Summary: 

In August 2024, Israel's tech industry raised approximately $120 million in funding, mainly concentrated in AI-powered healthcare and cybersecurity sectors. Additionally, disclosed acquisitions totaled around $910 million, involving Israeli companies such as digital risk protection solutions provider Cyberint, cardiovascular disease innovation solutions medical device company V-Wave, fleet optimization platform Autofleet, and AI-powered precise customer support service provider xFind.

This article is based on market data available at the time of publication.

Israeli companies which received investment in August 2024

Israeli merger and acquisition deals in August 2024

1. Cyberint, Digital Risk Protection Solutions

On August 27, 2024, Check Point Software (NASDAQ: CHKP) announced the acquisition of Cyberint, a threat intelligence and digital protection company, for approximately $200 million in cash.

Founded in Israel in 2010, Cyberint focuses on providing external risk management and threat intelligence solutions for enterprises, helping them address a variety of external cyber threats, including credential leaks, counterfeit websites, and social media fraud. The company has raised approximately $65 million in total funding, with investors including Viola Growth Fund and StageOne Ventures.

As a veteran cybersecurity company, this acquisition marks Check Point’s 22nd acquisition and aims to further strengthen its capabilities in threat intelligence and Security Operations Center (SOC) domains.

Cyberint's core strength lies in its fast deployment, AI-driven, and comprehensive solutions, which will help Check Point expand its core cybersecurity platform, Infinity, and enhance collaborative threat defense.

SOC (Security Operations Center) is a team of IT security experts responsible for 24/7 monitoring and protecting an organization's IT infrastructure. Key responsibilities include continuous monitoring, threat detection, incident response, asset management, threat intelligence analysis, and log management, ensuring the organization's cybersecurity and compliance. The advantage of an SOC is in enhancing the overall coordination of security operations, providing comprehensive protection, and boosting customer confidence in security.

2. V-Wave, Cardiovascular Disease Innovation Solutions

On August 20, 2024, Johnson & Johnson (NYSE: JNJ) announced that it has signed a definitive agreement to acquire Israeli company V-Wave for $600 million. The transaction includes potential regulatory and commercial milestone payments, bringing the total deal value up to $1.1 billion.

Founded in 2009, V-Wave is an Israeli company focused on developing innovative medical devices to treat heart failure. Its core product, the Ventura® Interatrial Shunt, effectively alleviates heart failure symptoms by reducing pressure in the left atrium.

Johnson & Johnson is a global leader in healthcare, and its medical technology division is committed to improving cardiovascular health through technological innovation. This acquisition is aimed at strengthening Johnson & Johnson's technological capabilities in the cardiovascular field and accelerating its entry into high-growth markets. V-Wave's technology is expected to fill a gap in heart failure treatment, especially in cases where treatment options between medication and heart transplants are limited.

Interatrial Shunt refers to a medical procedure or device that creates a passage between the left atrium and right atrium of the heart. It allows controlled blood flow between the two chambers, typically used to reduce pressure in the left atrium and improve heart function. Interatrial shunt devices are commonly used in the treatment of heart failure, helping to balance atrial pressure, alleviate symptoms, and improve cardiac output.

3. Autofleet,Fleet Optimization Platform

On August 14, 2024, Canadian company Element Fleet Management Corp. (TSX: EFN) announced the acquisition of Israeli startup Autofleet for $110 million.

Founded in 2018 and headquartered in Israel, Autofleet was established by CEO Kobi Eisenberg and CTO Dor Shay and currently has 70 employees. The company specializes in providing optimization software for fleet management, with clients including autonomous driving company Waymo and car-sharing company Zipcar. To date, Autofleet has raised $28 million in total funding, with investors including Maniv Mobility, MizMaa Ventures, Goodyear, and Fujitsu.

Element Fleet Management is Canada's leading fleet management company, with a market capitalization of CAD 10 billion. This acquisition will make Autofleet its development center in Israel, while allowing the company to continue operating independently and selling its products autonomously.

The purpose of the acquisition is to accelerate Element’s digital capabilities and further expand its core business. Autofleet's core technologies include a demand prediction simulator, fleet optimization management tools, and an operational service platform that covers services ranging from maintenance management to school buses and non-emergency medical transportation.

4. xFind,Precise Customer Support

On August 1, 2024, SupportLogic announced the acquisition of Israeli company xFind, though the specific financial terms were not disclosed. This acquisition aims to enhance the customer support experience and significantly improve technical support efficiency.

xFind is renowned for its Retrieval-Augmented Generation (RAG) technology, which uses AI to extract knowledge from multiple organizational sources such as Salesforce, Zendesk, Jira, and Confluence, and generate high-confidence answers through customer-facing systems like CRM, customer portals, and chatbots. Its technology provides precise, real-time answers for complex, domain-specific queries, making it widely applicable in the customer support field.

SupportLogic, a U.S.-based company, focuses on developing a Support Experience (SX) management platform. It helps businesses improve customer support quality by extracting sentiment signals and data insights from customer interactions. The platform is widely used by globally recognized companies such as Salesforce and Nutanix.

The strategic significance of this acquisition lies in integrating xFind’s RAG technology into SupportLogic’s SX platform to accelerate troubleshooting, reduce response times, and enhance customer satisfaction. This will help SupportLogic's clients better manage customer service, improve issue resolution efficiency, and speed up the adoption of AI technology in enterprises.