TechNation: Pitango Launches Seventh Venture Fund With Projected $175 Million

EverCompliant secures $9.5 million for ‘transaction laundering’ tech | Website for pirated movies closed by court | Israel could make itself medical-data superpower by tapping patient databases

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Partners in Pitango Venture Capital.
Partners in Pitango Venture Capital. Credit: Yoram Reshef

Pitango launches seventh venture fund with projected $175 million

Pitango Venture Capital, one of Israel’s most active VC investors, said on Tuesday it was launching its seventh fund after raising half of a projected $175 million for it. Pitango, which didn’t say exactly how much of the $175 million it had secured from investors, said the new fund would begin investing in early-stage companies in information technology life sciences, internet of things, artificial intelligence and digital health. In addition, Pitango said on Tuesday it has raised $230 million of the $250 million it has targeted for its Growth Fund, which focuses on more mature startups, after a year of fundraising. “Operating one [fund] side by side with the other will give us the needed flexibility to make early-stage investments and to lead bigger investment rounds in more mature companies,” said Rami Beracha, who will be leading the seventh fund with Eyal Niv and Ittai Harel. Pitango now has $2 billion under management. (Eliran Rubin)

EverCompliant secures $9.5 million for ‘transaction laundering’ tech

The Israeli cyberintelligence startup EverCompliant said on Wednesday it had raised $9.5 million in a funding round led by Arbor Ventures and included existing investors Carmel Ventures, StarFarm Ventures and Nyca Partners. The money will be used to open an office in Asia next year, to expand operations in the United States and Europe and on research and development, said EverCompliant. The startup’s technology prevents “transaction laundering,” where fraudsters funnel transactions through legitimate online-merchant accounts to obscure the true origins of their money. EverCompliant has identified close to two million unregistered merchants in the U.S. alone and said the payment industry is often unaware of merchant-based fraud until it’s too late. “This online epidemic is spreading faster, and is much more accessible and harder to detect,” said CEO Ron Teicher, who founded the company with Chief Technology Officer Noam Rabinovich and R&D Vice President Raz Abramov in 2007. (TheMarker Staff)

Website for pirated movies closed by court, one of Israel’s most popular websites for pirated movies and television shows, was ordered shut this week by Tel Aviv District Court. Judge Magen Altuvia ordered Israel’s internet service providers to block Sdarot and warned Michael Ben-Ami, the ex-policeman and Dimona resident who operates it, that he faced a 1,000-shekel ($263) fine or two days in jail for each future violation. Ben-Ami may also have to pay damages to Hot Telecom and Yes, the two providers of cable and satellite TV programming and plaintiffs in the case. They launched the suit in 2013 against the ISP’s and Sdarot’s operator, whose name was unknown at the time. Ben-Ami was identified two years later. When police raided his apartment to confiscate his equipment, the situation turned violent with Ben-Ami’s ex-wife pulling out a knife and threatening to hurt herself or others present. Ben-Ami denied he was the key figure behind Sdarot, but a court-appointed expert concluded otherwise. (Nati Tucker)

Israel could make itself medical-data superpower by tapping patient databases

Israel could become a medical-data superpower by tapping the vast databases of its health maintenance organizations, Kira Radinsky, a big-data expert and director of data science of eBay, told TheMarker’s Digital conference on Wednesday. “This is a database of millions of people collected over decades. It’s the second-biggest database in the world after one of the Scandinavian countries,” she said, adding that Israeli companies could do for data-mining in medicine what Google has done for years analyzing online search information. “Around this information, we could build an entire industry in which Israel could lead the world – we have to think of it as oil,” Radinsky said. She gave as one example, the ability to improve the protocol for blood pressure medication, noting that doctors succeed in reducing it only 47% of the time. Using data from the HMOs, she said, could give physicians guidance on how to increase the success rate to 70% . (Eliran Rubin)

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