Welcome to the iAngels Monthly Deal Digest, a summary of corporate developments in the Israeli startup market.
This December we tracked 34 announced deals totaling approximately $974m, and 5 exits totaling $2.48bn.
E-commerce and semiconductors were the leading sectors this month. Vroom, an online dealer of used cars, raised $254 Million led by Durable Capital Partners with the participation of AutoNation, Detroit Venture Partners, FMC Capital, General Catalyst, L Catterton, PICO Partners and T. Rowe Price. Vayyar, a company that develops 4D imaging sensors, raised $109 Million co-led by KdTVC and Regal with further participation of Amiti Ventures, Battery Ventures, Bessemer, ClalTech, Glory Ventures, ICV, ITI, WRVI and private investors.
On the M&A side, two large acquisitions were made in the fields of enterprise software and MedTech. Habana, a company that develops AI processors for deep learning processing, was acquired by Intel for $2 Billion. Further, 6over6, a company that develops applications to serve as DIY optometry tools, was acquired by 1-800 Contacts for $105 Million.
December 2019 Investment Highlights
- Vocalis Health, a vocal biomarker company that leverages AI-based voice analysis to monitor health, raised $9 Million in a seed financing round from aMoon Velocity.
- NanoGhosts, a company that turns stem cells into a drug delivery system that targets cancerous tumors, raised $5 Million from aMoon Velocity and private investors.
- Whizar, a company that uses AI to help online travel agencies collect money, raised $2.7 Million in a seed round led by ANNA and with the participation of Talma Travel and private investors.
- My-Bis, an iAngels portfolio company that produces personalized functional food, raised $1 Million in a seed round led by iAngels with the participation of TAU Ventures and other private investors.
- Panorays, a cybersecurity company that provides automated third-party security management services, closed $15 Million in a series A financing round led by Oak HC/FT Partners with the participation of Aleph, Elevator Ventures and other private investors.
- Sproutt, a company that provides a life insurance comparison platform, received $12 Million in series A financing from GIS Strategic Ventures, Moneta Capital and State of Mind Ventures.
- Coralogix, a company that turns cluttered log data into a meaningful set of templates and flows, raised $10 Million in a series A financing round led by Aleph with the participation of 2B Angels, Janvest, StageOne, and Taya Ventures.
- Rezilion, a company that provides a cloud security solution for workload protection, raised $8 Million in a series A financing round led by JVP Cyber Labs and with the participation of Kindred Capital, LocalGlobe, Samsung Next and other private investors.
- Satori Cyber, a company that provides data-flow visibility with transparent, secure and compliant data access across all data stores, closed $5.25 Million in a series A financing round from YL Ventures and other private investors.
- Copilot, a company that enables consumer electronics companies to foster one-to-one connections with their end-users, received $5 Million in series A financing led by JVP and other private investors.
- LitiGate, a company that develops a claim analysis solution for litigators’ daily work, raised $3.5 Million in a series A round led by Brighteye Ventures with the participation of Firstime and Rhodium.
- Ettorney, an online platform for legal services, closed $1 Million in series A financing from AltalR capital and private investors.
- Gloat, an AI-powered internal talent marketplace, closed $25 Million in a series B financing round led by Eight Roads and with the participation of Communitas, Intel, Magma, Pico Partners and WElborn Ventures.
- Raziel Therapeutics, a company that develops a proprietary drug for the treatment of local fat reduction, received $22 Million in series B financing led by Pontifax with the participation of Catalyst CEL, Docor, Peregrine, Pontifax, Quark and other private investors.
- Cymulate, a company that provides a cloud-based cyber-attack simulation solution, raised $15 Million in a series B financing round from Dell Capital, Susquehanna, Vertex and a private investor.
- Metabomed, a drug discovery company in the field of cancer metabolism, raised $12.5 Million in a series B financing round led by Yonjin Capital with the participation of Arkin Bio Ventures, Boehringer Ingelheim, M Ventures, Pfizer and Pontifax.
- Motionize (previously PlayerMaker), a company that develops body motion tracking devices, received $10 Million in series B funding led by FengHe with the participation of private investors.
- Perimeter 81, a company that secures the access to local networks, cloud infrastructure and business applications with one unified platform, closed $10 Million in a series B financing round led by SonicWall with the participation of JAL and Spring Ventures as well as other private investors.
- Loom Systems, a company that provides an AI-based platform for IT and DevOps teams to predict issues in applications and infrastructure, raised $10 Million in a series B financing round led by Flint Capital with the participation of 31Ventures, Global Brain, JVP and Meron Capital.
- Gong.io, a company that develops a call monitoring and analytics software for inside sales teams, raised $65 Million in a series C financing round led by Sequoia Capital with the participation of Battery Ventures, Cisco Investments, NextWorld, NVP, Wing Ventures and private investors.
- BigPanda MS, a company that helps IT teams to simplify and automate incident management, raised $50 Million in a Series C financing round led by Insight Partners alongside Battery Ventures, Greenfield Partners, Mayfield Fund, Pelion Fund and Sequoia Israel.
- Superpedestrian, a transportation robotics company that develops core technologies for micro-mobility, raised $20 Million in a series C financing round from Empire Angels, General Catalyst, Hanaco VC, OurCrowd and Spark Capital.
- Rapyd, a FinTech-as-a-service platform that provides APIs that help integrate local payments and FinTech capabilities, received $20 Million in series C financing led by Oak HC/FT Partners with the participation of Coatue Management, Entree Capital Israel, General Catalyst, Ignia, Stripe, Target Global, Tiger Global and private investors.
- Traffilog, a company that provides telematics-based fleet and asset management solutions, raised $12 Million in a series C financing round from Tene.
- Pixellot, a company that provides automated sportscasting solutions that enable broadcasters to produce high-quality game and player videos, closed $3.3 Million in a series C financing round from Globo Ventures.
- Vroom, an online dealer of used cars, raised $254 Million led by Durable Capital Partners with the participation from AutoNation, Detroit Venture Partners, FMC Capital, General Catalyst, L Catterton, PICO Partners and T. Rowe Price.
- Vayyar,a company that develops 4D imaging sensors, raised $109 Million co-lead by KdTVC and Regal with further participation from Amiti Ventures, Battery Ventures, Bessemer, ClalTech, Glory Ventures, ICV, ITI, WRVI and private investors.
- WalkMe, a company that enables website owners and app developers to easily create multiple interactive on-screen walk-throughs’ that help users to quickly and easily complete complex tasks, raised $90 Million in a growth round from BxWorld, D5 Capital, EDBI, Flint Capital, Gemini, Giza, Greenspring Associates, Insight Partners, Mangrove, Scale VP and Vituvian Partners.
- Gelesis, a company that develops technologies for the treatment of obesity and other unmet medical needs, raised $84 Million in a growth round led by Vitruvian Partners with the participation of Invesco, LaunchCapital, Pritzker Group, PureTech Ventures and Cormorant.
- Arbe, an iAngels portfolio company that designs and builds a radar-based collision avoidance system for autonomous cars, drones & robots, closed $32 Million in a growth round from iAngels, 360 Capital Partners, AI Alliance, BAIC Capital, BxWorld, Canaan Israel, Catalyst, Maniv Mobility, MisionBlue Capital, Next Gear Fund, OG Tech Fund, OurCrowd, RIO and Taya Ventures.
- REE, a company that develops a flat and modular chassis, raised $21 Million in a growth round from Hachshara insurance and Meitav Dash.
- DarioHealth, a company that provides a mobile diabetes management platform, received $21.3 Million from private investors.
- Cannbit, a company that produces cannabis for medical use, raised $7.6 Million from private investors.
- OTI, a company that enables cashless payment with telemetry management, received $2.5 Million from institutional investors.
M&A and IPOs
- Habana, a company that develops AI processors for deep learning processing, was acquired by Intel for $2 Billion.
- 6over6, a company that develops applications to serve as DIY optometry tools, was acquired by 1-800 Contacts for $105 Million.
- Indegy, an industrial cybersecurity company that protects the industrial control system (ICS) networks from cyber threats, malicious insiders and human errors was acquired by Tenable for $78 Million.
- Biological Industries, a company that provides life science services with a focus on cell culture media development and manufacturing, was acquired by Sartorius for $50 Million.
- Protego, a company that helps organizations to achieve control over the security of their applications, was acquired by Check Point for $40 Million.
On behalf of everyone at iAngels, I’d like to thank you for tuning in to our deal digest. If you’d like to receive a version directly to your inbox, please subscribe below.
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.
Boston startups expand region’s venture capital footprint
This year has shaken up venture capital, turning a hot early start to 2020 into a glacial period permeated with fear during the early days of COVID-19. That ice quickly melted as venture capitalists discovered that demand for software and other services that startups provide was accelerating, pushing many young tech companies back into growth […]
This year has shaken up venture capital, turning a hot early start to 2020 into a glacial period permeated with fear during the early days of COVID-19. That ice quickly melted as venture capitalists discovered that demand for software and other services that startups provide was accelerating, pushing many young tech companies back into growth mode, and investors back into the check-writing arena.
Boston has been an exemplar of the trend, with early pandemic caution dissolving into rapid-fire dealmaking as summer rolled into fall.
We collated new data that underscores the trend, showing that Boston’s third quarter looks very solid compared to its peer groups, and leads greater New England’s share of American venture capital higher during the three-month period.
For our October look at Boston and its startup scene, let’s get into the data and then understand how a new cohort of founders is cropping up among the city’s educational network.
A strong Q3, a strong 2020
Boston’s third quarter was strong, effectively matching the capital raised in New York City during the three-month period. As we head into the fourth quarter, it appears that the silver medal in American startup ecosystems is up for grabs based on what happens in Q4.
Boston could start 2021 as the number-two place to raise venture capital in the country. Or New York City could pip it at the finish line. Let’s check the numbers.
According to PitchBook data shared with TechCrunch, the metro Boston area raised $4.34 billion in venture capital during the third quarter. New York City and its metro area managed $4.45 billion during the same time period, an effective tie. Los Angeles and its own metro area managed just $3.90 billion.
In 2020 the numbers tilt in Boston’s favor, with the city and surrounding area collecting $12.83 billion in venture capital. New York City came in second through Q3, with $12.30 billion in venture capital. Los Angeles was a distant third at $8.66 billion for the year through Q3.
Alternative Investments/Real Estate: Housing Market Demand Is “Insane”
Speaking to CNBC on Power Lunch, Glenn Kelman, CEO of real estate brokerage Redfin (NASDAQ: RDFN), said he expected the current boom conditions in the housing market to last well into next year. He attributed the high demand to affluent professionals looking for remote homes as well as low interest rates. Also, he thinks some sellers will put their properties on the market only after the presidential election.
Alternative Investments/Real Estate: Housing Market Demand Is “Insane”
Redfin CEO Glenn Kelman says the boom could last into next year.
Speaking to CNBC on Power Lunch, Glenn Kelman, CEO of real estate brokerage Redfin (NASDAQ: RDFN), said he expected the current boom conditions in the housing market to last well into next year. He attributed the high demand to affluent professionals looking for remote homes as well as low interest rates. Also, he thinks some sellers will put their properties on the market only after the presidential election. (CNBC)
Kelman: Too good to last forever
“This level of demand is absolutely insane. I would expect it to last into 2021, at least,” Kelman said.
Recent data from the National Association of Realtors shows up the strength in the housing market.
Existing home sales shot up 9.4% in September beating expectations. Even though the median purchase price of a home rose approximately 15% year over year, there is just a 2.7-month supply of for-sale homes, showing tight market inventory conditions.
The 30-year fixed-rate mortgage averaged 2.80% for the week ending Oct. 22, down from 2.81% in the previous week and 3.75% a year ago, according to the Freddie Mac Primary Mortgage Market Survey. Therefore, mortgage rates crept even lower in the latest week.
However, “there’s no way it can last forever,” Kelman warned of the bullish conditions.
Canada: Off the charts
Meanwhile, at the northern neighbor, home sales activity in September is described as “off-the-charts.”
Housing data released by the Canadian Real Estate Association (CREA) last week showed a nationwide year-over-year increase in sales of 45.6%.
This was a new all-time monthly record for the third month in a row.
“This is starting to sound like a broken record (about records being broken), but Canadian home sales and prices set records once again in September … as they did in July and August,” said Shaun Cathcart, senior economist at CREA, in a statement.
Real Estate ETFs in the U.S.
The year-to-date performance of some real estate ETFs is shown below:
iShares U.S. Home Construction ETF (ITB) +24.61%
SPDR S&P Homebuilders ETF (XHB) +20.83%
Vanguard Real Estate Index Fund ETF -13.91%
It may be noted that despite the boom conditions in housing, real estate ETFs and stocks have declined in recent days.
According to Barron’s, this may be due to yields on the 10-year and 30-year Treasuries moving higher in recent weeks.
Other reasons could be fears of inflation ticking up in the future amidst an improving economic situation.
Nevertheless, the view is that interest rates are likely to remain low for longer. So demand may remain strong.
“Part of what is fueling this boom is that the economy has just split into two and rich people are able to access capital almost for free, so, of course, they’re going to use that money to buy homes,” said Redfin’s Kelman.
Latest Alternative Investment News
Asda’s new owner EG Group seeks new leadership ahead of IPO – report
EG Group is owned by the billionaire Issa brothers and the private equity firm TDR Capital, who teamed up for a £6.8 billion takeover of Asda last month
UK grocer Asda Group’s new owner EG Group is looking for a new chairman and independent directors as it prepares for a £10bn initial public offering, The Timesreports.
EG Group is owned by the billionaire Issa brothers and the private equity firm TDR Capital, who teamed up for a £6.8 billion takeover of Asda last month.
The move comes after Deloitte resigned last week as the company’s auditor because of concerns over the group’s governance and lack of internal controls, according to the publication.
A decision on candidates will be taken before the end of this year, although roles haven’t been finalised yet as the company is in the process of deciding whether to float in the UK or the US, The Times reports.
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