The Top 10 Most Funded Startups in Israel for H1 2024

The first half of 2024 has seen an impressive influx of capital into the Israeli startup ecosystem compared to the rest of the MENAPT region with several Israeli companies topping the charts each month. Let’s delve into the 10 most funded startups for H1 2024: 

Rank	Company	SECTOR	Funding Type	Funding in US $ million
1	Data Ownership Protocol (DOP)	Blockchain	Initial Coin Offering	162
2	InSightec	HealthTech	Private Equity	150
3	Hailo	Artificial Intelligence	Series C	120
4	Silverfort	Cybersecurity	Series D	116
5	Fetcherr	SalesTech	Series B	90
6	Exodigo	Geospatial and subsurface imaging	Series A	75
7	Aqua Security	Cybersecurity	Series E	60
8	Xyte	Cloud Data Services	Debt Financing, Series A	40
9	XTEND	Robotics	Series B	40
10	Bluewhite	AgTech	Series C	39

#1 - Data Ownership Protocol | Blockchain | US $162 Million Initial Coin Offering

Founded in 2023 by Kohji Hirokado and built on Ethereum, the Data Ownership Protocol (DOP) aims to enhance user control over personal data in the Web3 space by allowing selective transparency. DOP grants users the autonomy to decide what information they want to disclose or keep private on blockchain and decentralized platforms through selective disclosure of transactions, zero-knowledge cryptography, and dynamic context-based permissioning. DOP also supports an internal ecosystem for developers to create marketplaces and DeFi applications, fully compatible with major Ethereum wallets and services. By promoting customizable data control, DOP ensures that as blockchain technology evolves, user privacy and consent remain priorities, making selective transparency feasible.

In April 2024, DOP raised US $162 million through a pre-launch token sale of its $DOP token, marking it as the ninth-largest token sale in history and the first to surpass US $150 million since 2018. The support from DOP’s large community of 2.7 million testnet users also underscored the demand and necessity for user-controlled data in the Web3 ecosystem, and these funds allowed for the expansion of DOP as it prepared for its mainnet which went live in May this year.

#2 - InSightec | Healthtech | US $150 Million (Private Equity)

Founded in 1999 by Kobi Vortman, InSightec is a global healthcare company that pioneers focused ultrasound technology. With a mission to transform lives by delivering therapeutic acoustic energy, InSightec focuses on treating tremors associated with Essential Tremor and Parkinson’s Disease using non-invasive methods.

In June 2024, InSightec secured the only megadeal of the month at US $150 million in a Private Equity round led by Ally Bridge Group, Fidelity, and Nexus NeuroTech, bringing its total funding to US $882.9 million. InSightec has released that the new funds are dedicated to expanding its incisionless neurosurgery offerings while simultaneously pursuing strategic investments in new medical areas.

#3 - Hailo | Artificial Intelligence | US $120 Million Series C

Founded in 2017 by Orr Danon and Avi Baum, Hailo designs specialized chips optimized for AI operations on edge devices. These chips are known for their efficiency, using less memory and power than typical processors, making them ideal for use in compact, battery-operated, and offline environments like vehicles, smart cameras, and robotics. Today, Hailo serves over 300 customers across various sectors including automotive, security, retail, industrial automation, medical devices, and defense. The Hailo-8 AI Processor was named the 2021 Edge AI and Vision Product of the Year in its category, and more recently, the Hailo-15 AI Vision Processor won a Picks Award at CES 2024.

In April 2024, Hailo raised US $120 million in a Series C funding round, bringing the company valuation to US $1.2 billion. The funds are being used to accelerate long-term future growth while bringing classic and generative AI to edge devices in ways that significantly expand their reach and impact, as Hailo aims to become a publicly traded company in the near future.

#4 - Silverfort | Cybersecurity | US $116 Million Series D

Founded in 2016 by current CEO Hed Kovetz, Yaron Kassner, and Matan Fattal, Silverfort is a cybersecurity player that has made a name for itself for revolutionizing the field of authentication. Through its network-based approach, Silverfort enables multi-factor authentication (MFA) across entire enterprise environments with a holistic approach which ensures that every access point, from legacy systems to modern cloud applications, is secured under a single, unified platform.

In January 2024, Silverfort raised US $116 million in its Series D mega round led by Brighton Park Capital, bringing its total funds raised to US $222.5 million. Having just experienced 100% revenue increase year to year, Silverfort earmarked the funding for internal growth, market presence expansion, and platform development.

#5 - Fetcherr | Salestech | US $90 Million Series B

Founded in 2019 by Uri Yerushalmi, Robby Nissan, Roy Cohen, and Shimi Avizmil, Fetcherr is an AI-powered price intelligence engine that has engineered a unique agnostic AI-driven market engine. Fetcherr’s software offers deep price neural network technology that collates and combines data from various industry verticals, including supply pricing and demand curves. Its Large Market Model (LMM) and cloud-based continuous pricing systems understand market dynamics and trends, enhancing performance and enabling real-time business decision-making.

In June 2024, Fetcherr raised US $90 million in Series B funding led by Battery Ventures, bringing its total funding amount raised to US $114.5 million. The new funds go towards developing an AI-powered “offer engine” to bundle and price multiple carrier services together and increased recruitment in 2024.

#6 - Exodigo | Geospatial, Subsurface Imaging | US $75 Million Series A

Founded in 2021 by Jeremy Suard, Yogev Shifman, and Ido Gonen, Exodigo specializes in geospatial and subsurface imaging tech using AI to interpret signals and provide accurate, non-invasive mapping of underground assets and hazards. This allows safe and efficient planning for construction, mining, and utilities so operations can be executed with minimal risks and reduced costs associated with underground exploration and excavation.

In February 2024, Exodigo raised a US $75 million Series A round led by Greenfield Partners and Zeev Ventures, bringing its total funds raised to US $116 million.Exodigo dedicated the funds to its global workforce, self-service product suite, and global market penetration to increase the depth accuracy and precision of its scans as it readily integrates the latest advances in physics and sensor technology while simultaneously establishing itself in the UK, France, and Italy.

#7 - Aqua Security | Cybersecurity | US $60 Million Series E

Founded in 2015 by Amir Jerbi, Dror Davidoff, and Michael Dube, Aqua Security specializes in securing cloud-native applications, focusing on containers, serverless computing, and Kubernetes environments. It provides full spectrum security from development to production, ensuring that applications are protected at every stage of their lifecycle.

In January 2024, Aqua Security raised its US $60 million Series E round led by Evolution Equity Partners. The funds were dedicated to furthering its growth and innovation in the cloud security space as well as expanding its market reach.

#8 - Xyte | Cloud Data Services | US $40 Million Debt financing, Series A

Founded in 2020 by Boris Dinkevich and Omer Brookstein, Xyte offers its Xyte Device Cloud servitization platform for device and hardware manufacturers. Designed to help device and hardware manufacturers transition to subscription-based business models, it supports usage-based and other innovative as-a-service business models and provides tools for remote monitoring, management, and support of connected devices.

In January 2024, Xyte raised US $40 in debt financing and series A funding led by BlackRock and Intel Capital respectively. The funds are being used to expand into the US with increased support for customers making the transition to subscription models.

#9 - XTEND | Robotics | US $40 Million Series B

Founded in 2018, XTEND is a technology company that develops solutions for interacting with drones and other unmanned machine technologies. Focused on both indoor and outdoor applications, they combine virtual reality, sensor fusion, and "mark and fly" capabilities to empower drone operators, improve tactical decision-making, and enhance overall situational awareness. Their wearable, lightweight controller based on natural hand gestures allows humans to virtually "sit inside" the drone during tactical missions, enhancing situational awareness and decision-making.

XTEND raised US $40 million in its Series B funding round in May 2024 to further develop its AI-powered operating system, XOS. Led by Chartered Group, the funding saw substantial investments from both new and returning strategic investors, including Clal-Tech. This capital infusion will be used to enhance XTEND’s proprietary XOS operating system, which plays a crucial role in complex and risky enterprise and security applications worldwide. Additionally, XTEND aims to boost the global sales of its drones and robotics offerings.

#10 - Bluewhite | AgTech | US $39 Million Series C

Founded in 2017 by Aviram Shmueli, Ben Alfi, and Yair Shahar, Bluewhite is an AgTech startup building resilient farms using autonomous robots designed to retrofit onto any tractor, enabling autonomous operation—a service model dubbed "robots-as-a-service."

In January 2024, Bluewhite raised US $39 million in its Series C round led by Insight Partners. The funding was geared towards R&D investments, specifically to bring more data features into Compass, Bluewhite’s service stack, and to continue enhancing Pathfinder, its autonomous hardware technology programmed across all field types and vehicles.