Marvell Israel Laying Off 200 Staff

Cyber-security startup Sentinel Labs raises $12 million.

AP

Sentinel Labs raises $12 million

Cyber-security startup Sentinel Labs said on Wednesday it had raised $12 million in its first-ever round of financing. The double-digit financing joins a growing list of Israeli network security startups raising large amounts of capital over the past half year. Tiger Global led the Sentinel round with Accel Partners, Data Collective, Granite Hill Capital Partners and The Westly Group. The proceeds will be used to expand Sentinel’s existing offerings and launch by year’s end a next-generation suite that will compete with the traditional antivirus products. Unlike antivirus software, Sentinel’s technology doesn’t inspect files or websites, but detects suspicious intent from incipient attacks and prevents them from doing damage. Sentinel was formed in 2012 and has offices in Palo Alto, California, and Tel Aviv. (Orr Hirschauge)

Li Ka-Shing fund leading $10m round in Tipa

The Hong Kong billionaire Li Ka-shing’s Horizon Venture fund is leading an investment round in the Israeli start-up Tipa, which has developed biodegradable packaging. Tipa declined to say how much it is raising in the round, but TheMarker has learned it is $10 million, bringing the startup’s total fundraising since it was founded four years ago to $15 million. In addition to Horizon, GreenSoil Investments, an earlier investor, joined the round. Proceeds will be used to develop customers from the world’s biggest food and beverage companies for its drinking pouches, which in addition to being environmentally-friendly, reduce shipping and inventory costs. (Inbal Orpaz)

Marvell Israel laying off 200 staff

Marvell Israel, the local research and development unit of the U.S.-based maker of storage technologies, said this week that it is laying off some 200 of its staff. “The step is part of the strategic preparations of Marvel global aimed at ensuring the long-term operations of the company,” the company said, adding it would continue to invest in Israeli operations. With some 1,300 employees on its payrolls and hundreds of other contract workers, Marvell operates one of the biggest foreign R&D centers in Israel. It runs two centers in Yokeneam and Petah Tikva dedicated to mobile and chips, the second largest semiconductor research operation in Israel after Intel’s. However, Marvel Israel doesn’t deal in data storage, which accounts for about half the parent company’s global revenues. (Orr Hirschauge)