Winners and Losers of the Week: Israeli Businessman Shaul Shani Is This Week's Winner
A selection of this week's winners and losers by CTech's Editor
This week’s winners are:
Israeli businessman Shaul Shani the controlling shareholder in ECI Telecom is the biggest winner of the week for selling one of the oldest Israeli tech icons to Nasdaq-listed software company Ribbon Communications. Ribbon Communications agreed to acquire Israel-based telecommunications equipment supplier for $324 million in cash and 32.5 million shares of Ribbon’s common stock, worth around $130 million. Read more
Israeli investment firm Vintage for securing $133 million in commitments for its new growth co-investment fund. The closing of this new fund brings Vintage's assets under management to over $1.9 billion. Vintage intends to use the new fund to invest in Israeli and European companies. Read more
Yonatan Amir, Kira Radinsky, and Moshe Shoham, the founders of emergency room startup Diagnostic Robotics, for raising a $24 million round. Diagnostic Robotics develops robots that use artificial intelligence to assess the urgency of each case before the people in line can be seen by a doctor. Read more
Israeli businessman Shaul Shani. Photo: Amit Sha'al
This week’s losers are:
Online insurance company Lemonade for shelving its planned IPO. Lemonade is the second SoftBank-backed company to shelve its IPO plans in the past few months, following WeWork’s disastrous attempt. Read more
WeWork for continuing its downward spiral with $1.25 Billion in losses for 3Q 2019. That is more than double its $497 million in losses recorded during the same period last year. Read more
This week’s data point: $1.7 million
A new program by the Israel Innovation Authority will see it pay up to $570,000 a year over three years to companies that will develop and implement their own advanced artificial intelligence training program. The program will help supply Israel's mounting demand for tech talent, and specifically for artificial intelligence specialists. Read more
This week’s top deals:
Invitae acquires Clear Genetics for $50 million. Read more
Angular Ventures announces debut of $41 million seed fund. Read more
Cybersecurity startup Pcysys raises $10 million. Read more
Data science startup Cnvrg.io announces $8 million in funding. Read more
Thailand's Navy purchases Israeli counter-drone system. Read more
Yandex’ cab-hailing service Yango expands to additional Israeli cities. Read more
Google backs IoT security startup Armis. Read more
