After four successful fundraisers, the Israeli high-tech sector secured $114 million in support for two venture capital funds and two startups. Joy Ventures, a venture capital investment company received the bulk of the funding, $50 million. Co-founder Avi Yaron said Joy Ventures will use the seed money to invest in startups especially dedicated to developing consumer products offering relief from stress and mood alteration. Yaron called this new type of consumer product “neuro-wellness solutions.”
Another venture capital company, First Time, raised $40 million out of an expected $60 million for a fund which will invest in three startups. This is the second fund that co-founders Ilan Shiloah, Nir Tarlovsky and Jonathan Benartzi launched, and it will focus on startups connected to the internet, media, eCommerce and the Internet of Things. The First Time 2 fund will be seeding startups with between half a million and two million dollars each.
The two startups receiving funds are Chorus.ai, and Laminate Medical Technologies, receiving $16 million and $8 million in funding, respectively. Chorus.ai’s technology uses proprietary speech-recognition technology to transcribe, analyze and give real-time feedback on sales calls. The idea is to help sales representatives analyze their on-call performance to increase sales.
Laminate, founded in 2012, developed a device which supports blood vessels for people on dialysis. The money was raised from a European venture fund and a Chinese pharmaceutical company.