TechNation: Mapi Pharma Raises $10 Million From China’s Zhejiang Jingxin

Hyundai Motors venture arm makes strategic investment in Israel’s allegro.ai ■ Symantec acquires Israeli cybersecurity startup Javelin ■ Israel worried startups may be shut out of key European R&D program

Lee Kwang-guk, executive vice president at Hyundai Motor Co., Seoul, South Korea, August 17, 2017
Bloomberg

Israel worried startups may be shut out of key European R&D program

Israeli officials are anxious over talk in the European Union about barring startups from non-member states from getting grants. The European Parliament is weighing such measures as it debates the terms of it organization’s Horizon research and development program for the years 2021-17. Many legislators say programs, in which countries like Israel, Switzerland and Norway now participate, should be limited to EU members. “It’s not an action against Israel in particular – it also affects Britain, for instance,” Nili Shalev, director of the Israel-Europe R&D Directorate, told TheMarker. “The discussions about Israeli participation haven’t begun, but Israel is working with the [EU] legation and parliament to relay our views about any changes.” The critical change would affect Horizon’s Open Innovation program, in which Israeli startups have been awarded 70 million euros ($79.7 million) in the years 2014-17. On the other hand, European Research Council grants, which are a major source of R&D funding for Israeli universities, are not in danger. (Ruti Levy)

Symantec acquires Israeli cybersecurity startup Javelin for undisclosed amount

Symantec, the U.S. computer-security giant, said on Monday it had acquired the cybersecurity startup Javelin Networks, marking its third Israeli acquisition. Symantec didn’t disclose a price but said it was paying a mix of cash and shares valued in the tens of millions of dollars. Javelin would enhance its product portfolio by adding products that protect customers’ Microsoft Active Directories, which control servers, endpoints, applications and access and are a favorite target of hackers. Javelin contains attackers after they have penetrated the directory but before they can disrupt or utilize it. Founded four years ago by Israelis Roi Abutbul, Almog Ohayon andGuy Franco, the company had raised $7 million until being acquired from, among others, the RSL Venture Partners, Upwest Labs and Tomer Weingarten, the CEO of cybersecurity startup SentinelOne. The company employs just 13 people. Symantec’s previous Israeli acquisitions were FireGlass and SkyCure last year for $250 million and $270 million, respectively. (Amitai Ziv)

Hyundai Motors venture arm makes strategic investment in Israel’s allegro.ai

Hyundai Cradle, the Korean automaker’s corporate venturing arm, said on Monday it had made a strategic investment in allegro.ai, an Israeli deep learning-based computer vision startup. Financial terms weren’t disclosed. Hyundai said the partnership with allegro.ai would enable it to speed up deployment of artificial intelligence and improve the quality of Hyundai’s products. Founded in 2016 by Moses Guttmann, Nir Bar-Lev and Gil Westrich, it is backed by among other the VC arms of Robert Bosch and Samsung. allegro.ai’s platform simplifies the process of developing and managing the deep learning technology needed for autonomous vehicles, drones, security, logistics and others. “Deep learning computer vision is one of the core technologies that can be applied to autonomous driving to navigate roads and make quick decisions in real time – and allegro.ai is clearly an innovation leader in that field,” said Ruby Chen, head of Investment at Hyundai CradleTel Aviv. It is the Korean company’s fifth Israeli investment. (TheMarker Staff)

Mapi Pharma raises $10 million from China’s Zhejiang Jingxin

Mapi Pharma, an Israeli biopharmaceutical startup, said Monday it had secured $10 million in capital from China’s Zhejiang Jingxin Pharmaceutical Company. It was the second time Zhejiang Jingxin, which makes drugs to treat neurological, cardiovascular and digestive systems, has put money into Mapi after a $10 million investment in 2016. Mapi is developing what it calls “high barrier-to-entry, high added-value lifecycle management pharmaceuticals” and complex active pharmaceutical ingredients. The new funds will enable it to expand its pipeline beyond its lead product, Glatiramer Acetate (Copaxone) Depot for the treatment of multiple sclerosis. Go Depot is being ready for a Phase III clinical trial.” Jingxin’s investment entails a product development agreement and Mapi will develop a product exclusively for Jingxin, and will provide Jingxin with the support relating to the registration, manufacturing and marketing of the product in the Chinese market. Mapi will hold the global IP and marketing rights,” said Mapi CEO Ehud Marom. (Yoram Gabison)