Mind the Tech NY
The top 10 Israeli startups to watch out for in 2025
Qumra Capital's 10 most promising growth companies this year are: Astrix Security, Finaloop, lakeFS, PhaseV, qbiq, Qodo, Spines, Tres Finance, Zafran Security, and Zenity.
“Despite all the challenges in Israel, it’s amazing to see how the high-tech sector continues to thrive,” said Boaz Dinte, Managing Partner at Qumra Capital, speaking at the Calcalist and Bank Leumi Mind the Tech conference in New York.
“For over a decade, we have been partnering with Israeli companies that aspire to grow quickly and sustain long-term success. We invest in growth-stage startups when they reach around $10 million in annual revenue, with the goal of helping them surpass $100 million, go public, and become global market leaders,” Dinte said.
Dinte also addressed Israel’s security and political climate. "Despite one of the most difficult periods in our country's history—a time of conflict, uncertainty, and loss—Israeli innovation has not stopped for a moment," he said. "The challenges we face are not only economic or technological but also deeply human. We continue to hope for the safe return of all the hostages. This is a time of national crisis, and fundamental values such as democracy are being tested. Amid all of this, it is remarkable to see the resilience of the high-tech sector."
Dinte also described the selection process for the top 10 growth companies: "At Qumra, we have made it our mission to identify the next generation of disruptive companies. For the past six years, we have compiled an annual list of ‘Tomorrow's Growth Companies’—early-stage startups that are not only innovative but also show the potential to scale, dominate their fields, and become global leaders.
"Some of our past selections have already achieved remarkable success, including companies like Snyk, HiBob, Augury, Papaya Global, Silverfort, and Run:AI, which was acquired by NVIDIA for $700 million. There’s also Dazz, which was recently acquired by Wiz for $450 million, and Qwak, which was acquired by JFrog for $230 million. And many more promising companies have yet to break through.
"Each year, the selection process gets tougher. The bar continues to rise, as does the level of excellence among Israeli entrepreneurs. We started this year with a list of 500 companies, many of which are outstanding but did not make the final cut. While cyber and AI remain dominant, we also assess sectors such as digital health, fintech, and insurtech to ensure a well-rounded list. Ultimately, we selected the companies we believe will shape the future of Israeli high-tech and are poised for global expansion."
Here are Qumra Capital's 10 most promising growth companies for 2025:
Astrix Security
Cybersecurity company Astrix, founded in 2021, develops security solutions to protect non-human identities, such as AI agents. The company was founded by Alon Jackson (CEO) and Idan Gur (CTO) and enables organizations to securely connect third-party and internal applications—especially AI-powered ones—to corporate digital assets. It manages and secures access and permissions for non-human identities, which have been exploited in some of the most high-profile cyberattacks of the past year.
Astrix, which employs 90 people, has raised $85 million from investors including BVP, CRV, and Workday Ventures.
Alon Jackson, Co-Founder and CEO of Astrix: "Everyone at this conference is talking about AI. But what if I told you there’s a trend hotter than AI? Non-human identities are difficult to control and easy to hack. We grant them permissions to act on our behalf. At Astrix, we’ve built security solutions for these identities, which are everywhere. Our platform helps customers understand who these identities are, what permissions they have, and who they act on behalf of. This is the modern firewall—and also the 'blind spot' for many organizations."
Finaloop
Every ecommerce business needs accurate financial reports to track financial performance, obtain financing, and file tax returns. Today, businesses rely on small accounting firms in the United States, which use outdated and generic software. Finaloop provides an automated, AI-powered solution built specifically for ecommerce brands. The company's system connects to all the applications and services a business uses — stores, payment processors, payroll systems, banks, and credit cards — and performs data reconciliations to provide accurate, real-time numbers.
The company was founded in 2020 by Lioran Pinchevski(CEO) and Eliran Azulai (COO). It employs 130 people and has raised $55 million to date, including from Accel Partners, Lightspeed Venture Partners and Aleph.
CEO Lioran Pinchevsky: "Finaloop relies on a huge database of data. Our accuracy level reaches 95%."
lakeFS
lakeFS has developed a data versioning system adopted by thousands of organizations, from Fortune 100 companies to small businesses.
The software enhances machine learning and AI data management by improving collaboration, security, and efficiency. Similar to Git (which manages code versions), lakeFS enables organizations to track, revert, and manage big data changes.
The system allows companies and organizations that work with large amounts of data (big data) to manage changes in an organized manner, return to previous versions in the event of an error, and work simultaneously on different developments without jeopardizing the original data - that is, it improves the reliability of the data and reduces errors. The company also offers an advanced paid service (SaaS) that manages everything automatically, so that companies do not have unnecessary technical work.
The company was founded in 2020 by Einat Orr (CEO) and Oz Katz (CTO). In her previous role, Orr served as CTO at the public company SimilarWeb for six years. Katz worked together with Orr at SimilarWeb, in the role of VP R&D, Production Engineering. Previously, he was CTO at Swayy, which was acquired by SimilarWeb in 2015.
Treeverse was founded to address the challenges of capturing, storing, and processing ever-increasing amounts of data, and it employs 24 people and has raised $23 million. Among the company’s prominent investors are Dell Technologies Capital, Norwest Venture Partners, and Zeev Ventures.
Dr. Einat Orr, co-founder and CEO: “Companies today need to manage a lot of types of data. But even if there are large amounts of data, if the data is not managed properly, it will not be analyzed properly.” Orr adds that “our platform increases data quality by 75% at three times faster analysis speed.”
PhaseV
PhaseV develops advanced machine learning-based solutions and tools for the clinical development of drugs. The company was founded by Raviv Pryluk(CEO) and Elad Berkman (CTO) in 2023 and employs 23 people.
The company's platform allows for increased efficiency and effectiveness of drugs and clinical trials while maximizing benefits for patients. The company has raised $15 million to date from investors including Viola, Lionbird and Exor.
Dr. Raviv Pryluk, CEO: "The world of clinical development is full of failures - over 90% failure rate. We are trying to optimize clinical trials using AI. We are trying to connect biology and data - when a big pharma company needs to know which patients to include in a trial and which not - this can be a billion-dollar decision. We work with seven large big pharma companies and over 30 clients."
qbiq
The company has developed a generative AI platform designed to automate and democratize architectural design, at any scale.
The company was founded in 2019 by Leeor Solnik, Elad Kaminer, Noam Diamantstein and Roy Granot. The company is headquartered in Tel Aviv, with offices in New York and Miami, employs 80 people and has raised $26 million to date. Among the prominent investors: Insight Partners, JLL Spark, 10D, Ocean Azul, Random Forest and M-Fund.
CEO Leeor Solnik: "You can't do real estate without architectural planning. the platform turns the process from weeks to minutes."
Qodo
The startup Qodo has developed an AI-based platform for writing and testing high-quality code. The company was founded in 2022 by Dedy Kredo (Chief Product Officer) and Itamar Friedman (CEO), and employs 75 people.
The world of software development is undergoing a radical transformation with the widespread adoption of AI-based coding solutions and a shift to automation, which also leads to quite a few problems and glitches. Qodo's platform helps with intelligent code creation, testing, thorough reviews, and documentation. The generated code can be comprehensively tested using the tests created to minimize problems. Qodo has raised $50 million to date from
investors including TLV partners, Susa Ventures, Square Peg, and Vine Ventures.
Itamar Friedman, Co-Founder and CEO: "Software runs the world, but there are two types of software – the first is simple and the second is complex and is intended for large corporations. That is why we work with the best developers in the world, to simplify the complexity. Code must work exactly as you intended – you must also think about code testing, tests, etc. We provide a holistic approach to all the code testing needed using AI. To support all this, Qodo includes several agents that help you develop the code, write it and test it. The bottom line is that you will soon see corporations that work as fast as startups."
Spines
Founded in 2021, Spines is an AI-based publishing platform that enables authors to publish, distribute, and market their books quickly and easily. The company has published works by over 2,500 American authors.
Spines offers two tracks:
- An AI-only track, where authors work independently with the AI-powered platform, selecting the corrections and generated images they prefer.
- A hybrid track, which includes both human and AI support and is priced at a premium.
The company's leadership includes CEO Yehuda Niv, CMO Lev David, COO Niv Ovdat, and CTO Nir Kenner. Spines employs 108 people and has raised $22.5 million from investors including LionTree, Aleph Fund, M-Fund, and Zeev Ventures.
Yehuda Niv, CEO of Spines: "We have 2,800 registered authors, and our mission is to ensure that anyone who wants to publish a book can do so."
Tres Finance
Startup Tres Finance aims to bring order to the complex financial world of crypto. Tres simplifies and streamlines compliance and financial management processes for digital assets through its Web3 Financial Data Lake platform.
The platform allows organizations to efficiently manage accounting, reporting, tax, and auditing with audit-ready, business-contextual financial data—while ensuring compliance with growing regulatory requirements in the digital asset space.
Founded in 2022 by Tal Zackon and Eilon Lotem, Tres employs 40 people and has raised $18 million from investors including Boldstart, Faction, and New Form.
Tal Zackon, Co-Founder and CEO of Tres: "We help manage all digital and physical payments as the volume of digital transactions grows and disrupts the market. Our company provides all the financial services a CFO needs, and we already serve over 200 clients worldwide."
Zafran Security
Cybersecurity startup Zafran is transforming how organizations manage cyber threats and vulnerabilities. Its platform automatically connects to all security tools within an organization—vulnerability scanners, endpoint security, network, cloud, applications, and data—maps detected vulnerabilities, and identifies those most likely to be exploited. The system then neutralizes these risks while shifting security teams from a reactive to a proactive stance.
Zafran was founded in 2022 by Sanaz Yashar (CEO) Ben Seri (CTO) and Snir Havdala (CPO). Sanaz, who was born in Tehran and immigrated to Israel in her youth, served for about 15 years in the elite units of the Intelligence Corps and retired with the rank of major. Sanaz led research and cyber threat analysis groups at FireEye, which was acquired by Mandiant, a division of Google, and took part in significant geopolitical investigations, including the investigation of the cyber attack on a major hospital in Israel, in which she collaborated with Seri and Havdala.
Havdala is a graduate of the Air Force's "Talpiot" course and served for about a decade in Unit 8200, where he won the Israel Defense Award and the Chief of Staff's Technology Medal, and was discharged with the rank of major. Seri served in Unit 81 and won the Israel Defense Award. The company employs 80 people in Israel and the United States. So far, Zafran has raised $70 million from investors including Sequoia, Cyberstarts, 01 Advisors, Penny Jar, which is affiliated with NBA player Steph Curry, and Cerca Partners.
Sanaz Yashar, co-founder and CEO: "I was born in Iran, moved to Israel, and served in the security services. Despite billions of dollars invested in securing large organizations, breaches still happen. Why? Because hackers only need to succeed once. The whole approach needs to change—defense is losing the race. Once a system is breached, it’s often too late. We don’t act as agents; we secure critical assets with three layers of protection, focusing on what truly matters. We turn defense into offense."
Zenity
Cybersecurity startup Zenity specializes in AI-based security solutions and no-code development. Founded in 2021 by Ben Kliger (CEO) and Michael Barguri (CTO), the company currently employs 70 people.
Zenity has raised $55 million from investors including Third Point Ventures, DTCP, Intel Capital, Vertex Ventures, and UpWest.
Ben Kliger, Co-Founder and CEO of Zenity: "AI is the biggest revolution since the internet, impacting every field. But let's talk about cybersecurity. The best thing about AI agents is that they don’t rely on humans—they connect to data and make independent decisions. This means attackers no longer target employees; they target AI systems. Zenity provides a security platform for AI agents, answering key questions: How many agents are in use? What data do they access? We've successfully neutralized 90% of the vulnerabilities we've identified."
Boaz Dinte - Mind the Tech NY
(Tomerico - Live Focus)
