Summary:
In June 2024, Israel's tech industry secured approximately $860 million in funding according to publicly available market information. The funding spans sectors including generative AI applications, pharmaceuticals and healthcare, clean energy, financial services, and cybersecurity, with early-stage financing accounting for about 30%. Additionally, Israeli companies acquired include cloud security company Eureka Security, food company Kafu Zan Food Industries, and MLOps (Machine Learning Operations) platform Qwak AI.
This article is based on market data available at the time of publication.
Israeli companies which received investment in June 2024
| Company Name | Company Introduction |
| HUB Security | Redefining cybersecurity with quantum-driven confidential computing. |
| Fetcherr | AI-powered price intelligence engine using deep learning for real-time predictions. |
| ELSE Nutrition | Offers plant-based nutrition products. |
| SolarEdge Technologies | Provides module-level electronics for solar power harvesting and monitoring systems. |
| Sensi.Ai | First audio AI analyzing long-term care routines to improve quality. |
| illumex | Unified Business Data Language for Enterprise. |
| Ocon Healthcare | Spherical Intrauterine Drug Delivery Platform. |
| Bring | Fintech bridging ecosystems for valuable web3 and retail partnerships. |
| Zencity | AI-driven community insights and analysis platform |
| Ever After Foods | Developing scalable, cost-effective cultivated meats with patented bioreactor technology. |
| InSightec | Develops and manufactures MR-guided ultrasound technology devices for image-guided acoustic surgery. |
| Finaloop | Bookkeeping and Tax Preparation Solution for SMBs |
| Aim Security | Secures GenAI adoption, empowering security executives to enhance productivity. |
| Kerem Capital Partners | Investment fund focused on acquiring and growing a single exceptional Israeli business. |
| BlinqIO | BlinqIO uses Generative AI for software testing in B2B markets. |
| Meala Foodtech | Developing functional proteins for plant-based meat replacements. |
| CardinalOps | AI-driven threat detection for enterprises to maximize security coverage. |
| GynTools | Comprehensive point-of-care diagnostics for vaginitis. |
| Hydro X | Develops hydrogen storage solutions for green hydrogen transport. |
| Wearable Devices | Developing a wristband using neural impulses for touchless control of digital devices. |
| Arbe | Offers real time 4D imaging radar software for autonomous driving. |
| Kokomodo | Producing climate-resilient cocoa year-round using plant cell culture technology. |
| insoundz | Leading audio innovation company revolutionizing sound capture and production with AI. |
| Fhenix | First private blockchain using fully homomorphic encryption for secure smart contracts. |
| Microbot Medical | Innovating micro-robotic medical technologies to enhance surgical outcomes. |
| Ben-Gurion University of the Negev | Leading Israeli research university with diverse programs and innovative research institutes. |
Israeli merger and acquisition deals in June 2024
1. Eureka Security, machine learning operations platform
On June 6, 2024, according to a news release on Tenable's official website, Tenable Holdings (NASDAQ: TENB) announced the acquisition of Eureka Security. The transaction amount has not been disclosed.
Eureka Security, founded in Israel, is known for its pioneering approach to protecting data in various cloud environments.
Tenable Holdings is a company focused on exposure management. Approximately 44,000 organizations worldwide rely on Tenable to understand and mitigate cyber risks. As the creator of Nessus, Tenable has expanded its expertise in vulnerabilities, launching the world's first platform capable of viewing and protecting digital assets on any computing platform.
Through this acquisition, Tenable will integrate Eureka's Data Security Posture Management (DSPM) capabilities into its comprehensive security solution (CNAPP) to help customers better manage cloud data risks.
Nessus is a widely used vulnerability scanner developed by Tenable. It is used to identify vulnerabilities, configuration errors, and potential security issues in computer systems. Nessus helps organizations identify and fix security vulnerabilities by scanning network devices, servers, and applications, thus protecting their digital assets from attacks.
DSPM (Data Security Posture Management) is a cybersecurity approach focused on identifying, assessing, and managing the security of sensitive data across various cloud environments. It aims to prevent unauthorized access, disclosure, alteration, or destruction of data. Through DSPM, organizations can prevent policy drift and configuration errors, continuously improving their security posture. Other similar Israeli companies include Enso Security and EdgeHawk Security. DSPM is widely applicable to various enterprises and organizations that need to protect sensitive data, ensure compliance, and prevent data breaches, such as financial services, healthcare institutions, retail and e-commerce, tech companies, government and public sectors, manufacturing, educational institutions, and legal and consulting firms.
CNAPP (Cloud-Native Application Protection Platform) is a comprehensive security solution designed to protect the entire lifecycle of cloud-native applications. It integrates multiple security functions such as container security, application security, cloud configuration security, network security, and data security, providing a unified view and management control. CNAPP helps enterprises discover and respond to security threats through continuous monitoring and automated security measures, ensuring the safety of applications and data in their cloud environments.
2. Kafu Zan Food Industries, food production
On June 19, 2024, according to a report by Globes, Dor Alon Energy In Israel Ltd agreed to acquire 75% of Kafu-Zan Food Industries Ltd for approximately 120-130 million new shekels (around 32-35 million USD). The exact amount has not been officially disclosed.
Dor Alon is an integrated energy company, founded in 1988 and headquartered in Yakum, Israel. The company’s main businesses include the construction and operation of gas stations and the marketing of petroleum products. Additionally, Dor Alon is involved in water treatment projects and natural gas exploration, with an extensive business network and convenience store operations in both the US and Israeli markets.
Kafu Zan is a long-established Israeli food company specializing in the manufacturing, marketing, distribution, storage, and transportation of frozen and refrigerated foods. The company has rich experience and advanced technology in cold chain management and food distribution, making it a significant player in the Israeli food market.
This acquisition marks Dor Alon's first foray into the food production sector, signifying an important step in diversifying its business. Similar companies in the Israeli market to Kafu Zan include Tnuva and Strauss Group, which also hold substantial market shares and are well-known in the food production and distribution sectors.
3. Qwak, machine learning operations platform
On June 25, 2024, according to a report by Globes, JFrog (NASDAQ: FROG) acquired Qwak AI for $230 million to integrate its DevOps, DevSecOps, and MLOps capabilities, creating a unified platform.
Qwak AI was founded in 2020 in Israel and is headquartered in Tel Aviv. Qwak focuses on providing comprehensive MLOps solutions for AI and data science teams, serving various verticals including finance, healthcare, technology, and e-commerce. Its platform aims to streamline the entire lifecycle of AI models from development to production, suitable for enterprises of all sizes. Qwak is backed by prominent investors such as Bessemer Venture Partners, Stage One, and Amiti Ventures, and has successfully attracted renowned clients like Notion, Guesty, and Lightricks.
JFrog is a leading Israeli software supply chain solutions company, founded in 2008, dedicated to providing DevOps and DevSecOps solutions. The company's software supply chain platform securely delivers software components and is widely used globally.
This acquisition combines JFrog’s secure software delivery with Qwak’s advanced model training and deployment capabilities, aiming to simplify AI workflows and increase efficiency. Similar Israeli companies in the MLOps field include ClearML (an open-source project originating from Allegro AI, providing tools for data scientists, machine learning engineers, DevOps practitioners, and engineering managers), Pliops, and Allegro AI.
MLOps (Machine Learning Operations) is a set of practices designed to reliably and efficiently deploy and maintain machine learning models in production environments. It combines machine learning with DevOps practices to ensure continuous integration, delivery, and monitoring of machine learning models. MLOps emphasizes collaboration between data scientists and operations teams, simplifying the transition of models from development to production.
DevOps (Development and Operations) is a set of practices that combines software development (Dev) and IT operations (Ops) to shorten the system development lifecycle and provide continuous delivery of high-quality software. DevSecOps (Development, Security, and Operations) emphasizes the importance of collaboration and automation across software development (Dev), security (Sec), and operations (Ops) workflows to embed security measures throughout the software delivery process, ensuring the rapid and secure release of high-quality software products.
