Tech Briefs: Biotech Startup PamBio Secures $7 Million

Almost half of private sector's research expenditure comes from R&D centers.

Biotech startup PamBio secures $7 million

Israeli biotech startup PamBio has raised $7 million at the conclusion of its first fundraising round, it announced yesterday. The $7 million came from a private investor. To date, only $3 million had been invested in the company, from Israel’s chief scientist and NGT3. PamBio is developing a medicine to treat hemorrhagic strokes. The Nazareth-based company was founded in 2014 by Prof. Abed Hijazi, an expert in clinical biochemistry and head of the clinical biochemistry department at the Ein Karem branch of Hadassah University Hospital in Jerusalem, and his wife, Dr. Noha Hijazi. Prof. Hijazi has stated that there are no effective drug treatments for hemorrhagic strokes. (Eliran Rubin)

Yael Group to acquire Actiview as subsidiary

The Yael Group is buying Israeli business intelligence company Actiview, it announced yesterday morning. The acquisition price is estimated at a few million shekels. Actiview will join Yael as a subsidiary, enabling the IT company to expand its business intelligence and analytics offerings. Yael stated that all Actiview employees, including management, will be kept on. Actiview, founded in 2006, provides services such as creating systems for reporting and data analysis. In February, the Finance Ministry announced that it had chosen Actiview to install and maintain the program for managing the state budget. Other notable Actiview customers include Amdocs, Teva and several major banks. (Eliran Rubin)

NNG buys 60% share in Arilou

NNG, which develops the navigation app iGO, is purchasing a 60% share in Israeli cyber company Arilou for $10 million. Arilou develops a product that protects vehicles’ computerized systems from cyberattacks, designed to prevent intruders from taking control of a car’s motor or breaks from afar. As part of the acquisition, NNG is buying shares of Arilou from current shareholders and is investing more capital into the company. NNG stated that Arilou will keep operating in Israel under its current management. Arilou was founded in 2010. NNG’s president Dudi Virnik said the acquisition was part of the company’s strategy to expand its services. (Eliran Rubin and Inbal Orpaz)

Aspect Imaging worth over $500 million, company says

Aspect Imaging, which develops small MRI machines designed to make the scans more accessible to patients, has raised more money from its shareholders and is worth more than half a billion dollars, the company stated late last week. This is a high valuation for a medical device company. Currently, many patients wait weeks for MRIs due to the scarcity of the machines; Aspect seeks to combat that problem by manufacturing smaller, less expensive machines that are capable of conducting scans of specific body parts. The company’s investors are individuals, not venture capital funds. Shareholders recently injected another $20 million into the company, it stated. Since its founding in 2007, owners Stewart Resnick and Eri Steimatzky have invested more than $120 million into the company. The company has not released revenue figures. It employs more than 100 employees, 90 of them in Israel. (Inbal Orpaz)

Almost half of private sector's research expenditure comes from R&D centers

Research and development centers in Israel were responsible for 43% of the private sector’s expenditure on research and development as of 2014, according to data published by the Central Bureau of Statistics yesterday. These centers increased their expenditures in Israel by 6% that year, the last year for which information is available. As of 2014, they employed 30,000 people. The number of people employed in programming and computer consulting increased 13% that year, to 29,000. The data was released following the publication of Finance Minister Moshe Kahlon’s plan to cut taxes paid by tech companies. (Inbal Orpaz)