Moran Amplefields

2025 VC Survey
Amplefields Investments: “2024 was a year of strategic recalibration and strength”

Managing Partner Moran Chamsi joined CTech for its 2025 VC Survey to discuss the state of the Israeli ecosystem and the year ahead.

“Israel's leadership in emerging sectors like generative AI, defensetech, and climate innovation continued to attract global attention and investment, showcasing the ingenuity and determination of Israeli entrepreneurs,” said Moran Chamsi, Managing Partner at Amplefields Investments. “2024 was not just a year of challenges—it was a year of strategic recalibration and strength. The lessons learned in such a tumultuous period have laid the groundwork for a more focused and impactful future for Israeli high-tech.”
Chamsi joined CTech for its 2025 VC Survey to share insights on what the year may look like, as well as predictions facing the IPO market. You can read the interview interview below.
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Moran Amplefields
Moran Amplefields
Moran Amplefields
(Photo: Merev Ben Loulou)
Fund ID Name of fund/funds: Amplefields Investments Total sum of the fund: Undisclosed Partner: Moran Chamsi, Managing Partner Notable/select portfolio companies (active): eToro, OpenWeb, Via, StoreDot Notable exits: Payoneer, Crovus
2024 is almost over. How can you summarize it in terms of the Israeli high-tech industry?
2024 has been a year of profound transformation for the Israeli high-tech industry.
While resilience has been a common theme, this year was about much more than just weathering storms. The war in Israel cast a long shadow over the industry, presenting immense challenges on both a human and operational level. Despite these difficulties, the Israeli high-tech ecosystem demonstrated its unique capacity to adapt and innovate under extraordinary circumstances.
The global economic backdrop of tighter funding and market uncertainty compounded these challenges. However, the industry responded by focusing on sustainability and value creation, shifting from a growth-at-all-costs mindset to disciplined, efficient business strategies.
The secondary market gained prominence this year, providing liquidity solutions that helped stabilize the ecosystem. At the same time, Israel's leadership in emerging sectors like generative AI, defensetech, and climate innovation continued to attract global attention and investment, showcasing the ingenuity and determination of Israeli entrepreneurs.
2024 was not just a year of challenges—it was a year of strategic recalibration and strength. The lessons learned in such a tumultuous period have laid the groundwork for a more focused and impactful future for Israeli high-tech.
Looking ahead to 2025 - What challenges and opportunities await the Israeli high-tech sector in the coming year, and how are you, as investors, preparing for them?
Looking ahead to 2025, the Israeli high-tech sector faces both challenges and exciting opportunities.
On the challenges side, global economic uncertainty and high interest rates will likely continue to affect funding availability and valuations. Companies will need to focus on achieving profitability and managing cash flow efficiently. Additionally, the ongoing geopolitical situation and its impact on talent retention and operational stability will remain critical areas to address.
However, 2025 promises to be a year of major opportunities and growth for the sector. With the potential reopening of the IPO market after a prolonged closure, a strong pipeline of companies is gearing up for public listings. While this process unfolds, the demand for liquidity from individual shareholders will increase, creating a unique opportunity for investors in the secondary market to play a pivotal role.
As investors, we are proactively developing innovative liquidity solutions to meet these needs. By addressing the immediate challenges of shareholders, we aim to capitalize on the significant opportunities that lie ahead.
2025 has the potential to be a transformative year for Israeli high-tech, marked by innovation, strategic growth, and a renewed focus on long-term success.
How will new American leadership affect the global high-tech industry or economy? And where does this place Israel and its entrepreneurs?
The impact of new American leadership on the global high-tech industry and economy could be significant, particularly with a pro-business stance driving policy decisions.
Wall Street is anticipating increased corporate investment in 2025, fueled by expectations of a lower corporate tax rate and additional incentives for U.S. businesses. These measures would likely create a more favorable environment for high-tech companies, especially those considering going public. A friendlier IPO market could reignite growth opportunities, benefiting not only U.S. companies but also international players like Israeli startups with strong ties to American markets.
For Israel and its entrepreneurs, this policy shift could open new doors. Many Israeli companies target the U.S. for expansion and fundraising, and a supportive business environment in the U.S. would enhance their ability to secure capital and access American markets. Additionally, an improved IPO climate would provide an attractive exit path for Israeli startups, increasing their appeal to investors and driving continued innovation.
That said, Israeli entrepreneurs must also navigate this new landscape strategically. While the opportunities are clear, shifts in U.S. policy—such as evolving foreign investment regulations or incentives for domestic companies—may require Israeli firms to adapt quickly to remain competitive.
With its reputation for cutting-edge innovation and its strong partnership with the U.S., Israel is well-positioned to capitalize on the opportunities a pro-business American leadership presents, making 2025 an exciting year for both Israeli entrepreneurs and the broader global tech ecosystem.
What are the three most important things the Israeli government should do today to accelerate the high-tech engine in the coming year?
The Israeli government plays a vital role in supporting the high-tech ecosystem. To accelerate its growth in the coming year, the government should focus on three key areas:
  • Incentivize R&D and Innovation: Increasing government grants, tax incentives, and subsidies for research and development can encourage companies to invest in cutting-edge technologies. This support is particularly crucial in emerging fields like AI, climatetech, and quantum computing, where Israel has the potential to lead globally.
  • Address Talent Gaps: High-tech success depends on a steady pipeline of skilled professionals. The government should invest in education and training programs, particularly in STEM (Science, Technology, Engineering, and Mathematics) fields, while also making it easier to recruit international talent. Initiatives to encourage underrepresented groups, such as women and minorities, to enter the high-tech workforce could also significantly expand the talent pool.
  • Promote Access to Capital: Creating policies that attract local and international investment is essential for fueling growth. This includes fostering a friendlier environment for IPOs, incentivizing secondary market activity, and supporting venture capital and private equity funds. The government can also help by reducing bureaucratic hurdles and ensuring clear, predictable regulatory frameworks for businesses and investors alike.
By focusing on these priorities, the Israeli government can create an environment that fosters innovation, strengthens the high-tech talent pipeline, and ensures that Israeli startups remain competitive on the global stage.
Are there new sectors you see as relevant? Are there any fields you anticipate will weaken significantly in the coming year?
New sectors of relevance include:
  • Generative AI and Advanced Automation: Generative AI continues to revolutionize industries with applications in content creation, software development, customer service, and more. Paired with advanced automation, these technologies will drive efficiency and open new opportunities in sectors ranging from healthcare to manufacturing.
  • Climatetech and Sustainability Solutions: Climate-related innovation remains critical as governments and corporations commit to sustainability goals. Technologies focusing on renewable energy, carbon capture, water management, and sustainable agriculture are expected to see significant growth.
  • Defensetech and Cybersecurity: Rising global security concerns ensure that advanced defense technologies and cybersecurity solutions will remain a top priority. Israel, with its stronghold in these fields, is particularly well-positioned to lead.
Fields that may weaken include:
  • Traditional Fintech Models: The fintech space may face challenges as competition intensifies and regulatory scrutiny increases. Investors are likely to focus on niche or innovative fintech solutions rather than generic offerings in payments or lending.
  • AdTech: As data privacy regulations tighten and cookie-less tracking becomes the norm, ad tech companies relying on traditional tracking models will need to adapt or risk obsolescence.
  • Speculative Crypto Projects: While blockchain technology holds potential, speculative crypto ventures without clear use cases or tangible value may see reduced funding as investors focus on more practical applications of the technology.
As we move into 2025, the focus will be on sectors that address global challenges and offer scalable, impactful solutions. Investors and entrepreneurs alike must stay agile and forward-looking to capitalize on emerging opportunities while navigating potential risks in areas facing structural challenges.
Is Israel missing out on the AI revolution in the global arms race? If not, what should the local industry focus on to join the global race?
Israel is not missing out on the AI revolution; in fact, it is a significant player in this transformative field. The country has long been at the forefront of technological innovation, and its expertise in areas like cybersecurity, defense tech, and deep-tech solutions naturally extends to AI. Israeli startups and research institutions are making impactful strides in generative AI, machine learning, and AI-driven analytics. However, to remain competitive in the global AI arms race, the local industry must focus on a few critical areas.
  • Strategic Investment in AI Research and Development: Israel must continue to invest in cutting-edge AI research, both in academia and private industry. Government grants, public-private partnerships, and increased collaboration with global tech leaders can help accelerate innovation and commercialization of AI technologies.
  • AI for Defense and National Security: Given Israel's strong defense ecosystem, there is a unique opportunity to lead in AI applications for national security, such as autonomous systems, real-time threat detection, and predictive analytics. These technologies can not only bolster Israel's defense capabilities but also position it as a global leader in defense-oriented AI solutions.
  • Focusing on Ethical and Explainable AI: As AI becomes more integrated into decision-making processes, the need for ethical and explainable AI is growing. Israeli companies can carve a niche by developing transparent and responsible AI systems, which are critical for gaining trust and meeting global regulatory requirements.
  • Leveraging Strengths in Cross-Industry Applications: Israel’s startup ecosystem is versatile, with strong roots in healthcare, fintech, agri-tech, and climate tech. By integrating AI into these sectors, Israeli companies can create differentiated, high-value solutions that address global challenges.
Israel has all the tools to remain a key player in the global AI revolution. By doubling down on its strengths in innovation, defense, and multidisciplinary integration while addressing challenges like talent development and ethical considerations, the country can secure its position as a leader in this competitive and rapidly evolving field.
Could the global IPO drought end in the coming year?
The global IPO drought is likely to ease in the coming year, but the recovery will be slow and cautious. Market conditions, including stabilizing interest rates and improving investor confidence, could open the IPO gate. However, companies will tread carefully, focusing on timing, valuation, and readiness to meet the market's expectations.
The prolonged closure of the IPO market has created a backlog of companies eager to go public. According to data from Renaissance Capital, 2023 saw one of the lowest IPO activity levels in recent history, with only a handful of major debuts. This backlog, combined with potential tax incentives and pro-business policies in markets like the U.S., could encourage listings.
However, this reopening is expected to be gradual and selective. Companies that can demonstrate profitability, strong fundamentals, and resilience to economic fluctuations will be prioritized. A cautious approach will help rebuild investor confidence after a period of market volatility, as highlighted in PwC’s Global IPO Watch, which stresses that sustainable growth is now a key focus for public companies.
While the IPO market won’t return to pre-drought levels overnight, this careful and measured approach could signal a sustainable recovery, balancing investor demand with the realities of a shifting economic landscape.
From an investor's perspective: will the coming year be better for early-stage startups or more mature companies?
The coming year is likely to favor more mature companies, but early-stage startups with strong fundamentals in high-growth sectors could still attract attention.
Mature Companies: Investors are expected to lean toward later-stage companies, as the global economic environment still carries uncertainty. Mature companies with proven business models, steady revenue streams, and a clear path to profitability are more appealing in this climate. These businesses are often seen as lower-risk investments, especially as IPO markets gradually reopen, providing potential exit opportunities for investors.
Early-Stage Startups: While funding for early-stage startups may be harder to secure, investors with a long-term outlook will still seek opportunities in transformative sectors like generative AI, climate tech, and digital health. Startups that can demonstrate a strong product-market fit, efficient use of capital, and a clear growth strategy will stand out. However, the bar for securing funding will be higher, with investors conducting more rigorous due diligence.
Key Factors for Both:
  • Capital Efficiency: Startups and mature companies alike must demonstrate prudent cash management.
  • Sector Focus: High-demand sectors, such as AI, cybersecurity, and sustainability, will attract the most interest.
  • Liquidity Options: Mature companies offering near-term liquidity (via secondary markets or potential IPOs) may have an edge in attracting capital.
Overall, the year will likely see a bifurcation in investment strategies. Investors may prioritize stability and near-term returns with mature companies while selectively backing early-stage startups that offer high-growth potential in transformative sectors.
Did you raise fund money in 2024 for an existing fund or a new one? What are your expectations regarding this matter for 2025?
In 2024, particularly in the last quarter, we experienced an exceptional deal flow from high-quality companies. These are not companies struggling or in need of investments, but rather businesses with strong fundamentals where some shareholders are facing liquidity challenges. This trend reaffirmed the strength of our strategy in the secondary market and highlighted the vast opportunities available.
Recognizing the magnitude of these opportunities, we decided to expand our fund and raise additional capital. This allows us to take advantage of these unique situations, providing liquidity to shareholders while investing in outstanding companies poised for growth. This decision reflects the confidence we and our investors have in the fund’s potential and the quality of the opportunities we’re seeing.
Looking ahead to 2025, we anticipate this momentum will only grow as the IPO market begins to reopen and more shareholders seek creative liquidity solutions. We are strategically positioned to capitalize on these trends, and we are focused on scaling our fund to continue identifying and executing high-value opportunities.
2025 is shaping up to be a year of significant growth and impact, and we are prepared to lead in this space with confidence and strength.
How many investments did you make in 2024, and how does it compare to previous years?
In 2024, we initiated several investment processes and due diligence reviews that are still ongoing. These investments are expected to close in early 2025. As a result, we believe the most accurate number of investments for 2024 will only be clear by Q1 2025, once these processes are finalized.
Provide an example of an intriguing investment you made in 2024. What sets this company apart, or what is distinctive about its sector?
One of the most intriguing investments we made in 2024 was in eToro, a trailblazing social trading and investment platform. Our investment was made through the secondary market, acquiring shares from existing shareholders. This approach allowed us to participate in the company’s ongoing success while providing liquidity to its stakeholders.
eToro’s unique position at the crossroads of fintech and social networking makes it a standout in its sector. Its innovative features, like copy trading, empower retail investors to mirror the strategies of seasoned professionals, making global financial markets more accessible and engaging.
When we invested earlier this year, we saw significant untapped growth potential in the company, and this potential is now being realized. Despite a challenging macroeconomic environment, eToro has continued to innovate, expand its reach, and solidify its position as a leader in the fintech space.
This investment highlights our strategy of identifying and seizing opportunities in high-growth sectors, focusing on companies that are not just succeeding today but are well-positioned for the future.
Two notable companies that you think will thrive in 2025. These can be from your portfolio or not.
Company Name: Decart Sector + description of the product/service: Decart represents a groundbreaking opportunity in the AI sector, focusing on real-time generative AI technologies. Founded in late 2023 by CEO Dean Leitersdorf and CPO Moshe Shalev, both veterans of Israel's Unit 8200, the company is setting new benchmarks in AI infrastructure efficiency. Their innovative platform optimizes model training and inference, enabling revolutionary interactive experiences like "Oasis," the first real-time AI-generated open-world environment. With its cutting-edge technology and visionary leadership, Decart is positioned to be a key player in the rapidly expanding AI landscape. Total raised: $53M Founding Year: 2023 Reasoning why this is their year: This is Decart’s year because they’ve achieved the perfect convergence of timing, technology, and market demand. As generative AI moves from static outputs to real-time, interactive experiences, Decart’s innovative approach places them at the forefront of this shift. Their "Oasis" platform has redefined what’s possible, transforming how businesses and consumers engage with AI. Backed by a team of elite innovators and a growing ecosystem, Decart is not just keeping pace with the AI revolution—they’re leading it. This is the year they’ll solidify their role as a pioneer in real-time generative AI.
Company Name: Semperis Sector + description of the product/service: Semperis is a cybersecurity company specializing in identity protection and Active Directory security solutions. The company's platform defends against cyberattacks, ensuring rapid recovery and business continuity in the event of breaches. With a focus on hybrid and multi-cloud environments, Semperis serves enterprises globally, offering proactive protection and threat detection. Total raised: $380M Founding Year: 2013 Reasoning why this is their year: Semperis stands out this year due to the heightened focus on identity-based cyber threats and the growing adoption of hybrid and multi-cloud infrastructures. As organizations worldwide face increasingly sophisticated attacks on identity systems like Active Directory, Semperis is uniquely positioned with its advanced solutions for detection, protection, and recovery. Their innovative technology, combined with the pressing need for resilient identity security, has propelled them into the spotlight in 2024, making this a breakout year for the company.