The Edge of TechMost promising Israeli startups: 5 enterprise software companies to watch in 2024
The Edge of Tech
Most promising Israeli startups: 5 enterprise software companies to watch in 2024
Trullion, Frontegg, Volumez, Bridgewise, and Port were the highest-ranked enterprise software companies in this year's list of the 50 most promising Israeli startups
Last month Calcalist published its annual list of the Top 50 Most Promising Israeli Startups. One sector that showed continued potential was enterprise software. Here, we break down some of the most significant companies on the list.
Trullion
Sector: Enterprise Software | Established: 2019 | Founders: Isaac Heller and Amir Boldo | Employees: 85, in Israel and the United States | Funding: $35 million from Aleph, Third Point Ventures, Greycroft, StepStone Group
Startup company Trullion, which operates in the seemingly boring field of automation solutions for the world of accounting, has become one of the hottest things in the Israeli high-tech scene. Its founder Isaac Heller went from being a strange bird to one of the most sought-after entrepreneurs in Israel. He hasn't even touched the $15 million he raised last year, but the local brass is already buzzing with rumors of another large fundraising that will be completed very soon. This is how it is when investors want to jump on the successful bandwagon that is racing not only in terms of promises but also in terms of income. Trullion already enjoys an annual revenue rate of more than $10 million and in the contracts already signed it has the potential for much higher numbers. Leading international accounting firms such as EY and Deloitte recommend Trulion's product to their clients and a few months ago it signed an agreement with one of the largest companies in the world, whose name cannot be disclosed at this stage.
Frontegg
Sector: Enterprise Software | Established: 2019 | Founders: Aviad Mizrachii and Sagi Rodin | Employees: 70, in Israel and the USA | Funding: $70 million from Insight Partners, Pitango, Stripes, I3, Matias Ventures, Global Founders Capital
The company with the somewhat strange name Frontegg was founded by two former Check Point employees, Aviad Mizrachi and Sagi Rodin. At Check Point, they encountered a problem - for each application they developed, they had to build from scratch and redefine the management of customer identities and user access. The two decided to build a platform that would save developers of SaaS solutions a large part of the headache that accompanies development and founded Frontegg. The decision to incorporate the word "egg" into the company's name stems from the fact that an egg symbolizes something new and also has a very strong shell from top to bottom. Since the establishment of the company, and with the proliferation of hacks resulting from the abuse of weaknesses in the field of identity management, the sector has only gotten stronger and has become one of the hottest in cyber.
Volumez
Sector: Enterprise Software | Established: 2020 | Founders: Jonathan Amit | Employees: 11-50 | Funding: $32 million from Koch Disruptive Technologies, Pitango, and Viola Ventures
Volumez is a cloud data orchestration SaaS that accelerates digital transformation by removing data infrastructure bottlenecks. Designed as an alternative to expensive proprietary storage silos, Volumez offers an open, universal data plane that gives businesses unlimited flexibility to create a data infrastructure that is tailored to their particular needs and provides true data mobility.
Volumez enables enterprises to run any workload in any environment while achieving guaranteed performance, availability, and security for mission-critical, data-intensive applications. Volumez develops controller orchestration software that uses Linux to quickly execute modern data infrastructure workloads using a declarative interface that makes it easy to deploy a wide variety of applications in hybrid and multi-cloud environments.
Bridgewise
Sector: Enterprise Software | Established: 2019 | Founders: Gabriel Diamant, Dor and Or Eligura, Mor Hazan | Employees: 70 | Funding: $35 million from Mangrove, Psagot, Group11, and WIX
Bridgewise’s AI-driven investment analysis serves exchanges, banks, trading platforms, investment houses, wealth advisors, and financial media and education platforms. The company currently has clients and operations in over 15 countries including Australia, Brazil, Japan, Singapore, Switzerland, UAE, UK, US, and more. The Bridgewise platform provides a suite of products that include detailed AI-generated reports and on-demand analysis of any financial instrument or security, a natural-language AI conversational chat - Bridget, a robo advisor that provides personal recommendations based on users existing portfolios, and more.
Bridgewise analyzes fundamental data on over 90% of listed global securities, including stocks, and mutual funds. It also provides investment recommendations. The company explained that its core technology rests on two pillars. The first is a machine learning algorithm trained on more than 20 years of historical data that analyzes more than 50,000 listed securities providing each one with a performance score. The second core technology is a generative AI based on a proprietary Micro Language Model (MLM) that creates easy to understand reports for each security in the reader’s preferred language.
Port
Sector: Enterprise Software | Established: 2021 | Founders: Zohar Einy, Yonatan Boguslavski | Employees: 51-200 | Funding: $25 million from Team8 and TLV Partners
Port’s developer portal allows users to define their own data models of the software catalog and unify metadata that exists in silos all over the tech-stack, from CI/CD data, through vulnerabilities, alerts, incidents and more. Port allows platform engineering teams to create a portal that provides a product-like user experience for developers, abstracting away environments, cloud resources and DevOps processes. The portal features a comprehensive software catalog that categorizes all of a company’s resources by type so that all microservices, cloud resources, environments etc can be quickly located and searched. The complexity of modern cloud-based software and infrastructure has made routine developer and DevOps tasks confusing and cumbersome. Port aims to simplify these tasks by abstracting away environments, microservices, and DevOps processes.
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