Bennett’s brother’s startup joins prestigious London accelerator program
A startup run by Asher Bennett, the brother of Education Minister Naftali Bennett, joined the ELITE accelerator program this week.
Tevva Motors is developing electric delivery trucks. Jerusalem-based startup Innitel, which is developing advanced software for customer service and organizational communication, was also accepted into the accelerator program.
This brings to five the number of Israeli companies in the exclusive accelerator program run by the London stock exchange. Bennett the politician also started his career in high-tech. (Uri Tomer)
BillGuard closing up shop in Israel
Start-up BillGuard is closing up shop. The company had been bought out last year for $30 million by American company Prosper, which connects between private individuals and private investors, banks and hedge funds that are willing to give them loans.
BillGuard, which developed a system for flagging unusual behavior in bank and credit card accounts, had planned to expand from 25 employees to 100 workers, and to launch a development center in Israel.
Since then, the market for investments – even from small lenders – began to contract, and Prosper decided to close its Israeli office and shift operations to company headquarters in San Francisco, BillGuard explained. Founder Rafael Ozen said that at this point, the company’s main goal is to make sure that the 32 employees find new jobs. (Ruti Levy)
IAI puts out warning system for combat pilots
Israel Aerospace Industries is releasing a system designed to warn combat pilots when they’ve become dangerously close to commercial and civilian aircraft, IAI stated this week.
“Increasing congestion in civil air space poses a growing challenge to flight safety in general and, specifically for military operations in near proximity to, or within civilian airspace,” it explained. The Collision Warning System offers extended functions beyond its EHUD maneuvering system. The system alerts only the military pilot, not the civilian aircraft, it added. (TheMarker)