Software firm ironSource sets date for $11.1b. IPO
Wednesday was another busy day for investments in the StartUp Nation.
App monetization firm ironSource has set a date of June 29 for its SPAC merger on the NYSE.
The company, which builds monetization, engagement and analytic tools for app developers and mobile providers, will raise $2.3 billion at a company valuation of $11.1b. in what is expected to be the largest Israeli share offering of the year. Company shareholders and workers will cash out $800 million of shares, and some 230 employees are set to become millionaires overnight, according to reports in the Hebrew media. The company will trade under the ticker symbol IS.
Lendbuzz, an AI-based auto finance platform, said it raised $360m. in financing, including $60m. in a Series C investment round and $300m. in debt financing. The company’s co-founders are Israelis, but the firm is based in Boston. Lendbuzz recently established an R&D center in Israel, and the company is actively recruiting local engineers. With the new funds, the company plans to expand its headcount in Israel from five to 20 people by the end of the year. The new capital will support the company’s fast expansion, and allow
Lendbuzz to help car dealerships work with more individuals that are underserved by the traditional credit system, the company said.
Hailo, a developer of computer chips for deep learning, has raised $100m. at a company valuation of $1b., reports in the Hebrew press said Wednesday. The company is reportedly in advanced talks with car manufacturers to use its chips in autonomous vehicle production over the next several years.
Mitiga, a cloud-based solution preparing businesses for security incidents, said it raised $25m. in Series A funding. The round, led by ClearSky Security, Atlantic Bridge and DNX, brings the Tel Aviv-based company’s total funding to $32m., after it raised $7m. last July. By preparing responses ahead of an attack, Mitiga customers are able to return to operational normalcy in hours instead of days or weeks, the company said.
Lightspin, a next-generation cloud security platform, raised $16m. in Series A funding in a round led by Dell Technologies Capital with significant participation from existing investor Ibex Investors. Founded in 2020, Lightspin provides a full contextual view of all cloud assets and relationships, maps potential attack paths, and prioritizes a company’s most critical security issues. The company plans to triple the number of its employees, with new hiring to be divided between Israel and the US.
Grin, a digital orthodontic platform that reduces the costs of orthodontic treatments, closed a $14m. funding round. Founded in 2019, the company is now deployed at hundreds of orthodontic practices, and is being used by thousands of patients. The solution is now available in Israel through Intertec Ortho, the country’s largest distributor of orthodontic solutions. The funding will be used to invest in technology R&D, onboard talent to support a growing team, and enhance their orthodontic partner network.
“Building our R&D center in Israel to develop the Grin platform means we have the best talent to dream big and realize our vision to change orthodontics,” said vice president of engineering and co-founder Alon Lipnik.
Finally, international cyber company Acronis is opening a new center in Herzliya with an investment of NIS 260m. and is looking to recruit about 100 employees. The new office will focus on cybersecurity research and development, providing Acronis partners with local sales, marketing, technical and educational support, as well as recruiting and activating new cloud partners.