Deal Digest November 2020
Welcome to the iAngels Monthly Deal Digest, a summary of corporate developments in the Israeli startup market.
This November we tracked 49 announced deals totaling at approximately $2 Billion, 7 IPOs of approximately $364 million and 5 acquisitions of approximately $193 million.
Healthcare and Insurtech were the two top performing sectors this month. Novocure, a global oncology company striving to extend survival in some of the most aggressive forms of cancer, announced the closing of its previously announced offering of $575 million aggregate principal amount of its 0% Convertible Senior Notes due 2025, which includes the exercise in full by the initial purchasers of their option to purchase an additional $75 million aggregate principal amount of notes, in a private offering. Hippo, an insurtech company Hippo Enterprises Inc. has received a $350 million investment, doubling its previous total funding. The massive capital investment was made by Japan’s Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc. Hippo analyzes data from municipal building records, satellite imagery, and smart home devices to enable customers to instantly qualify for coverage. The company also monitors the insured assets and lets users know when repairs or weather protections are needed.
On the M&A side, Voca.ai, a company which has developed technology that seeks to change the call center industry by introducing AI-based virtual programs they call Voca Agents that combine the capabilities of human agents with the latest developments in AI to improve the way companies communicate with users, is being acquired for $70 million by Snap Inc., the parent company of Snapchat. Also, Ecoppia, a solar O&M solutions provider, has launched an initial public offering after securing more than $82.5 million through a public tender phase. The tender secured US$82.5 million from institutional investors, valuing the company at US$300 million, Ecoppia said. The tender was oversubscribed, with Ecoppia receiving expressions of interest totalling US$144.75 million received from institutional investors. Public demand within the tender phase was also oversubscribed with US$76.74 million of interest recorded despite just US$1.5 million of allocated shares. Ecoppia is now to list on the Tel Aviv Stock Exchange.
- Zesty, a real-time cloud cost optimization solution, closed a $6.6 million seed round led by S Capital. Zesty’s automated, AI-driven cloud platform harnesses real-time data instead of relying on cost and usage reports generated by the cloud providers, which usually have a 2-3 days delay. The capability to analyze cloud costs and usage in real-time allows Zesty to develop cutting-edge solutions to tackle cloud waste optimization and reduce cloud costs by an average of 50%, while also reclaiming hundreds of engineering hours.
- Build.security, a cybersecurity company build.security completed a $6 million seed round led by YL Ventures with participation from George Kurtz, the co-founder and CEO of CrowdStrike, which is considered one of the leading cyber companies in the U.S. The company offers a new approach to authorization, providing developers with the building blocks they need to quickly generate and manage best-practice authorization controls across enterprise applications at scale.
- Vanti Analytics, a manufacturing AI company, which is developing a self-service platform that helps manufacturing operations teams increase yields and throughput for electronic products. completed a $4.5 million seed funding round led by Silicon Valley venture capital firm True Ventures and Israel’s More VC.
- Listory, a startup trying to transform content curation, has launched with a $4 million seed funding round led by Viola Ventures, Globis Capital and Rhodium. The company, which is headquartered in New York, was founded in March 2020 by Yaniv Gilad and Yaron Galai after completing a management buyout from Outbrain. In a world of endless media output and consumption, Listory wants to provide a newsfeed that is stocked with quality, relevant content. It is developed iOS, Android and web apps that curate articles, videos or podcasts according to the user’s taste.
- KonnecTo, the leading consumer intelligence platform enabling brands to gain visibility into the earliest stages of the consumer journey, announced the completion of a $3.5 million seed round, led by TPY Capital, with participation from Differential Ventures, Magna Capital Partners, SeedIL Ventures and Hike Ventures. Marketers are often left with blindspots when trying to understand and influence the earliest stages of both their own and their competitors’ consumer journeys. Konnecto’s platform enables marketing professionals to apply unique and novel data science at the SKU level of consumers’ anonymized digital footprints in order to analyze the digital paths to purchase.
- Propdo, a property tech company developing technology capable of predicting residential real estate property prices based on an algorithm which analyzes a range of parameters that impact a real estate asset’s price including, macro-economic trends, demographics, approved zoning and construction plans, transportation infrastructure, population makeup trends, environmental factors, and urbanization policies, raised $2 million from Dori Davidovitz and Alon Kessel, the majority shareholders of Doral Renewable Energy Resources Group, which went public on the Tel Aviv Stock Exchange this year.
- HighLander, a startup that developed optimized Autonomous Airports for Commercial Drones as an end-to-end drone flight plan solution, has raised $3 million in a seed round led by Paras Defence and Space Technologies with participation from AGV.
- AI21, a startup which is developing a Wordtune, a writing companion powered by AI technology that is capable of understanding context and meanings. It aims to help distill thoughts into the right words, rather than a copy editor focusing only on spelling and grammar mistakes, completed a $25 million series A round led by Pitango First, the seed and early stage fund of Pitango’s investment platform, with participation from TPY Capital.
- BeyondMinds, an AI startup with a platform that is developed to allow big organizations to integrate AI solutions broadly and quickly. Among BeyondMinds’ clients are household brands such as Microsoft, Samsung and KPMG, as well as large defense sector organizations and leading financial institutions, completed a $15 million series A round led by Israeli venture capital fund Grove Ventures, headed by Dov Moran.
- Obligo, a fintech startup completed a $15.5 million funding round, with $2 million coming via debt from Viola Credit. The round was led by Israeli venture capital firm 10D, with the participation of 83 North and Entrée Capital, who both also invested in the company’s seed round. Several real estate investors from the U.S. also took part. The new round took Obligo’s total funding to $20 million. Obligo offers an alternative to the security deposit—the sum of money required by most landlords when renting an apartment. Obligo’s solution has renters provide landlords with a limited billing authorization based on open banking technology and backed by credit. In the event of a claim at the end of a tenancy, Obligo pays landlords immediately, collecting the money from the tenants in installments.
- Envoy, a startup founded by Israeli Ori Sagie which provides electric vehicles and charging stations for apartment buildings and communities in the U.S., completed a $81 million investment round. The funding includes an $11 million series round A, led by Shell Ventures, the investment fund of one of the largest energy corporations in the world, and Building Ventures, with participation by DENSO, Goodyear Ventures, Los Angeles Clean-tech Incubator and GroundBreak Ventures. The remaining $70 million was raised through debt from financial services multinational Macquarie Services.
- Omnix Medical, a company which is developing novel antibiotic agents for the treatment of hospital-acquired infections involving drug-resistant bacteria, completed an $8.5 million round led by Tal Capital and Entrée Capital, with participation by the CBG Group, Xenia Ventures, VLX Ventures, and with the support of the Israel Innovation Authority. Omnix medical has successfully completed testing in animals that proved the effectiveness and safety of its solution.
- Glue, an automatic loyalty management platform for small businesses, announced an $8 million series A round led by Unicorn Technologies. After a 15-minute onboarding questionnaire, Glue provides business owners with a branded members club, estimation of savings, and AI-driven loyalty features via a smartphone app.
- Ride Vision, a startup that is building an AI-driven safety system to prevent motorcycle collisions, raised a $7 million Series A round led by crowdsourcing platform OurCrowd. YL Ventures, which typically specializes in cybersecurity startups but also led the company’s $2.5 million seed round in 2018, Mobilion VC and motorcycle mirror manufacturer Metagal also participated in this round. The company has now raised a total of $10 million.
- Zero Egg, a plant-based egg alternative for foodservice and food manufacturers that tastes, looks, and functions like an ordinary egg, raised $5 million in Series A funding led by Powerplant Ventures, and joined by existing investors Unovis Asset Management-New Crop Capital and Strauss Group-The Kitchen Hub.
- WeedOUT, a bio-herbicide maker completed the final close of its Series A round, raising $4.22 million in total across two tranches. Syngenta Ventures led the round, joining the first close of $3 million in February this year. Other participants in the first close included CreditEase Israel Innovation Fund and Zora Ventures.
- ReSec, a startup focusing on malware threat prevention and cybersecurity, raised $4 million in funding for a series A. The round was led by QBN Capital with participation from HDI Group, one of Europe’s largest European insurance groups, Disruptive Ventures, a U.S.-based investment house, and Israel-based PICO Venture Partners. ReSec’s ‘Content Disarm and Reconstruction’ technology has a zero-trust approach, ensuring that every document that enters an organization is functional and threat-free from malware attacks. Its solution protects companies from both known and unknown attacks from a variety of entry points. The software solution is installed on-premise or on the cloud.
- SeeTree, an intelligence network that uses drones, machine-learning algorithms, and sensor technology to provide farmers with actionable analytics to help them monitor their crops and evaluate the strength of their trees, raised $3 million from Orbia, a Mexico City-based conglomerate providing specialty products and solutions for the agriculture, building and infrastructure, healthcare, and telecommunications industries.
- Riverside.fm, a video podcasting platform received $2.5 million in seed funding led by Oren Zeev, an Israeli-American venture capitalist and head of Zeev Ventures. The company developed a system to record podcasts and high quality videos, and has numerous big name clients, including Hillary Clinton, BBC, Disney, Spotify, Marvel, and Verizon Media.
- Mobi, a startup which develops a smart transportation management platform, announced the closing of a $2 million Seed round from ExitValley. The company developed an AI-powered platform for better and more efficient management of traffic, in an effort to reduce the increasing vehicle congestion on the highways and urban roads. The startup’s TMaaS (Traffic-Management-as-a-Service) platform provides policymakers and traffic control optimized management capabilities over the traffic grid and urban roadway.
- Fibo, a startup which is developing a digital platform for tax refunds, completed a $1.5 million from Discount Capital and Uri Levine. The company’s process is free and checks the user’s refund for the last six years to see if they’ve overpaid. If so, the company returns the money from the state without any involvement from the customer. The company’s technology consists of a bot that tracks and automates the operations of the accountant and a platform that interfaces with dozens of companies, government agencies, and other sources of information using natural-language processing technologies and optical character recognition.
- Limaca Medical, a medical device company closed $1.25 of a $1.5 million round for their precision product which improves endoscopic ultrasound-guided biopsies performance and uses an automated revolving needle to obtain core tissue for histopathological testing, or for further analysis under a microscope, perfecting accuracy.
- Percepto, an autonomous inspection industrial robotics company announced a strategic investment of $45 million in Series B funding led by Koch Disruptive Technologies (KDT) and with the participation of USVP and Spider Capital, as well as new investors State of Mind Ventures, Atento Capital, Summit Peak Investments, and Delek US. This brings the total investment in the company to $72.5 million.
- Cellwize, a company developing a smart RAN automation and orchestration platform that can help accelerate deployment of 5G networks, completed a $32 million series B financing round led by Intel Capital, Qualcomm Ventures and with the participation of Samsung Next and Verizon Ventures, and current investors including: DTCP, Viola Ventures, Vintage, GreenApple and Sonae IM. Cellwize had previously raised $24 million, with a large portion of its 2015 round being debt.
- Fireblocks, a cybersecurity startup, which develops a blockchain security service, completed a series B round of $30 million, taking its total funding to date to $46 million. This round was led by Paradigm with participation from existing investors: Tenaya Capital, Swisscom, Galaxy Digital, Digital Currency Group (DCG), Cedar Hill Capital and Israeli serial entrepreneur Gili Raanan’s Cyberstarts, which counts Shlomo Kramer and Mickey Boodaei among its investors.
- Unbound Tech, a cyber company, which specializes in cryptographic key management and protection, raised $20 million in series B funding. Unbound’s key orchestration platform provides the cryptographic infrastructure to enable enterprises around the world to secure and manage all their information and digital assets. The most recent round was led by Evolution Equity Partners, which joins existing investors Innovation Endeavors, Goldman Sachs, Citi, and BlueRed Partners.
- Novidea, an insurtech company, which has developed a system to help improve the efficiency of brokers and agents, raised $15 million in a series B funding round led by the JAL Ventures Fund II, with participation of previous investors Salesforce, KT Squared LLC, and 2B Angels.
- Intelligo, a business intelligence startup, which has developed an automated due diligence and personnel background platform based on AI, raised $15 million in a Series B financing round led by Behrens Investment Group and including several existing investors. Intelligo has raised a total of $22 million to date.
- Lightico, a startup which develops digital customer interactions platforms, announced the completion of a $13 million investment round led by Oxx, with participation from Capital One Ventures and Harmony Partners. The new funding round brings the company’s total amount raised to $27 million. Previous Lightico investors: lool Ventures, Crescendo Venture Partners, Mangrove Capital Partners, and Spinach Angels, also participated in the round. According to Lightico, traditional eSignature solutions are limited to B2B document management processes, operating as a disconnected point solution. Lightico equips B2C businesses with an easily customizable, and mobile-first platform that integrates seamlessly into existing workflows and can complete entire customer journeys from end-to-end.
- Verbit, a startup which develops automated transcription software raised $60 million in a series C funding round led by Sapphire Ventures. Existing backers Viola Ventures, Vertex Ventures, HV Ventures, and Claltech, the tech investment arm of privately held holding company Access Industries Inc. also participated in the current round. The new capital brings the company’s total raised to $100 million. Verbit’s software combines artificial intelligence and human intelligence to provide a smart and quick professional level transcription solution.
- ControlUp, a developer of technology for managing end-user computers in large enterprises, announced the completion of a $27 million fund-raising round, bringing the total raised by the company to date to $40 million. The round was led by Jerusalem Venture Partners (JVP) and K1 Investment Management. ControlUp’s solution enables enterprises to identify, in real time, breakdowns or low performance in computing resources, and to solve the problems using a range of ready-made solutions. The system makes it easier to support end-users, spot problems and overloads in the infrastructure, and find the source of a problem quickly and deal with it.
- Caja Robotics, a startup which develops smart robots for warehouse logistics, announced a $12 million funding round. The investment was led by New Era Capital Partners, with participation from Angels and company stakeholders. CAJA Robotics develops two types of warehouse logistics robots – hardware and software for managing the bots. The first one is Lift Robot, a very big robot that is tasked with storage optimization, replenishment, and preparing wholesale shipments. CAJA’s second product is Cart Robot, a small robot that is programmed for speed, it is responsible for retrieving the relevant package and distributing it to the next stage as quickly as possible. Both robots are controlled through CAJA Robotics’ proprietary software, which utilizes Deep Learning algorithms to manage every robot’s movement.
- NovoCure (NSDQ:NVCR), a global oncology company striving to extend survival in some of the most aggressive forms of cancer, announced the closing of its previously announced offering of $575 million aggregate principal amount of its 0% Convertible Senior Notes due 2025, which includes the exercise in full by the initial purchasers of their option to purchase an additional $75 million aggregate principal amount of notes, in a private offering.
- Hippo, just four months after raising $150 million at a valuation of $1.5 billion, insurtech company Hippo Enterprises Inc. has received a $350 million investment, doubling its previous total funding. The massive capital investment was made by Japan’s Mitsui Sumitomo Insurance Company, Limited, a subsidiary of MS&AD Insurance Group Holdings, Inc. Through this partnership, Takashi Sato, a managing partner of MS&AD Ventures, the corporate venture capital fund of MS&AD Insurance Group Holdings, will join Hippo’s board of directors as an observer. Hippo analyzes data from municipal building records, satellite imagery, and smart home devices to enable customers to instantly qualify for coverage. The company also monitors the insured assets and lets users know when repairs or weather protections are needed.
- Cato Networks, the Secure Access Service Edge (SASE) company announced that it has completed a $130 million financing round at a valuation of a little over a billion dollars, making it a unicorn five years after it was founded. With the completion of the round, the company’s biggest ever, Cato’s total capital raised reached $332 million. The round was led by California-headquartered Lightspeed Venture Partners, which also led its two previous rounds, with participation from new backer Coatue Management and existing investors Greylock, Acero Capital.
- Forter, a fraud prevention company raised $125 million in a series E funding round led by Bessemer Venture Partners and Itai Tsiddon, the co-founder of Lightricks Ltd. Scale Venture Partners, NewView Capital, Sequoia Capital, Felix Capital, March Capital Partners, and Commerce Ventures also participated in the round. The current round raises Forter’s valuation to more than $1.3 billion, having raised $225 million in total. Previous funding rounds included some of the biggest VC firms in the business, including Sequoia, NEA and Salesforce. The company developed a cloud-based solution to prevent fraud in electronic trade.
- Inuitive, a company which developed a technology that optimizes consumer experiences and enhances competitive advantages in the areas of robots, drones, augmented reality, and virtual reality, raised $106 million from Chinese consortium Yinniu Microelectronics. Inuitive had previously raised a total of $103 million. Inuitive is a leading fabless semiconductor company in the area of 3D imaging. It has developed technology that optimizes consumer experiences and enhances competitive advantages in the areas of robots, drones, augmented reality, and virtual reality. The company’s product combines algorithms, ASIC, and system solutions to realize the AI practice enabling devices to acquire more human-like capabilities.
- Nano Dimension (Nasdaq:NNDM), an electronics 3D printing company announced that it had entered into definitive agreements with investors for the sale of 25 million American Depositary Shares at $4 each for gross proceeds $100 million, before fees and expenses. This was a major 31.7% discount on the company’s share price on close of trade on Thursday of $5.86. On Friday, the company’s share price fell 24.4% on Wall Street, giving a market cap of $316 million.
- K Health, a self-diagnosis startup raised $42 million in its fourth round of funding led by Valor Equity Partners. Other investors who participated in the round include JAY-Z’s Marcy Venture Partners, PICO Venture Partners, Atreides Management, and existing backers Max Ventures and 14W. K Health enables people to receive comprehensive medical insights and immediate treatment in their homes. K Health can connect its users to its wide array of certified doctors, specializing in both acute and chronic diseases, within minutes and independent of their medical insurance plans. Since the outbreak of the Covid-19 pandemic, more than a million people have turned to K Health to receive family medicine and mental health services.
- Logz.io, an open-source company completed a $23 million series E round led by Pitango Growth, with participation from General Catalyst who led the company’s previous round. The company develops an open-source platform for developers that detects and alerts to both current and future bugs in the system. The platform is built on popular open source programs like Jaeger, Grafana, and ELK and combines AI platforms and advanced management tools. It can be dynamically adjusted to the needs of clients and offers optimization capabilities and reduced data storing costs, as well as allowing engineers to identify critical bugs in the system. In addition, the company also offers a popular information security product which allows organizations to protect their cloud infrastructure.
- AppsFlyer, the global attribution and marketing analytics leader, today announced Salesforce Ventures joined its roster of investors in a late stage extension of its $210 million series D round led by General Atlantic earlier this year, to continue its velocity through product innovation with consumer privacy at the forefront.
- Evogene (NASDAQ: EVGN), (TASE: EVGN), a leading computational biology company focused on revolutionizing product discovery and development in multiple life-science based industries, including human health and agriculture, today announced that it has closed the previously announced registered direct offering pursuant to which the company entered into a definitive securities purchase agreement with an existing institutional shareholder and certain Israeli institutional investors providing for the issuance of an aggregate of 3.92 million ordinary shares at a purchase price of $2.50 per share, and 883,534 pre-funded warrants each to purchase one ordinary share. The Pre-Funded Warrants were sold at a price of $2.49 each, with an exercise price of $0.01 per ordinary share. The Pre-Funded Warrants are exercisable at any time after the date of issuance upon payment of the exercise price.
- Aquarius Engines, a combustion engine developer raised $10 million from Japanese giant TPR, which manufactures functional engine components. In addition to the investment, the company also signed an agreement with TPR aimed at enhancing the performance of its pistons. The new investment takes the company’s total funding to $37 million, with Israeli energy corporation Paz Group, Marius Nacht, and Musashi Seimitsu among its investors.
- Weebit Nano (ASX:WBT), which is developing ReRAM non-volatile memory technology for the semiconductor industry, has raised $8.8 million (A$12 million) on the Australian Securities Exchange in an equity offering to private investors and financial institutions. The offering was priced at A$1.70 per share, representing a discount of about 20% on Weebit Nano’s average share price over the past ten sessions. The offering, led by Canaccord, was substantially oversubscribed. Shareholders are able to buy additional shares to a value of $2.2 million (A$3 million) for up to two weeks from the offering date, so that Weebit Nano could ultimately raise $11 million (A$15 million). After the current offering, Weebit Nano will have $16 million cash, in addition to the exercise of marketable warrants in the coming year for an expected $13 million.
- MeaTech (TASE: MEAT), a developer of industrial scale cultivated meat production technologies based on advanced 3D bioprinting, closed a $7 million funding round. The round was led by institutional investors Psagot Provident and Pension Funds, with participation from the Mor investment house as well as private investors.
- SaverOne, a company which offers an in-vehicle protection system designed to prevent accidents that result from texting while driving, raised $6.4 million from an undisclosed source. The system prevents the driver from using texting applications while the vehicle is in motion, while leaving other passengers unaffected. SaverOne’s patent-pending technology combines RF, machine learning, and signal processing to create a virtual canopy over the driver. SaverOne enables additional growth by providing synchronized vehicle and mobile parameters, creating an online big-data platform.
- Tipa, Israeli cleantech company which develops compostable flexible packaging, has raised $4 million from foodtech R&D partnership Millenium Food-Tech. This is Millenium’s third investment and it will be done as a SAFE (simple agreement for future equity) investment. The agreement provides Millenium rights to future equity in the company according to certain conditions agreed with Tipa, the R&D partnership reported to the Tel Aviv Stock Exchange.
- Ecoppia, a solar O&M solutions provider, has launched an initial public offering after securing more than $82.5 million through a public tender phase. The tender secured US$82.5 million from institutional investors, valuing the company at US$300 million, Ecoppia said. The tender was oversubscribed, with Ecoppia receiving expressions of interest totalling US$144.75 million received from institutional investors. Public demand within the tender phase was also oversubscribed with US$76.74 million of interest recorded despite just US$1.5 million of allocated shares. Ecoppia is now to list on the Tel Aviv Stock Exchange.
- NeoGames, which provides online gaming technology and services to lottery operators, announced terms for its IPO. Israel-based company plans to raise $72 million by offering 4.8 million shares at a price range of $14 to $16. At the midpoint of the proposed range, NeoGames would command a fully diluted market value of $392 million.
- Voca.ai, a company which has developed technology that seeks to change the call center industry by introducing AI-based virtual programs they call Voca Agents that combine the capabilities of human agents with the latest developments in AI to improve the way companies communicate with users, is being acquired for $70 million by Snap Inc., the parent company of Snapchat.
- Aquarius Engines, which develops energy saving piston free linear engines, is assured of raising $65 million (NIS 215 million) at a company valuation of $260 million (NIS 860 million), filing prospectus for IPO on TASE and may increase the amount raised by several million shekels in the public stage of the offering.
- GenCell, a manufacturer of hydrogen fuel cell-based electricity generators, said Wednesday it has completed an initial public offering of shares on the Tel Aviv Stock Exchange, raising some NIS 205 million ($61 million) from the sale of a 25% stake in the firm, giving it a post-money valuation of some NIS 800 million.
- cnvrg.io, a data science startup which develops a service for managing, speeding up, and scaling data science workflows, enabling clients to quickly develop, test, deploy, and refine machine learning models, was acquired by Intel. The price wasn’t disclosed, but is believed to be around $60 million.
- HighCon (TASE: HICN), the pioneer in digital finishing announced the successful completion of an initial public offering of shares on the Tel Aviv Stock Exchange. The Company raised $45 million from leading Israeli Institutional Investors in an oversubscribed offering, resulting in a $165 million valuation following the offering. The company will be traded under the ticker symbol HICN and will be included in the prestigious TASE Tel Tech Index.
- Human Xtensions, a medical robotics and innovative surgery company is assured of raising $45-50 million from several institutional investors at a company valuation of $160 million, before money, in its upcoming initial public offering on the Tel Aviv Stock Exchange (TASE). The IPO is being led by the underwriters Poalim IBI.
- CloudAlly, a cloud-based data backup and recovery provider was acquired by Dallas-based email security provider Zix Corporation in a $30 million cash deal.
- Reps.AI, a startup specializing in AI-driven agent assistance and employee assist technology, and an iAngels portfolio company, was acquired by Knowledge management platform KMS Lighthouse. Calcalist estimated the amount to be roughly $20 million and will be transferred according to pre-set milestones. Reps AI is currently used by companies such as EasyJet, Yves Rocher, and Monday.com. KMS Lighthouse helps businesses in a variety of industries reduce agent training and customer call times while also minimizing error rates. It employs 90 employees in Israel and the United States. The acquisition is set to increase their innovation and development efforts and all 10 of Reps AI staff will be joining their Tel Aviv office.
- Netzer Precision, a company which designs, manufactures and markets position encoders based on electric encoder technology that it has developed, was fully acquired by Kibbutz Yizre’el and Kibbutx Ein Harod (Ihud) in NIS 45 million (app. $13.2 million) deal.
- SavorEat, a company which developed technology that enables it to produce meat substitutes, which combines materials formulated from plant sources, a robot that employs 3D printing, and advanced cooking methods, raised NIS 42.6 million (approximately $12.8 million) in the first-ever foodtech Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The offering, led by Psagot Provident Funds, attracted leading Israeli institutional investors, including Mor Gemel and Meitav Dash. The company’s valuation for the offering was NIS 170 million ($51.2 million). Leumi Partners served as the underwriters of the offering, which was accompanied by Horn & Co. Law Offices.