TechNation: Israeli Startup Acquired by Advanced Medical Solutions for $25 Million

Qualcomm Ventures leads $10 million funding round for CoreTigo ■ Gift-voucher marketplace Zeek closes

Sealantis employees pose for a photo at the Technion, Haifa, January 2019.
Nitzan Zohar/Technion Communication and External Relations Unit

Qualcomm Ventures leads $10 million funding round for CoreTigo

Qualcomm Ventures led a $10 million funding round for Israeli startup CoreTigo, which develops wireless communications components for industry, the company announced. Qualcomm’s investment arm led the round, which drew an investment from Sierra Ventures as well. Other investors included Meron Capital and Magma Ventures, which also invested $2 million in 2017. In total, CoreTigo has raised $12 million since its founding in 2017. CoreTigo develops wireless communications components that meet IO Link Wireless standards. The Kadima-based company, which has 16 employees, explains that factory production lines generally use wired communication technology and require a lot of cables, and that existing wireless technology doesn’t meet industrial needs. (Irad Atzmon Schmayer)

Sealantis acquired by Advanced Medical Solutions for $25 million

British company Advanced Medical Solutions is buying out Israeli startup Sealantis, which is developing a medical glue that imitates the mechanism that keeps seaweed stuck to rocks underwater. AMS is paying $25 million for the company, whose technology is based on developments at the Technion-Israel Institute of Technology. Since the polymer does not contain proteins, it is less likely to cause an infection or an allergic reaction, the company explains. This will be AMS’s first acquisition in Israel, and it intends to turn Sealantis into a research center. The company has raised $12 million to date, but hasn’t said who its investors are. (Irad Atzmon Schmayer)

Gift-voucher marketplace Zeek closes

The startup Zeek is shutting down, after Viola Credit sought to cash in on collateral and appoint a receiver for the company last week, arguing that the company is bankrupt and admits it. Zeek told the Tel Aviv District Court Sunday that it does not oppose the move. The company was forced to lay off half its employees in December, yet denied that it was in straits at the time. Zeek, which was founded five years ago, developed an online marketplace for trading in gift cards and vouchers. Its main operations currently involve selling gift cards from companies or websites to end users. Its first investor was Waze founder Ori Levin. The company raised $12.5 million in total, and currently has $1 million in assets, versus $4.8 million in debt. Zeek and Viola did not respond to requests for comments before press time. (Sagi Cohen)