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 investment associate in the iAngels investment team. He is passionate about technology & innovation and enjoys working alongside entrepreneurs with disruptive business ideas looking to make an impact. At iAngels, Massimo focuses on seed as well as series A, B & C investments and has built special expertise around FinTech, Cybersecurity, Enterprise Software, Environmental Tech, AgriTech and FoodTech.