 Investment Highlights

Seed Rounds

  • H2PRO is an iAngels portfolio company that developed a new technology to split water in unprecedented efficiency to produce green hydrogen at scale. H2PRO has received $3 Million in seed funding, led by Hyundai and with the participation of iAngels, Contrarian and Bessemer.
  • Cycode, a company that develops a source code control, detection and response platform, has raised $4.6 Million in seed funding led by YL Ventures and with the participation of private investors.
  • GK8, another iAngels portfolio company, is a cybersecurity company that develops a technology for sending secure transactions to a blockchain without the need of a network connection, designed to enhance digital asset security. GK8 has received $3.5 Million led by Marius Nacht with the participation of iAngels, Discount Capital and private investors.
  • Shapeshift, a company that develops a cross-platform gaming solution with the aim of transforming gaming and eSports viewership into a more interactive experience, has raised $2.5 Million led by North First Ventures and with the participation of Group Up Ventures and Slingshot Ventures, as well as a private investor.

A Rounds

  • Trigo Vision, a computer vision startup offering a retail automation platform to identify customers’ shopping items with the aim of creating a seamless checkout process, closed $22 Million in Series A funding led by Red Dot Capital Partners with the participation of Hetz Ventures, Tesco and Vertex.
  • Fyllo, a company that develops a cannabis marketing platform that should allow cannabis brands and online publishers to meet compliance requirements on a large scale, has raised $16 Million in a Series A financing round co-led by JW Asset Management and K2 & Associates with the participation of GrowGeneration and TerrAscend.
  • Explorium, a data science company helping businesses to reach better data to feed into their predictive models, closed $15.5 Million in Series A funding led by Zeev Ventures with the participation of F2 Capital and Emerge.
  • Securitize, a company offering a compliance platform and protocol for issuing and managing digital securities on blockchains, including dividends, distributions and share buy-backs, has received $14 Million in a Series A financing round from Coinbase Ventures, Fenbushi Capital, Blockchain Capital, Algo Capital, Kenetic Capital, Ripple, Santander Innoventures, SPiCE VC, Tezos Foundation, among others.
  • Vital Technologies, a company that develops and markets fast-acting, pharma-class recovery beverage products for consumers, has raised $8 Million from private investors.
  • Redefine Meat, the producer of animal-free meat using industrial 3D printers, closed $6 Million in Series A funding led by CPT Capital with the participation of Hanaco VC, PHW Group and private investors.
  • Okapi, a SaaS platform that leverages crowdsourced KPIs, business know-how and automation to deliver a business performance management solution, has received $5.5 Million in a Series A financing round led by Marius Nacht with the participation of other private individuals.
  • vHive, the developer of a cloud-based AI that should enable enterprises to deploy autonomous drone hives for the acquisition, management and processing of field data, has raised $5.5 Million in a Series A financing round led by Octopus Ventures with the participation of StageOne and private investors.
  • Kovrr, a company providing insurance carriers, reinsurers and government regulators with an end-to-end platform that delivers transparent, data-driven insights that enable them to quantify and manage their affirmative and silent cyber risk exposure across insurances, closed $5.5 Million in a Series A financing round co-led by StageOne and Alma Mundi Ventures with the participation of InsurTech Israel Fund, JVP, Banco Sabadell and private investors.
  • Tastewise, a company providing a platform that analyzes billions of food data points to provide insights for restaurants, hospitality groups and food brands, has received $5 Million in Series A financing from PeakBridge Partners.
  • SolCold, the developer of a nano-technological material that reportedly cools everything under the sun without any power consumption, closed $3.5 Million from Chartered HighTech.
  • UPnRIDE Robotics, a company with the mission to develop, produce and market innovative devices for disabled people, has raised $3.4 Million in Series A funding from ToGeTher, OurCrowd, Wolfpack Ventures and private investors.
  • Strigo, a cloud-based educational platform for educating both lecture-based and hands-on training, closed $2.5 Million in Series A funding led by Hanaco VC with the participation of Greycroft and private investors.
  • Innovesta Technologies, a company that provides a dashboard for aggregated data about private companies, has received $2.7 Million in Series A financing led by GHV with the participation of Bseed and private investors.
  • Moodify, a company that develops solutions and scents to increase well-being, has raised $1.6 Million led by Next Gear Fund, Toyota AI Ventures and private investors.
  • LeO, a conversational AI platform designed for the insurance industry, closed $1.6 Million from an angel group and private investors.
  • Allerguard, the developer of a detection system that scans an entire plate of food to identify an allergen, has raised $1.5m from CoShare and eHV.
  • Sanoculis, a company that develops an alternative new surgical technique for the treatment of Glaucoma, has received $1.1 Million from DNV Capital, BioLight, AMIT and private investors.

B Rounds

  • D-Fend, a company that provides its customers with an autonomous counter-drone perimeter security system, which automatically detects, identifies and intercepts drones, has raised $28 Million in Series B financing led by Claridge Israel with the participation of SBI and Vertex.
  • DustPhotonics, the developer and manufacturer of pluggable optical modules and solutions for data centers, enterprises and HPC applications, has received $25 Million in Series B financing led by Intel Capital with the participation of WRVI Capital and a private investor.
  • Vim is a healthcare company that aligns incentives between health plans and care providers and gives them access to the right data and technology to empower value-based care decisions. Vim closed $24 Million in Series B funding led by Optum Ventures with the participation of Sequoia, Premera and GreatPoint Ventures.
  • Syte, a company that develops image recognition software providing shopping suggestions, has raised $21.5 Million in Series B financing led by Viola with the participation of Commerce Ventures, Magma, Remagine Ventures Fund, LINE, KDC Media Fund, among several others.
  • Tulip Interfaces, the developer of a manufacturing app platform to bring the latest technological developments from the lab to the factory floor, has received $21.1 Million in Series B financing led by Vertex Ventures with the participation of Pitango, NEA, C4 Ventures and private investors.
  • Igentify, a company that develops a digital platform for genetic test providers, has raised $10.5 Million in Series B financing from OurCrowd and aMoon.
  • MetaFlow, the developer of products that are supposed to change the weight loss industry, using a technology that combines hardware, software and rich scientific basis, closed $8.5 Million in Series B financing led by NewH2, Gigi Levy-Weiss, Kaedan Capital, Unorthodox Ventures among other investors.

Growth/Miscellaneous Rounds

  • Fundbox, a company that leverages machine learning to assess the credit worthiness of businesses, has raised $176 Million in a growth round from Allianz, Battery Ventures, Blumberg Capital, Cathay Innovation, Hanaco VC, Khosla Ventures, among many other investors.
  • Snyk, a company providing developers with an open source security solution, closed $70 Million led by Accel with the participation of Boldstart, Canaan Partners, Fundfire, GV and Heavybit.
  • Healthy.io, the creator of a smartphone application of urine analysis, offering the only FDA and CE cleared home urine test equivalent to lab-based devices, has received $60 Million in a growth round led by Corner Ventures with the participation of Aleph, Ansonia Holdings, Joy Capital and Samsung Next.
  • Body Vision Medical, a software and medical device company specializing in augmented real-time fusion imaging, AI and intra-body navigation, has raised $20 Million from ADIP, GEOC and several private investors. 
  • T-REX Analytics, a company that offers a full investment life cycle solution, offering transparency, standardization, collaboration, efficiency and access to liquidity in energy project finance and asset-backed securitization, closed $15 Million from Citi Ventures, Clean Pacific Ventures, Ecosystem Ventures, Viola, Macquarie Capital among other institutional investors.
  • PerimeterX, a company that develops security solutions to prevent automated attacks by detecting malicious web behavior, has received $14 Million from DTCP and Salesforce Ventures.
  • Agromentum (Fieldin), the provider of a field intelligence platform helping growers to manage and optimize pesticide applications, harvest activities and other critical field operations, has raised $12 Million led by Zeev Ventures with the participation from Cavallo Ventures, Gal Ventures, Germin8 Ventures, GWC Innovator Fund, Mindset Ventures and Terra.
  • Fornova, a company helping hotels making intelligence-driven decisions to manage their distribution activity, closed $7 Million from Deutsche Telekom, JAL Ventures, UnVC, Waypoint Capital, among other institutional investors.
  • CDx, a company that develops a technology to discover a new class of diagnostics tests with high sensitivity and specificity for many cancers, has raised $3 Million from undisclosed investors.

M&A and IPOs

  • Cheetah Medical, a company that provides solutions in non-invasive Cardiac Output and Hemodynamic monitoring, was acquired by Baxter Group for $190 Million.
  • EViation, a company that develops drones for transportation (capable of carrying up to 9 people), was acquired by Clermont Group for $76 Million (Clermont acquired 70% of the company).
  • Action Item, a company that develops software for cash registers, was acquired by VeriFone Holdings for $4 Million.

On behalf of everyone at iAngels, I’d like to thank you for tuning in to our Israel Deal Digest. If you’d like to receive a version direct to your inbox, please subscribe below.

 

Best,
Massimo

Massimo is an analyst in the iAngels Investment Team and brings experience in investments and asset management. Massimo is passionate about technology and innovation, meeting with the greatest minds and ideas of talented entrepreneurs looking to make an impact. At iAngels, Massimo focuses on seed and series A investments and has built special expertise around FinTech.