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* Originally published on Calcalist , April 20 2023 Since the day ChatGPT was introduced in November 2022, it has become the fastest growing consumer product, putting the words ‘generativeAI’ in the mainstream. GenerativeAI is advancing at a breakneck speed.
Despite the war, in the last nine months Sequoia , Greylock and Accel all opened offices in Israel, and Founders Fund appointed a partner to cover Israeli deals. Not bad, considering the that all of this happened while Israel is fighting a war on seven different fronts.
Data by Carta (mostly US companies) reveals that although on average startups saw a 50% reduction in funding in 2023 (the impact in Israel was closer to 65%) pre-seed funding rounds rose by 51%! Sam Altman recently said that we’re not far from the day that we’ll see a billion dollar company with one or few employees.
Voice AI applications will unlock $10B of new software TAM over the next five years Bessemer Venture Partners Remember when talking to machines felt like science fiction? Agentic Automation for Enterprise Functions: GenerativeAI agents are being deployed to automate complex business processes across various functions.
During these nearly two decades, I’ve had the extraordinary privilege of being a front-row witness to Israel’s incredible startup scene. I’ve seen the explosion of new unicorns created, from cybersecurity pioneers to AI disruptors and billion dollar revenue gaming startups.
I’m not sure if it has to do with me, but refreshingly, Israel didn’t come up at all apart from the occasional question of how’s my family. Mazel tov Israel (Srulik) Dvorsky and team TailorMed on securing a $40M to connect patients with financial aid solutions! Kudos Yehuda Niv and team Spines on your $16.5M
A new landscape by Greenfield Partners mapped 25 startups (and several unicorns) operating in this space was published by Calcalist in Jan 2023. The Israeli open source startup landscape (credit: Greenfield Partners). The Israeli GenerativeAI landscape. Open source tech.
The state of GenerativeAI startups in Israel According to The Global AI Index by Tortoise Media, the first index to benchmark nations on their level of investment, innovation and implementation of artificial intelligence, Israel is the 7th most attractive AI hub globally. Are they too late?
Earlier this month I spoke at the 2022 Israel Gaming Summit by Calcalist, Playtika and Google. The conference took place during a challenging time for gaming startups: in the same week Playtika, the largest gaming employer in Israel, announced it was laying off 615 people globally, of which 180 are in Israel.
As a participant of Onward Israel , I had the incredible opportunity to intern in Tel Aviv and gain valuable experience over my two month stay. After spending just two months in the industry, I recognize the importance of venture capital for spurring innovation, especially in Israel.
It’s impressive to see what the self described ‘little red dot’ accomplished in its 65 years of independence and I couldn’t avoid comparing and contrasting to Israel. To add more heat, Microsoft launched generativeAI search results for Bing. AI at Meta launched LLaMa 3.1,
A study by the Israel Innovation Authority shows that tech employees pay over a third of all income tax in Israel. Finally, Walmart’s CEO Doug McMillon just reported that the company is using generativeAI to increase its productivity, updating 850 million product catalog entries 100 times faster than human-led methods.
Despite the war in Israel over the past 9 months, both the rate of capital raising and exits of Israeli cyber startups in the first half of 2024 were the highest since 2021. Q2 2024 is already a record quarter for venture capital investment in GenerativeAI startups, with the quarter not yet closed. BRINGTHEMHOME.
Meta is on track to become the most used open source AI by the end of the year. And so much more it’s genuinely hard to keep up… QUOTE OF THE WEEK Israel continues to draw investors seeking bold, determined solutions to global challenges. Congrats Lia Cromwell on your promotion to Partner at UpWest ! via Trung T.
Unfortunately, over a year later, Israel is now defending itself from threats across 7 fronts and there are still 101 Israelis held hostage in G**a. In total, generativeAI companies received $35 billion in 2024.AI AI companies have reached a combined value of $9 trillion. Funding for U.S. million in Q3 year over year.
Israel must #BRINGTHEMHOME. In the wider tech world, GenerativeAI startups raised $14.4B There’s been huge progress in AI in the past two weeks including new models from Meta , Google DeepMind , OpenAI searchGPT and voice models, Hugging Face SlolLM. in Q2 2024 alone, which is 16.5%
More about Firgun and why it matters on VC Cafe : [link] Israel’s preemptive strike on H**bolla* may have prevented a wider regional war, according to analysts. This week was marked by the liberation of Kaid Farhan Elkadi, a Bedouin Arab hostage who was kidnapped by Hamas during the 7 October attack on Israel.
For healing to begin, we must #BRINGTHEMHOME A friend, successful entrepreneur who took a company public, asked me for help on a presentation he was giving about the economic resilience of Israel. APPOINTMENTS Congratulations Eran Westman on your appointment as Managing Partner at Planven to lead growth investments in Israel!
But in the coming age of generativeAI, endless synthetic content and misinformation – there might be an opportunity for traditional media companies to regain their reputation as a 4th branch within a democracy. How can media companies transform generativeAI from threat to opportunity ?
The tech ecosystem is crucial for Israel’s economy. Foreign investors doubled down on Israel, participating in 93% of the rounds. Israel’s biggest exit and Google’s largest acquisition ever. billion in revenue for ‘Prime Day’ is rolling out ‘Rufus’ generativeAI assistant to all U.S.
In December 2004, 19 years ago, I started VC Cafe with the simple goal of sharing insights, resources, and perspectives on venture capital and startups (with a spotlight on Israel). Looking Back: A Year Defined by GenerativeAI 2024 will go down in history as the year generativeAI truly went mainstream.
Israel receives people who were kidnapped from their homes, including 80 year old Gadi Mozes, or 29 year old Arbel Yehud, who was kidnapped from her home and kept mostly alone in tunnels in return to hundreds of convicted te *ists who committed heinous crimes. It decouples visual encoding for multimodal understanding and generation.
From the founders who chose to start companies this year against the odds, to the new funds that managed to attract capital despite the news, and to all the participants in the Israeli tech ecosystem in Israel and abroad – keep on creating! Israel launches new programs to address AI talent shortage.
I hope his presidency brings stability to Israel, the quick return of the hostages and a new era of prosperity for America and its allies. The police took hours to settle the situation and Israel is sending two rescue flights to get them out. Well done Adiel Gopas on joining Third Point LLC to expand the Israel office!
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