OurCrowd launches Israel Resilience Fund
A weekly selection of news and investment opportunities from OurCrowd, the global venture investing platform
OurCrowd launches Israel Resilience Fund
With 10% of the adult workforce called up to join Israel’s military response to Hamas’ barbaric attack on Oct. 7, many Israeli startups are facing new challenges after a tough year for venture investing. OurCrowd has created an Israel Resilience Fund to support Israeli companies in their time of need, focusing on startups directly affected by the crisis, or developing critical solutions needed now. OurCrowd is waiving all fees and carried interest. Bruce Taragin, a Silicon Valley veteran and Managing Director of Blumberg Capital, told the fund’s launch webinar that this could be one of OurCrowd’s best performing funds precisely because it’s such a difficult time. “If you look historically over the last 50 years in venture performance, you really want to lean in when there is this disconnect in the market,” Taragin said. “Israel is obviously the startup nation, incredibly resilient. This Israel emergency fund is unbelievable because I actually think we’ll make money – and that’s not what any of us are even necessarily here to do.”
Hailo CEO: ‘Maintaining business continuity integral in fight against terror’
The war triggered by Hamas’ brutal attacks against Israeli civilians caught our portfolio company Hailo in the middle of an accelerated launch of its new product, the Hailo-15 AI vision processor, designed to bring artificial intelligence processing capabilities to edge devices. Even though many of its employees have been called up for military service, Hailo continues to operate without disruption, TechTime reports . “Our approach emphasizes that while functioning during such times isn’t easy, maintaining business continuity is an integral part of the fight against terror. We convey this message to our customers, ensuring that all our meetings and visits with them continue to demonstrate our operational capability and unwavering commitment to support them during these challenging circumstances,” says Orr Danon, CEO and Co-founder of Hailo.
OurCrowd startups on the frontline against Hamas
OurCrowd startups are assisting in Israel’s war efforts against the Hamas terror group, Candice Krieger reports for the UK Jewish News . The social media battleground is closely monitored by Cyabra which has uncovered tens of thousands of fake accounts, constantly pumping out pro-Hamas propaganda. Technology from mPrest is playing a key role in saving Israeli lives on the homefront at the heart of the Iron Dome defense system which shoots down Hamas rockets. Hamas has fired over 70,000 since the war began. Edgybees is helping the IDF save lives as well. Its software aligns aerial video and satellite imagery with reference data in real time, which can mean the difference between moving ahead or calling off a mission. “This is the true power of the Israeli high-tech ecosystem, stemming from the fact that the DNA of the IDF and that of the Israeli high-tech sector are one and the same. All military tech companies are doubling down on production, customer service, training and everything else related to getting products and services into the field and assuring everything is working 100 percent,” says Ron Stern, OurCrowd’s General Partner and Head of Portfolio Management.
AMA approves Insightec treatment reimbursement
The American Medical Association approved the application from our MedTech pioneer Insightec to establish a reimbursement code for the company’s focused ultrasound treatments for neuro procedures. The FDA-approved technology is already used in over 50 treatment centers across the United States to treat essential tremor and Parkinsonian tremor. “The approval of this code is further validation and indication of the broader adoption of focused ultrasound, and assurance that those who provide this critical service will receive consistent reimbursement,” says Maurice R. Ferré, MD, CEO and Chairman of Insightec. The code is expected to go into effect on January 1st, 2025.
Florida counties offer free ElliQ AI companion to seniors
Participants at The New Face of Aging conference in Coral Gables, Florida, were introduced to the AI-powered companion ElliQ created by our portfolio company Intuition Robotics , Michelle Marchante reports in the Miami Herald. The proactive, voice-activated robot helps seniors combat loneliness and live independently. ElliQ is currently being offered for free to people 60 and older in Broward County through the county’s Area Agency on Aging, with a pilot program underway in Miami-Dade County. Other states including New York, California and Washington have similar programs. OurCrowd is participating in Intuition Robotics’ current funding round led by Woven Capital, the growth fund of Toyota.
Saudi fund invests $20M in BlueNalu, signs MOU
Saudi Arabia’s NEOM Investment Fund invested $20M in our portfolio company BlueNalu to support its cell-cultured seafood technology. NEOM also signed a MOU to commercialize, market and distribute BlueNalu’s products. “Our investment in BlueNalu goes beyond mere financial backing: It marks a pivotal moment in our commitment to fostering sustainable regenerative aquaculture and resilient food ecosystems,” says Majid Mufti, CEO of NEOM.
FAA grants key approval to Flytrex drone delivery services?
The FAA has given our portfolio company Flytrex approval to operate its drone delivery services without need for visual observers, Michael Wolf reports in the Spoon . The authorization enables Flytrex to scale its suburban delivery services by permitting its drones to fly longer distances beyond a pilot’s line of sight. The company recently unveiled its autonomous pickup feature, which allows the complete automation of food delivery via drone.
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Ravin AI granted US patent for AI-driven car inspection platform
Our portfolio company Ravin AI was granted a US patent for its AI-driven car inspection platform. Ravin’s DeepDetect uses stationary and mobile cameras to capture images of a vehicle, then generate a comprehensive damage report through a sophisticated algorithmic comparison with a computerized vehicle model. “We are proud to contribute to the enhancement of operations and customer experiences across various sectors, from fleet managers and insurance firms to car rental agencies,” says Eliron Ekstein, CEO and Co-founder of Ravin AI, which received a patent for the technology in Europe last year.
Sfara rolls out first all-speed crash detection system
Our mobility innovator Sfara rolled out the world's first all-speed crash detection , from zero motion to high speeds. The system uses smartphone sensors to detect collisions through the full range of driving conditions, including under 25 mph and even when a vehicle is not moving, capturing the additional 70% of automobile crashes that other solutions miss. “With this breakthrough, we can deliver over three times more incident detections, greatly enhancing the business economics for insurance carriers,” says Nino Tarantino, GM of Insurance for Sfara.
YuLife pilots wellbeing model in Japan
Japanese insurance giant Dai-ichi Holdings is testing the wellbeing model from our InsurTech pioneer YuLife , Patrick Brusnahan reports in?Life Insurance International . Dai-ichi will provide test users with the YuLife app, which equips employees with an engagement platform that incentivizes wellbeing initiatives and rewards healthy living. The app, used by some 1K companies and over 650K employees in the UK, also comes with gamification features to improve user experience. Dai-ichi led YuLife’s $120M Series C funding round in 2022.
El Paso picks Kando wastewater management platform?
Water is an important resource, but in the desert each drop is precious. Technology from our portfolio company Kando assists cities around the world to handle their wastewater management systems. In El Paso, Texas, Kando’s platform, which includes sensors distributed throughout the city’s sewers, helps maintain water quality so it can be recycled or used for drinking.
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Startup Beat?is a weekly selection of news and investment opportunities from?OurCrowd, the global venture investing platform.
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OurCrowd is a global venture investing platform. To date we have more than $2.2 billion in commitments, 225,000 registered investors, 427 portfolio companies, 50 venture funds and 63 exits.
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