Jul
30
2020
--

Buildots raises $16M to bring computer vision to construction management

Buildots, a Tel Aviv and London-based startup that is using computer vision to modernize the construction management industry, today announced that it has raised $16 million in total funding. This includes a $3 million seed round that was previously unreported and a $13 million Series A round, both led by TLV Partners. Other investors include Innogy Ventures, Tidhar Construction Group, Ziv Aviram (co-founder of Mobileye & OrCam), Magma Ventures head Zvika Limon, serial entrepreneurs Benny Schnaider and  Avigdor Willenz, as well as Tidhar chairman Gil Geva.

The idea behind Buildots is pretty straightforward. The team is using hardhat-mounted 360-degree cameras to allow project managers at construction sites to get an overview of the state of a project and whether it remains on schedule. The company’s software creates a digital twin of the construction site, using the architectural plans and schedule as its basis, and then uses computer vision to compare what the plans say to the reality that its tools are seeing. With this, Buildots can immediately detect when there’s a power outlet missing in a room or whether there’s a sink that still needs to be installed in a kitchen, for example.

“Buildots have been able to solve a challenge that for many seemed unconquerable, delivering huge potential for changing the way we complete our projects,” said Tidhar’s Geva in a statement. “The combination of an ambitious vision, great team and strong execution abilities quickly led us from being a customer to joining as an investor to take part in their journey.”

The company was co-founded in 2018 by Roy Danon, Aviv Leibovici and Yakir Sundry. Like so many Israeli startups, the founders met during their time in the Israeli Defense Forces, where they graduated from the Talpiot unit.

“At some point, like many of our friends, we had the urge to do something together — to build a company, to start something from scratch,” said Danon, the company’s CEO. “For us, we like getting our hands dirty. We saw most of our friends going into the most standard industries like cloud and cyber and storage and things that obviously people like us feel more comfortable in, but for some reason we had like a bug that said, ‘we want to do something that is a bit harder, that has a bigger impact on the world.’ ”

So the team started looking into how it could bring technology to traditional industries like agriculture, finance and medicine, but then settled upon construction thanks to a chance meeting with a construction company. For the first six months, the team mostly did research in both Israel and London to understand where it could provide value.

Danon argues that the construction industry is essentially a manufacturing industry, but with very outdated control and process management systems that still often relies on Excel to track progress.

Image Credits: Buildots

Construction sites obviously pose their own problems. There’s often no Wi-Fi, for example, so contractors generally still have to upload their videos manually to Buildots’ servers. They are also three dimensional, so the team had to develop systems to understand on what floor a video was taken, for example, and for large indoor spaces, GPS won’t work either.

The teams tells me that before the COVID-19 lockdowns, it was mostly focused on Israel and the U.K., but the pandemic actually accelerated its push into other geographies. It just started work on a large project in Poland and is scheduled to work on another one in Japan next month.

Because the construction industry is very project-driven, sales often start with getting one project manager on board. That project manager also usually owns the budget for the project, so they can often also sign the check, Danon noted. And once that works out, then the general contractor often wants to talk to the company about a larger enterprise deal.

As for the funding, the company’s Series A round came together just before the lockdowns started. The company managed to bring together an interesting mix of investors from both the construction and technology industries.

Now, the plan is to scale the company, which currently has 35 employees, and figure out even more ways to use the data the service collects and make it useful for its users. “We have a long journey to turn all the data we have into supporting all the workflows on a construction site,” said Danon. “There are so many more things to do and so many more roles to support.”

Image Credits: Buildots

Jun
30
2020
--

Hunters raises $15M Series A for its threat-hunting platform

Hunters, a Tel Aviv-based cybersecurity startup that helps enterprises defend themselves from intruders and analyze attacks, today announced that it has raised a $15 million Series A funding round from Microsoft’s M12 and U.S. Venture Partners. Seed investors YL Ventures and Blumberg Captial also participated in this round, as well as new investor Okta Ventures, the venture arm of identity provider Okta. With this, Hunters has now raised a total of $20.4 million.

The company’s SaaS platform basically automates the threat-hunting processes, which has traditionally been a manual process. The general idea here is to take as much data from an enterprise’s various networking and security tools to detect stealth attacks.

“Hunters is basically this layer, a cognitive layer or connective tissue that you put on top of your telemetry stack,” Hunters co-founder and CEO Uri May told me. “So you have your [endpoint detection and response], your firewalls, cloud, production environment sensors — and all of those are shooting telemetry and detections all over the organization, generating huge amounts of data. And, basically, our place in the world depends on our ability to generate that delta. So without being able to find things that you can’t see with a single point solution or without really expediting response procedures and workflows by correlating things in a nontrivial way, we don’t have any excuse to exist. But we got pretty good at those — at showing that delta — and we onboarded customers — nice logos — and that was a very strong validation.”

Image Credits: Hunters

Hunters’ first customer was actually data management service Snowflake, which functioned as the company’s design partner. In addition to being a customer, Snowflake now also features Hunters in its partner marketplace, as does security service CrowdStrike. May also noted that Crowdstrike is a good example for the kind of customer Hunters is going after.

“Not necessarily Global 2000 or Fortune 500. It’s really high-end mid-market organizations, not necessarily tens of thousand employees, but billions of dollars in revenues, a lot of value at risk, born to the cloud, super mature tech stack, not necessarily a big security operation center, but definitely CISO and a team of security engineers and analysts, and they’re looking for the solution, that on-top solution that can make sense of a lot of the data and give them the confidence and also give them results in terms of cybersecurity, posture and their detection and response capabilities.”

Microsoft already has a large security development center in Israel and so it’s no surprise that Hunters appeared on the company’s radar. Hunters also spent some time proactively looking at the Microsoft ecosystem, May told me, but the company’s VCs also made some introductions. All of this culminated in a number of meetings at the Tel Aviv CyberTech conference in January and the RSA Conference in San Francisco in February, just before the coronavirus pandemic essentially shut down travel.

Hunters says it will use the new funding to build out its go-to-market capabilities in the U.S. and expand its R&D team in Israel. As for the product itself, the company will look to broaden its product integration and machine learning capabilities to help it generate better attack stories. May also noted that it plans to give its users capabilities to customize the system for their needs by allowing them to develop their own signals and detections to augment the company’s default tools. This, May argued, will allow the company to go after higher-end enterprise customers that already have threat-hunting teams but that are looking to automate more of the process. With that, it will also look to partner with other security firms to leverage its system to provide better services to their customers as well.

May
05
2020
--

Orca Security raises $20M Series A for its multi-cloud security platform

Orca Security, an Israeli cloud security firm that focuses on giving enterprises better visibility into their multi-cloud deployments on AWS, Azure and GCP, today announced that it has raised a $20 million Series A round led by GGV Capital. YL Ventures and Silicon Valley CISO Investments also participated in this round. Together with its seed investment led by YL Ventures, this brings Orca’s total funding to $27 million.

One feature that makes Orca stand out is its ability to quickly provide workload-level visibility without the need for an agent or network scanner. Instead, Orca uses low-level APIs that allow it to gain visibility into what exactly is running in your cloud.

The founders of Orca all have a background as architects and CTOs at other companies, including the likes of Check Point Technologies, as well as the Israeli army’s Unit 8200. As Orca CPO and co-founder Gil Geron told me in a meeting in Tel Aviv earlier this year, the founders were looking for a big enough problem to solve and it quickly became clear that at the core of most security breaches were misconfigurations or the lack of security tools in the right places. “What we deduced is that in too many cases, we have the security tools that can protect us, but we don’t have them in the right place at the right time,” Geron, who previously led a security team at Check Point, said. “And this is because there is this friction between the business’ need to grow and the need to have it secure.”

Orca delivers its solution as a SaaS platform and on top of providing work level visibility into these public clouds, it also offers security tools that can scan for vulnerabilities, malware, misconfigurations, password issues, secret keys in personally identifiable information.

“In a software-driven world that is moving faster than ever before, it’s extremely difficult for security teams to properly discover and protect every cloud asset,” said GGV managing partner Glenn Solomon . “Orca Security’s novel approach provides unparalleled visibility into these assets and brings this power back to the CISO without slowing down engineering.”

Orca Security is barely a year and a half old, but it also counts companies like Flexport, Fiverr, Sisene and Qubole among its customers.

Oct
07
2019
--

83North closes $300M fifth fund focused on Europe, Israel

83North has closed its fifth fund, completing an oversubscribed $300 million raise and bringing its total capital under management to $1.1BN+.

The VC firm, which spun out from Silicon Valley giant Greylock Partners in 2015 — and invests in startups in Europe and Israel, out of offices in London and Tel Aviv — last closed a $250M fourth fund back in 2017.

It invests in early and growth stage startups in consumer and enterprise sectors across a broad range of tech areas including fintech, data centre & cloud, enterprise software and marketplaces.

General partner Laurel Bowden, who leads the fund, says the latest close represents investment business as usual, with also no notable changes to the mix of LPs investing for this fifth close.

“As a fund we’re really focused on keeping our fund size down. We think that for just the investment opportunity in Europe and Israel… these are good sized funds to raise and then return and make good multiples on,” she tells TechCrunch. “If you go back in the history of our fundraising we’re always somewhere between $200M-$300M. And that’s the size we like to keep.”

“Of course we do think there’s great opportunities in Europe and Israel but not significantly different than we’ve thought over the last 15 years or so,” she adds.

83North has made around 70 investments to date — which means its five partners are usually making just one investment apiece per year.

The fund typically invests around $1M at the seed level; between $4M-$8M at the Series A level and up to $20M for Series B, with Bowden saying around a quarter of its investments go into seed (primarily into startups out of Israel); ~40% into Series A; and ~30% Series B.

“It’s somewhat evenly mixed between seed, Series A, Series B — but Series A is probably bigger than everything,” she adds.

It invests roughly half and half in its two regions of focus.

The firm has had 15 exits of portfolio companies (three of which it claims as unicorns). Recent multi-billion dollar exits for Bowden are: Just Eat, Hybris (acquired by SAP), iZettle (acquired by PayPal) and Qlik.

While 83North has a pretty broad investment canvas, it’s open to new areas — moving into IoT (with recent investments in Wiliot and VDOO), and also taking what it couches as a “growing interest” in healthtech and vertical SaaS. 

“Some of my colleagues… are looking at areas like lidar, in-vehicle automation, looking at some of the drone technologies, looking at some even healthtech AI,” says Bowden. “We’ve looked at a couple of those in Europe as well. I’ve looked, actually, at some healthtech AI. I haven’t done anything but looked.

“And also all things related to data. Of course the market evolves and the technology evolves but we’ve done things related to BI to process automation through to just management of data ops, management of data. We always look at that area. And think we’ll carry on for a number of years. ”

“In venture you have to expand,” she adds. “You can’t just stay investing in exactly the same things but it’s more small additional add-ons as the market evolves, as opposed to fundamental shifts of investment thesis.”

Discussing startup valuations, Bowden says European startups are not insulated from wider investment dynamics that have been pushing startup valuations higher — and even, arguably, warping the market — as a consequence of more capital being raised generally (not only at the end of the pipe).

“Definitely valuations are getting pushed up,” she says. “Definitely things are getting more competitive but that comes back to exactly why we’re focused on raising smaller funds. Because we just think then we have less pressure to invest if we feel that valuations have got too high or there’s just a level… where startups just feel the inclination to raise way more money than they probably need — and that’s a big reason why we like to keep our fund size relatively small.”

Aug
07
2019
--

Ment.io wants to help your team make decisions

Getting even the most well-organized team to agree on anything can be hard. Tel Aviv’s Ment.io, formerly known as Epistema, wants to make this process easier by applying smart design and a dose of machine learning to streamline the decision-making process.

Like with so many Israeli startups, Ment.io’s co-founders Joab Rosenberg and Tzvika Katzenelson got their start in Israel’s intelligence service. Indeed, Rosenberg spent 25 years in the intelligence service, where his final role was that of the deputy head analyst. “Our story starts from there, because we had the responsibility of gathering the knowledge of a thousand analysts, surrounded by tens of thousands of collection unit soldiers,” Katzenelson, who is Ment.io’s CRO, told me. He noted that the army had turned decision making into a form of art. But when the founders started looking at the tech industry, they found a very different approach to decision making — and one that they thought needed to change.

If there’s one thing the software industry has, it’s data and analytics. These days, the obvious thing to do with all of that information is to build machine learning models, but Katzenelson (rightly) argues that these models are essentially black boxes. “Data does not speak for itself. Correlations that you may find in the data are certainly not causations,” he said. “Every time you send analysts into the data, they will come up with some patterns that may mislead you.”

home 1

So Ment.io is trying to take a very different approach. It uses data and machine learning, but it starts with questions and people. The service actually measures the level of expertise and credibility every team member has around a given topic. “One of the crazy things we’re doing is that for every person, we’re creating their cognitive matrix. We’re able to tell you within the context of your organization how believable you are, how balanced you are, how clearly you are being perceived by your counterparts, because we are gathering all of your clarification requests and every time a person challenges you with something.”Ment1

At its core, Ment.io is basically an internal Q&A service. Anybody can pose questions and anybody can answer them with any data source or supporting argument they may have.

“We’re doing structuring,” Katzenelson explained. “And that’s basically our philosophy: knowledge is just arguments and counterarguments. And the more structure you can put in place, the more logic you can apply.”

In a sense, the company is doing this because natural language processing (NLP) technology isn’t yet able to understand the nuances of a discussion.Ment6If you’re anything like me, though, the last thing you want is to have to use yet another SaaS product at work. The Ment.io team is quite aware of that and has built a deep integration with Slack already and is about to launch support for Microsoft Teams in the next few days, which doesn’t come as a surprise, given that the team has participated in the Microsoft ScaleUp accelerator program.

The overall idea here, Katzenelson explained, is to provide a kind of intelligence layer on top of tools like Slack and Teams that can capture a lot of the institutional knowledge that is now often shared in relatively ephemeral chats.

Ment.io is the first Israeli company to raise funding from Peter Thiel’s late-stage fund, as well as from the Slack Fund, which surely creates some interesting friction, given the company’s involvement with both Slack and Microsoft, but Katzenelson argues that this is not actually a problem.

Microsoft is also a current Ment.io customer, together with the likes of Intel, Citibank and Fiverr.

Ment2

Aug
05
2019
--

Cybereason raises $200 million for its enterprise security platform

Cybereason, which uses machine learning to increase the number of endpoints a single analyst can manage across a network of distributed resources, has raised $200 million in new financing from SoftBank Group and its affiliates. 

It’s a sign of the belief that SoftBank has in the technology, since the Japanese investment firm is basically doubling down on commitments it made to the Boston-based company four years ago.

The company first came to our attention five years ago when it raised a $25 million financing from investors, including CRV, Spark Capital and Lockheed Martin.

Cybereason’s technology processes and analyzes data in real time across an organization’s daily operations and relationships. It looks for anomalies in behavior across nodes on networks and uses those anomalies to flag suspicious activity.

The company also provides reporting tools to inform customers of the root cause, the timeline, the person involved in the breach or breaches, which tools they use and what information was being disseminated within and outside of the organization.

For co-founder Lior Div, Cybereason’s work is the continuation of the six years of training and service he spent working with the Israeli army’s 8200 Unit, the military incubator for half of the security startups pitching their wares today. After his time in the military, Div worked for the Israeli government as a private contractor reverse-engineering hacking operations.

Over the last two years, Cybereason has expanded the scope of its service to a network that spans 6 million endpoints tracked by 500 employees, with offices in Boston, Tel Aviv, Tokyo and London.

“Cybereason’s big data analytics approach to mitigating cyber risk has fueled explosive expansion at the leading edge of the EDR domain, disrupting the EPP market. We are leading the wave, becoming the world’s most reliable and effective endpoint prevention and detection solution because of our technology, our people and our partners,” said Div, in a statement. “We help all security teams prevent more attacks, sooner, in ways that enable understanding and taking decisive action faster.”

The company said it will use the new funding to accelerate its sales and marketing efforts across all geographies and push further ahead with research and development to make more of its security operations autonomous.

“Today, there is a shortage of more than three million level 1-3 analysts,” said Yonatan Striem-Amit, chief technology officer and co-founder, Cybereason, in a statement. “The new autonomous SOC enables SOC teams of the future to harness technology where manual work is being relied on today and it will elevate  L1 analysts to spend time on higher value tasks and accelerate the advanced analysis L3 analysts do.”

Most recently the company was behind the discovery of Operation SoftCell, the largest nation-state cyber espionage attack on telecommunications companies. 

That attack, which was either conducted by Chinese-backed actors or made to look like it was conducted by Chinese-backed actors, according to Cybereason, targeted a select group of users in an effort to acquire cell phone records.

As we wrote at the time:

… hackers have systematically broken in to more than 10 cell networks around the world to date over the past seven years to obtain massive amounts of call records — including times and dates of calls, and their cell-based locations — on at least 20 individuals.

Researchers at Boston-based Cybereason, who discovered the operation and shared their findings with TechCrunch, said the hackers could track the physical location of any customer of the hacked telcos — including spies and politicians — using the call records.

Lior Div, Cybereason’s co-founder and chief executive, told TechCrunch it’s “massive-scale” espionage.

Call detail records — or CDRs — are the crown jewels of any intelligence agency’s collection efforts. These call records are highly detailed metadata logs generated by a phone provider to connect calls and messages from one person to another. Although they don’t include the recordings of calls or the contents of messages, they can offer detailed insight into a person’s life. The National Security Agency  has for years controversially collected the call records of Americans from cell providers like AT&T and Verizon (which owns TechCrunch), despite the questionable legality.

It’s not the first time that Cybereason has uncovered major security threats.

Back when it had just raised capital from CRV and Spark, Cybereason’s chief executive was touting its work with a defense contractor who’d been hacked. Again, the suspected culprit was the Chinese government.

As we reported, during one of the early product demos for a private defense contractor, Cybereason identified a full-blown attack by the Chinese — 10,000 thousand usernames and passwords were leaked, and the attackers had access to nearly half of the organization on a daily basis.

The security breach was too sensitive to be shared with the press, but Div says that the FBI was involved and that the company had no indication that they were being hacked until Cybereason detected it.

Jul
31
2019
--

Amazon acquires flash-based cloud storage startup E8 Storage

Amazon has acquired Israeli storage tech startup E8 Storage, as first reported by Reuters, CNBC and Globes and confirmed by TechCrunch. The acquisition will bring the team and technology from E8 in to Amazon’s existing Amazon Web Services center in Tel Aviv, per reports.

E8 Storage’s particular focus was on building storage hardware that employs flash-based memory to deliver faster performance than competing offerings, according to its own claims. How exactly AWS intends to use the company’s talent or assets isn’t yet known, but it clearly lines up with their primary business.

AWS acquisitions this year include TSO Logic, a Vancouver-based startup that optimizes data center workload operating efficiency, and Israel-based CloudEndure, which provides data recovery services in the event of a disaster.

Nov
27
2018
--

Red Hat acquires hybrid cloud data management service NooBaa

Red Hat is in the process of being acquired by IBM for a massive $34 billion, but that deal hasn’t closed yet and, in the meantime, Red Hat is still running independently and making its own acquisitions, too. As the company today announced, it has acquired Tel Aviv-based NooBaa, an early-stage startup that helps enterprises manage their data more easily and access their various data providers through a single API.

NooBaa’s technology makes it a good fit for Red Hat, which has recently emphasized its ability to help enterprise more effectively manage their hybrid and multicloud deployments. At its core, NooBaa is all about bringing together various data silos, which should make it a good fit in Red Hat’s portfolio. With OpenShift and the OpenShift Container Platform, as well as its Ceph Storage service, Red Hat already offers a range of hybrid cloud tools, after all.

“NooBaa’s technologies will augment our portfolio and strengthen our ability to meet the needs of developers in today’s hybrid and multicloud world,” writes Ranga Rangachari, the VP and general manager for storage and hyperconverged infrastructure at Red Hat, in today’s announcement. “We are thrilled to welcome a technical team of nine to the Red Hat family as we work together to further solidify Red Hat as a leading provider of open hybrid cloud technologies.”

While virtually all of Red Hat’s technology is open source, NooBaa’s code is not. The company says that it plans to open source NooBaa’s technology in due time, though the exact timeline has yet to be determined.

NooBaa was founded in 2013. The company has raised some venture funding from the likes of Jerusalem Venture Partners and OurCrowd, with a strategic investment from Akamai Capital thrown in for good measure. The company never disclosed the size of that round, though, and neither Red Hat nor NooBaa are disclosing the financial terms of the acquisition.

Powered by WordPress | Theme: Aeros 2.0 by TheBuckmaker.com