Summary:
In March 2024, based on publicly available market information, the Israeli tech industry has raised approximately $150 million in funding, with financing primarily concentrated on early-stage, seed-round companies and government subsidies. The investment sectors include cybersecurity, artificial intelligence, agrotech, healthcare, and new energy. Israeli companies that have been acquired include: the data storage engine Speedb, cloud-native application security testing solution Oxeye Security, cybersecurity platform Avalor, and cloud data runtime security solution Flow Security.
Israeli companies which received investment in March 2024
| Company Name | Company Introduction |
| Ameetee | Ameetee is a tech solution for Financial Institutions that aims to provide their clients with seamless access to private markets.FaaS (Fintech-as-a-Service) |
| Fanton | A pioneering SocialFi gaming company, developed a TON Blockchain Fantasy Football game on Telegram |
| Utila | An enterprise-grade crypto operations platform (manage digital assets securely). |
| IO River | The industry first multi-CDN-as-a-service platform |
| Sweet Security | Cybersecurity company leverages deep runtime analysis to better identify and address cloud risks |
| NeuReality | Artificial Intelligence Semiconductor Startup |
| UG Labs | A company pioneering children's gaming experiences with innovative conversational AI and voice interactivity |
| Steakholder Foods | 3D-printed and cultivated meat revolution, developing proprietary technology to create plant-based and cell-cultured meat products, such as the world's first 3D-printed plant-based eel |
| Storage Drop | An innovative company for I-CAES (“Isothermal Compressed Air Energy Storage”) and LDES (“Long Duration Energy Storage”) systems. |
| InnoCan Pharma | An innovative pharmaceutical tech company |
| BIOMx | BiomX is a clinical-stage company developing both natural and engineered phage cocktails designed to target and destroy bacteria in the treatment of chronic diseases. |
| BYND Cannasoft Enterprises | Israeli-based integrated software and cannabis company |
Israeli merger and acquisition deals in March 2024
1. Speedb, Data Storage Engine
On March 21, 2024, Redis, the leading real-time data platform, announced the acquisition of the Israeli data storage engine Speedb. The purchase amount has not been disclosed. Prior to the acquisition by Redis, Speedb had received a total of $4 million in funding.
Redis is a highly esteemed Israeli real-time data platform, specializing in in-memory data storage, and has recently extended its capabilities beyond in-memory database functionalities.
Speedb is known for its efficient data storage engine compatible with RocksDB, which significantly improves application performance and cost-effectiveness, especially in scenarios where DRAM is not essential.
The acquisition of Speedb by Redis aims to enhance Redis's real-time data processing capabilities and extend its performance and scalability across various use cases, including generative AI applications, beyond traditional DRAM dependency. Speedb's advanced technology in SSD storage and transfer rates allows Redis to meet the comprehensive performance and cost requirements of enterprise applications where speed is crucial.
2. Oxeye Security, Cloud-Native Application Security Testing Solution
On March 20, 2024, GitLab, the software developer, announced the acquisition of the Israeli cloud security company Oxeye. The specific purchase amount has not been disclosed, with reports from Calcalistech estimating it to be between $30 million and $40 million. This marks GitLab's second acquisition in Israel after acquiring Fuzzit in 2020.
GitLab is known as the most comprehensive AI-driven DevSecOps platform, renowned for its integrated software delivery approach, becoming a trusted platform for over 30 million registered users, including more than half of the Fortune 100 companies.
Founded by Dean Agron and Ron Vider, Oxeye is renowned for developing advanced technologies to detect and resolve vulnerabilities during the application development stage.
The acquisition is expected to offer multiple benefits, including improved SAST scanning technology, significantly reducing false positives, providing more accurate results, and actionable insights. This integration will equip developers and security professionals with better tools for vulnerability management and remediation, further streamlining the secure application building process.
Other Israeli companies similar to Oxeye include Zenity, Astrix Security, Enso Security, LayerX, etc.
SAST (Static Application Security Testing) is a method used in software development to identify, analyze, and mitigate security vulnerabilities without executing the code.
3. Avalor, Cybersecurity Company
On March 14, 2024, according to Ctech, the American cybersecurity giant Zscaler will acquire the Israeli startup company Avalor for $350 million. This is Zscaler's third acquisition in Israel (following Canonic and Trustdome).
Founded in 2022, Avalor is an Israeli cybersecurity startup that has developed a cutting-edge platform focused on risk management through its security data architecture. It excels in managing cybersecurity assets, controls, identities, vulnerabilities, etc., by aggregating, normalizing, and tracking risk data from discovery to remediation. The uniqueness of Avalor's solution lies in its ability to integrate and process data from almost any source, in any format. Since its inception, the company has successfully raised $30 million in investments, primarily from Cyberstarts, TCV, etc.
Zscaler is a leading cloud security company. This strategic acquisition combines Avalor's expertise in data management and risk assessment with Zscaler's powerful cloud security solutions, significantly enhancing Zscaler's AI capabilities and real-time cybersecurity insights.
This acquisition is expected to invigorate the cybersecurity M&A market, reflecting the industry's positive consolidation and the growing trend of incorporating AI and advanced data analytics into cybersecurity strategies. Other Israeli companies in this field include Zenity, etc.
4. Flow Security, Cloud Data Runtime Security Solution
On March 6, 2024, according to CrowdStrike (NASDAQ: CRWD) and global news reports, the American cybersecurity giant CrowdStrike has agreed to acquire the Israeli cloud data runtime security solution company Flow Security. Transaction details have not been disclosed.
Flow Security is acclaimed as the industry's first and only cloud data runtime security solution.
CrowdStrike has redefined modern security with the world's most advanced cloud-native platform to protect the critical areas of enterprise risk – endpoints and cloud workloads, identity, and data.
The integration of Flow Security's DSPM with CrowdStrike's Falcon platform is expected to redefine modern data security, offering a unified platform to protect data across cloud services, third-party APIs, and GenAI applications. This acquisition addresses the key challenge of protecting dispersed data, which has become a primary target for attackers exploiting security vulnerabilities in the cloud ecosystem.
Flow Security's distinction as the industry's first and only cloud data runtime security solution stems from its comprehensive approach to data security, covering all stages of data processing and the environment. Its platform is designed to discover, classify, and protect sensitive information, not only when static but also as it moves across public clouds, on-premises infrastructure, and SaaS platforms.
Other Israeli companies in the cloud data protection field include Sentra, Eureka, Varonis, and Dig Security (acquired by Palo Alto Networks), Laminar (acquired by Rubrik), etc.
