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iAngels Israeli Deal Digest – March 2020

Welcome to the iAngels Monthly Deal Digest, a summary of corporate developments in the Israeli startup market.  Over the past month, the world has been rocked by the rapid and global spread of the Coronavirus. Most countries went into lockdown to contain the spread of the virus. As a result, economic activity slowed across the […]

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

Over the past month, the world has been rocked by the rapid and global spread of the Coronavirus. Most countries went into lockdown to contain the spread of the virus. As a result, economic activity slowed across the world. 

This March we tracked 20 announced deals totaling approximately $297.65 Million, and 2 exits totaling approximately $1.45 Billion

Miscellaneous Semiconductors and IT & Enterprise Software were the two top performing sectors this month. Hailo, a company that develops a breakthrough microprocessor based on a disruptive proprietary technology for deep learning applications, that will deliver data center performance to edge devices, closed $60 Million in a series B financing  round co-led by ABB Technology Ventures and NEC with participation from Glory Venture, Latitude Ventures, Maniv Mobility, Next Gear Fund, OurCrowd and Private Investors. Axonius, a cybersecurity asset management company that gives organizations a comprehensive asset inventory, uncovers security solution coverage gaps, and automatically validates and enforces security policies, closed $58 Million in a series C financing round led by Lightspeed with participation from Bessemer, Emerge Fund, OpenView, Vertex, WTI and YL Ventures. 

On the M&A side, one large acquisition was made in the field of IT & Enterprise Software and one other acquisition in the field of Life Sciences. Checkmarx, a company that develops software solutions used to identify, fix and block security vulnerabilities in web and mobile applications, was acquired by Hellman & Friedman for $1.15 Billion. STERO Biotechs, a company that develops cannabidiol (“CBD”) for co-administration with steroids, so that the effective doses of steroids can be significantly reduced, thereby potentially avoiding or reducing the many safety issues relating to steroid administration, was acquired by Kalytera for $30 Million.

March 2020 Investment Highlights

A Rounds 

  • Quantum Machines, a company that develops operation and control systems for quantum computers, hardware and software that allow to realize the potential of quantum computing, raised $17.5 Million in a series A financing round co-led by Harel Insurance Investments and Financial Services and a Private Investor with participation Battery Ventures, Meron Capital Fund and TLV Partners.
  • Axis Security, a company that develops a solution for private, secure and simple access to enterprise applications in enterprise clouds and enterprise servers, collected $14 Million in a series A financing round led by TenEleven Ventures with participation from CyberStarts Fund and Private Investors.
  • ePlane, a company that is a free end-to-end sourcing solution for the aviation industry, connecting buyers, sellers & MROs from across the world, received $9 Million in a series A financing round led by Marubeni Ventures with participation from Cockpit and Private Investors.  
  • URECSYS, an iAngels portfolio company and an environmental health technology pioneer in the battle against urban air pollution, closed $4 Million in a series A financing round from iAngels, GRG Patents, MYN Investments and Private Investors. 
  • Sepio, a cyber security company that provides security teams with full visibility into their hardware assets and their behavior in real time, raised $4 Million in series A financing round led by Munich Re Ventures with participation from Hanaco VC.
  • TetaVi, a high-tech company that focuses on developing a method and system to generate high quality Free Viewpoint Video (FVV) content for sports, broadcast and virtual reality applications to be viewed on all available screens, collected $4 Million in a series A financing round led by REDDS Capital with participation from Asia Alpha Private Equity, MJR-09 Family Trust, Pix Vine Capital, Sandler Investments and Stone Family Partners.
  • Y-Platform, a company that runs a large online video channel for the Chinese audience to understand the young generation of foreigners in China, received $3.5 Million in a series A financing round from Kunlun, Weibo Corp and a Private Investor. 
  • Odix, a software company that uses unique algorithm to neutralize any malware including ransomware, known and unknown from most commonly used files which are one of the most popular cyber-attack vectors, closed $2.1 Million in a series A financing round from Club 100 Plus, EMET Computing, Keiretsu Forum and Private Investors. 
  • Pruvo, a company that developed an app that will track the price the users paid when booking the hotel, and notify them as soon as it’s down, so they can cancel it, and book the exact same room, at the new, lower price, raised $1.1 Million in a series A financing round co-led by SeedRocket 4Founders and Private Investors with participation from a Private Investor.

B Rounds 

  • Hailo, a company that develops a breakthrough microprocessor based on a disruptive proprietary technology for deep learning applications, that will deliver data center performance to edge devices, closed $60 Million in a series B financing  round co-led by ABB Technology Ventures and NEC with participation from Glory Venture, Latitude Ventures, Maniv Mobility, Next Gear Fund, OurCrowd and Private Investors.
  • Air Doctor, is a marketplace of doctors for tourists traveling abroad, making it easy to find a trusted and licensed doctor nearby and schedule an immediate appointment, raised $7.8 Million in a series B financing round from Kamet Ventures and Pheonix Investment and Finances. 
  • OrthoSpin, a company focused on developing a smart external fixation system to allow real-time physician follow-up and to reduce dependency on patient compliance, received $5 Million in a series B financing round led by Johnson & Johnson Innovation with help from Trendlines Incubators and Private Investors.  
  • Anchora Medical, a company that developed an automatic, single-use suturing device for the approximation of soft tissue during minimally invasive surgeries, closed $4.5 Million in a series B financing round co-led by Hoya and Tal Capital with participation from RLI and a Private Investor.
  • Perimeter 81, a network security company that is designed to simplify secure network, cloud and application access for the modern and distributed workforce, raised $4.5 Million in a series B financing round led by Toba Capital with help from JAL Ventures, SonicWall, Spring Ventures and a Private Investor.  

C Rounds 

  • Axonius, a cybersecurity asset management company that gives organizations a comprehensive asset inventory, uncovers security solution coverage gaps, and automatically validates and enforces security policies, closed $58 Million in a s series C financing round led by Lightspeed with participation from Bessemer, Emerge Fund, OpenView, Vertex, WTI and YL Ventures. 
  • Pyramid Analytics, a company that offers a business intelligence and analytics platform that enables individuals, from power users to knowledge workers to decision makers, to transform their organization into a data-driven business, raised $25 Million in a series C financing round led by JVP with help from Maor, Sequoia Israel, Viola Growth and Viola Partners. 
  • BioSight, a pharmaceutical development company that is focused on the development of therapeutics to enable safer and more effective treatment for life-threatening diseases, collected $19 Million in a series C financing round from Arkin Bio Ventures, Ilan Holdings, Israel Biotech Fund, Primera Capital, SBI JI Innovation Fund, Shine Global Family Office and Private Investors. 
  • Anagog, a company that utilizes its JedAI suite of products to enable mobile phones to understand users’ real-world behaviors and real-time context, received $10 Million in a series C financing round co-led by IN Venture and MizMaa Ventures with participation from Continental AG, Daimler M&A Tech Invest, GigOptix Inc, Porsche Ventures, Skoda and Union Tech Ventures. 

Growth/Miscellaneous Rounds 

  • Protalix, a pharmaceutical company that manufactures a plant-based enzyme, taliglucerase alfa, which has received U.S. Food and Drug Administration approval for the treatment of Gaucher disease, closed $43.7 Million in a series C financing round from Alrov, Citi, Highbridge Capital, More Investment House, Psagot, Rosalind Capital Partners and UBS O’Connor. 
  • ScoutCam, a company that specializes in developing minimally invasive endosurgical tools and imaging solutions, collected $0.948 Million in a series C financing round from Undisclosed Investors.

M&A and IPOs

  • Checkmarx, a company that develops software solutions used to identify, fix and block security vulnerabilities in web and mobile applications, was acquired by Hellman & Friedman for $1.15 Billion.
  • STERO Biotechs, a company that develops cannabidiol (“CBD”) for co-administration with steroids, so that the effective doses of steroids can be significantly reduced, thereby potentially avoiding or reducing the many safety issues relating to steroid administration, was acquired by Kalytera for $30 Million.

we’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.

Best,

The iAngels Team

Source: https://www.iangels.com/2020/04/iangels-israeli-deal-digest-march-2020-2-2-2-2-2-2-2/

Private Equity

Carlyle invests in logistics assets as Covid-19 drives e-commerce demand

Sale-and-leaseback transaction involves 27 distribution centres in France and Germany

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Carlyle has acquired a portfolio of logistics assets in France and Germany in a sale-and-leaseback transaction, as a response to a pandemic-driven rise in e-commerce demand.

The portfolio comprises 27 high-quality distribution logistics assets totalling 158,000 square meters of space focused on parcel-delivery. The assets are located near major urban and trade areas across France and Germany, the firm said in a statement.

Marc-Antoine Bouyer, managing director on the Carlyle Europe Realty advisory team, said both countries are “core” to the firm’s investment strategy in Europe. The acquisition reflects the interest in logistics and distribution, which has seen “rapidly growing delivery volumes accelerated by strong growth in e-commerce”, he said.

The investment was made via Carlyle Europe Realty (CER), a €540m pan-European real estate fund, closed in June last year. Financial details were not disclosed.

The CER vehicle targets opportunistic investments across Europe, focusing on “buy and build” platforms in key segments such as logistics, residential, student accommodation, retail, hospitality and co-working.

The private equity house with $221bn in assets under management around the world is not alone in trying to capitalise from the accelerated shift to e-commerce in Europe.

In April, KKR took a majority stake in European investor and manager of industrial and logistics assets Mirastar. In May, the US-based firm continued its move into European logistics real estate with the acquisition of Etche France from the BMF Group and its co-founders.

To contact the author of this story with feedback or news, email Elisângela Mendonça

Source: https://www.penews.com/articles/carlyle-invests-in-logistics-assets-as-covid-19-drives-e-commerce-demand-20201026

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Private Equity

Alternative Investments/ESG: ESG Investments Are Now Mainstream And Core Portfolio Elements

Adrian Lowcock is head of personal investing at Willis Owen. He notes that ESG’s decisive outperformance during the last one, three, and five years shows the investing approach is here to stay. Lowcock points to the 94.6% return from the MSCI ACWI ESG leaders index over five years compared to the 91.3% return from the MSCI ACWI index, as validation of his opinion.

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Alternative Investments/ESG: ESG Investments Are Now Mainstream And Core Portfolio Elements

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Gone are the days when ESG was just “nice to have,” says Adrian Lowcock at Willis Owen.

Adrian Lowcock is head of personal investing at Willis Owen. He notes that ESG’s decisive outperformance during the last one, three, and five years shows the investing approach is here to stay.

Lowcock points to the 94.6% return from the MSCI ACWI ESG leaders index over five years compared to the 91.3% return from the MSCI ACWI index, as validation of his opinion. (WealthAdviser)

ESG is core now

“These funds are core holdings now. Whereas previously, ESG was a secondary consideration, a nice to have tilt to portfolios, the world has been changing. A focus on companies that do less harm to the environment, be that alternative energy, greener food production or waste reduction, is here to stay. Crucially, investors are rewarding them,” he said.

Lowcock also points to the effect of the COVID-19 pandemic. It showed to locked-down citizens the effect of human activity on their environment.

“ESG investing is now a huge part of investing common sense, with many areas that responsible and ethical funds avoid being invested in “old” economy industries in decline,” he notes.

How the digital age is adding more power to ESG’s elbow

Lowcock also observes that advances in digital technology help companies more accurately track their environmental behavior and therefore, be more accountable for their actions.

Investors also benefit because technology helps make their opportunities more “cost-effective.”

Lowcock exhorts investors not to miss the ESG bus.

“Investors who are not on board {these trends} are going to miss out over the long term.”

Related Story:  How To See Through The “Ethical Veneer” (Bancroft Wealth)

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Source: https://dailyalts.com/alternative-investments-esg-esg-investments-are-now-mainstream-and-core-portfolio-elements/

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Private Equity

Digital Assets: JPMorgan Issues Bullish Bitcoin Analysis

JPMorgan (NYSE: JPM) analysts issued a note on Friday that said millennials’ preference for cryptocurrency over gold could lend a bullish tailwind to bitcoin in the coming years. Millennials would constitute an important segment of the investment fraternity and that could tip the scales in favor of BTC versus the yellow metal.

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Digital Assets: JPMorgan Issues Bullish Bitcoin Analysis

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Analysts at JPMorgan say bitcoin (BTC) will benefit at the expense of gold.

JPMorgan (NYSE: JPM) analysts issued a note on Friday that said millennials’ preference for cryptocurrency over gold could lend a bullish tailwind to bitcoin in the coming years. Millennials would constitute an important segment of the investment fraternity and that could tip the scales in favor of BTC versus the yellow metal. (MARKETS INSIDER)

Bitcoin playing catch-up with gold?

While the physical gold market commands a value of $2.6 trillion including ETFs, bitcoin is only a tiny fraction of that. (The market cap of BTC is just $243 billion, according to Bitcoin.com).

“The potential long-term upside for bitcoin is considerable as it competes more intensely with gold as an ‘alternative’ currency we believe, given that Millenials would become over time a more important component of investors’ universe,” JPMorgan wrote in their analysis.

“Even a modest crowding out of gold as an ‘alternative’ currency over the longer term would imply doubling or tripling of the bitcoin price,” the analysts said.

To reach the equivalent of the gold market, bitcoin would have to surge more than 10X from its current price levels.

Adoption too could work in favor of BTC

JPM also said that in the long run, there could be more new use cases for bitcoin – beyond its restricted role as a store of value similar to gold.

Rising crypto adoption could, therefore, add to BTC’s allure compared to the precious metal.

“The more economic agents accept cryptocurrencies as a means of payment in the future, the higher their utility and value,” JPMorgan said.

Meanwhile, Raoul Pal says gold breaking down

Bitcoin has been on a roll in recent weeks, with Square’s $50 million investment and PayPal’s move to integrate the cryptocurrency into its platform.

Technically, the crypto gave a powerful buy signal when it cleared the $12,000 level on high volume.

Coin Telegraph quoted Real Vision CEO Raoul Pal’s tweet as follows:

“Gold is breaking down versus bitcoin, as expected cc: @michael_saylor Everyone take note. The next thing I’m expecting is the correlations between BTC and the dollar and BTC vs equities to break down too… let’s see. #Bitcoin.”

Related Story:  “Front-Running Opportunity Of A Lifetime” (Raoul Pal)

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Source: https://dailyalts.com/digital-assets-jpmorgan-issues-bullish-bitcoin-analysis/

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