Israeli insurance-technology startups Sproutt and Five Sigma as well as cybersecurity ventures Satori and Neosec have raised early-stage funding from marquee investors such as 83 North and B Capital Group.
Sproutt, an online life insurance company, has raised $26 million in a Series B funding round led by MoreTech Ventures. Harel Group, the Raptor Group, Falcon Edge Capital also joined the round.
The New York- and Tel Aviv-based company has developed a new predictive life insurance technology that incentivises good healthy behaviour.
Sproutt was founded by chief executive officer Yoav Shaham, president Assaf Henkin and chief technology officer Itai Brickner.
In December 2019, the company had raised $12 million in a Series A round led by State of Mind Ventures, Moneta Capital, and Guardian Life.
Satori’s Series A
Two-year-old Israeli cybersecurity company Satori has raised $20 million in a Series A funding round led by B Capital Group and Evolution Equity Partners. YL Ventures, an existing investor, also pitched in.
The startup, which employs 20 people, was founded in 2019 by chief executive officer Eldad Chai and chief technology officer Yoav Cohen.
Eldad Chai, the company’s CEO and co-founder, said in a blog post that demand for Satori’s platform has surged over the past year, with medium and large companies from the financial, healthcare and technology sectors adopting its technology.
The Series A round will allow Satori to enhance its DataSecOps platform, accelerate its operations, power innovation, and grow its team.
Five Sigma, a claims platform provider, has raised $12 million in a Series A round led by 83North.
Existing investors F2 Venture Capital and Pipeline Capital also joined the round, as did new investors Eyal Ofer’s OG Tech, Xceedance and iGlobe Partners.
This brings the company’s total funding to date to $18 million, Five Sigma said, adding that it will use the fresh capital to accelerate growth.
Five Sigma was founded in 2017. It provides a cloud-native, data-driven claims management platform that enables insurance companies to handle customers’ claims better and faster.
“Five Sigma’s traction, accelerated growth and excellent market feedback is testament to the market demand and the company is revolutionizing the insurance claims market,” said Yoram Snir of 83North.
Cybersecurity startup Neosec has emerged from stealth mode and completed its Series A fundraise with a total investment of $20.7 million from True Ventures, New Era Capital Partners, TLV and SixThirty.
Individual investors Mark Anderson, Gary Fish, Mickey Boodaei, Rakesh Loonkar and Shailesh Rao also joined the round.
The company says it takes a different approach from traditional application security tools. Instead, it brings established techniques from XDR (Extended Detection and Response) security products, including precise behavioral analytics, to reveal threats and business abuse hiding inside APIs.
“Today’s new applications are all API-driven, which creates a new attack surface that puts business fundamentals at risk,” said Brian Sack, principal at TLV Partners. “Traditional application security techniques are scarcely relevant in a cloud and API-first world.”
Neosec is led by co-founders Ziv Sivan, who is also the CTO, and Giora Engel, the CEO. Engel previously worked in the elite Unit 8200 of the Israeli Intelligence Corps. He co-founded LightCyber, which was acquired by Palo Alto Networks in 2017.