Israel High Tech Scene August 13 – August 19

startup nation

Tel Aviv at sunset, Israel

New Startups / VC Funding
Xinteza Unveils Way To Synthesize Cannabinoids From Non-Cannabis Plants
Xinteza, an Israeli biosynthesis technology company, says that it has found a way to produce cannabis type synthesis from other plants in the Cannabacae family that are not known for producing the drug commonly known as marijuana.

Xinteza boasts that it has developed a new on-cannabis plant-derived production system, which the company says is capable of “highly efficient and flawless” end-to-end cannabinoid synthesis… Read More Here

Adam Neumann Snags $350 Million From Andreessen Horowitz For New Business
Adam Neumann seems to be making a successful comeback. The nefarious WeWork founder has somehow talked big-time financial firm Andreessen Horowitz to invest in his new real estate startup Flow.

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According to a report in the New York Times, the firm is investing $350 million in Flow. This will give the startup a $1 billion valuation right out of the gate.

Flow sounds a lot like WeWork. The new startup…. Read More Here

Guesty Raises $170 Million For Hospitality And Property Management Industry Platform
Guesty, an Israeli startup that offers a property management platform for the short-term rental and hospitality industry, raised $170 Million in a Series E funding round, led by the Apax Digital Funds, MSD Partners and Sixth Street Growth.

Guesty previously raised $50 million in a Series D round held in April 2021. To date, the company has raised upwards of $300 million. Good news for Israel Startup Nations whose firms have recently been laying off workers due to the continuing worldwide financial crisis…. Read More Here

Agora Raises $20 Million For Real Estate Investment Platform
Agora, an Israeli startup offering new tech for real estate firms, raised $20 million in a Series A round of investment led by New York-based global venture capital and private equity firm Insight Partners, with participation from Aleph. This raise comes just nine months after Agora brought in $9 million in a seed round of funding last November.

Founded in 2019 Bar Mor, CEO, Lior Dolinski, CPO and Noam Kahan, CTO who met in their army service in the Israeli Defense Forces Elite Unit 8200… Read More Here

IPOs and Unicorns
DriveNets Hits $2.5 Billion Valuation With $262 Million Raise
DriveNets, an Israeli startup that offers cloud-native networking solutions, raised $262 million in a Series C round of funding led by D2 Investments. The raise makes DriveNets yet another unicorn to come out of Israel Startup Nation.

This raise by DriveNets constitutes some much needed good news for Startup Nation as it has been suffering along with the rest of the world from the current global fiscal crisis. A number of its firm… Read More Here

HiBob Hits $2.45 Billion Valuation With $150 Million Raise
Hibob, an Israeli startup that offers a human resources management technology platform, raised $150 million in a Series D round of funding led by General Atlantic. The company, which was already a unicorn, now has a valuation of $2.45 billion. Hibob has now brought in well over $400 million in investments.

This raise came not long after HiBob also brought in $150 million in October 2021. It was that raise that made the company a unicorn… Read More Here

Mergers and Acquisitions
Unity Software Finalizes $4.4 Billion IronSource Acquisition After Last Minute Counter Offer
American video game company Unity Software and Israel-based ironSource which offers a multi-media platform, have completed their merger. The merger, which was first announced in July, came into doubt when another firm threw a wrench into the works.

After the Unity/IronSource deal was first announced, gaming software Company AppLovin made a $17.54 billion takeover bid for Unity Software. But Unity’s… Read More Here

Israel’s Rewire Acquired By Remitly For $80 Million
Rewire, an Israeli fintech startup that has developed a services platform for migrant workers, has been acquired by Remitly Global, a global digital financial services provider for immigrants and their families, for $80 million. The deal is for a combination of stock and cash.

The transaction is expected to close in the second half of 2022 and Remitly does not expect a material impact on its revenue or adjusted EBITDA outlook this year.

The acquisition comes just six months… Read More Here

EToro Buys Gatsby Trading Platform For $50 Million
eToro, the Israeli company that offers its clients a trading platform, has acquired Gatsby, a competing firm that offers a commission-free options and stock trading app, for $50 million.

The move comes just a month after eToro was forced to scrap its planned IPO and decided instead to try to raise another $1 billion. The decision… Read More Here

Other Business Stories
Anywell Latest Israeli Startup To Lay Off Employees
anywell, an Israeli startup that is developing a Workspace-as-a-Service platform for a hybrid work model, is just the latest in a long list of Israeli firms that have been forced to cut back on their staffs recently. The company has now seen a 50$ drop in its workforce with its latest round of firings that included 11 employees, six in Israel.

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The move comes just five months after the company… Read More Here

ASTERRA Tech Can Be Used To Detect Underground Lithium Deposits
ASTERRA, an Israeli company that develops technology that makes it possible to identify minerals below the Earth’s surface using satellites, has applied for a patent for its new tech that can discover lithium underground. The company’s main tech was first used to search for new underground sources of water.

Lithium is an element that is both the least dense metal and the least dense solid element. And it has a wide variety of applications. It can be used in… Read More Here

Mark Cuban Sued Over Voyager Crypto Products, Slams Metaverse Real Estate
Billionaire entrepreneur Mark Cuban is facing a class action lawsuit over crypto brokerage firm Voyager Digital. A civil suit filed in the United States District Court in Southern Florida accuses Cuban of misrepresenting Voyager. Meanwhile, Mark Cuban has also come out strongly against the new Metaverse real estate market.

Voyager Digital shut down in July after…. Read More Here