Issue 42               May 2009

CICC's Annual M&A Forum
Save the date; June 24, 2009 (Venue TDB)
CICC's Annual M&A Forum provides an overview and in-depth discussion on the US and Israeli technology M&A market, designed for tech companies, entrepreneurs and venture capitalists. This years Forum will focus on recent trends, forecasts and activities in the current economic environment and it's unique investment opportunities. Stay tuned for additional details and date. For coverage of past CICC Annual M&A Forum click here

 

Cleantech Mission to Israel
May 18, 2009
CICC is proud to announce a special cleantech delegation to Israel on May 18, 2009. This delegation is part of the CICC Cleantech Initiative www.cicc-cleantech.com, a partnership between California and Israeli industry players and policy leaders exploring collaboration and co-investment opportunities in this thriving sector. During four intense days in Israel delegates will gain unique insights into Israel’s cleantech landscape while surveying Israel’s breakthrough technology innovations in energy efficiency, renewables and water technology.

CICC Cleantech Mission will be held in conjunction with IVA – Israel Venture Association annual summit in Tel Aviv. Mission co-chairs are Shimon Peres, President, State of Israel, Shai Agassi, CEO, Better Place, Harry Kellogg, Vice Chairman, Silicon Valley Bank, Andy Karsner, Former Assistant Secretary, US Department of Energy, Arnold Goldman, Chairman and Founder, BrightSource Energy & LUZ II and Steve Westly, Managing Partner, The Westly Group.
We thank our industry partners and sponsors: Israel Cleantech Ventures (ICV), Perkins Coie, Vantage Point Venture Partners, Jefferies, Silicon Valley Bank (SVB).

On April 20-23 CICC conducted its 3rd annual IsraelWebTour, introducing to Silicon Valley nine of the most promising Israeli internet companies: Sundaysky, Semantinet, Footbo, Superfish, EyeView, Contextin, SweetIM, Triond and WorkLight. The selected companies were carefully chosen by CICC's Steering Committee, comprising of business executives from the internet industry. During the tour the companies met with leading industry players including Google, Microsoft, PayPal and Yahoo!, investors, customers and strategic partners in a mix of targeted meetings, roundtable discussions and networking events. On April 22nd the companies presented their technology to the industry and press at the semi-public showcase hosted at the offices of Wilson Sonsini Goodrich & Rosati in Palo Alto.
We thank our industry partners and sponsors: Google, Yahoo, Microsoft, Intel, WSGR, U.S Venture Partners, Credit Suisse, Silicon Valley Bank and the Consulate General of Israel to the Pacific Northwest.

For press coverage and more visit www.israelwebtour.com
 

For pictorial highlights click here

CICC hosted Mr. Hezi Kugler, Director General, Israel's Ministry of National Infrastructures for a private dinner bringing together Israel and CA cleantech leadership

CICC hosted Mr. Hezi Kugler for a private dinner attended by Israel and California's distinguished cleantech leadership to discuss Israel's cleantech infrastructure, policy and government supported programs. Mr. Kugler invited California's investors and industry players to seek partnership with the government of Israel and was joined by Mr. Akiva Tor, the honorable Consul General of Israel to the Pacific Nortehwest Region.
We thank our industry partners and sponsors: Perkins Coie and Israel Cleantech ventures (ICV).

For pictorial highlights click here

Summary of Israeli High-Tech Company Capital Raising - Q1 2009
IVC, Tel Aviv Israel, April 2009

IVC Reports: $265 million raised in Q1, a 33% decrease from Q4 2008 levels. First Investments by Israeli VCs continue to decline
In the first quarter of 2009, ninety three Israeli high-tech companies raised $265 million from venture investors – both local and foreign. The amount raised was 57 percent below that raised by 135 companies in the year-earlier period (which was the highest in seven years) and 33 percent below the amount raised by 109 companies in Q4 2008. Q1 2009 was the lowest quarter recorded in the last three years... click here for full article

IVA Conference 2009
May 19, Airport City, Tel Aviv Israel
The IVA Annual High-Tech Conference held in Tel Aviv is Israel's leading industry event and provides excellent exposure and networking opportunities. The conference attracts every year over 1000 key people from the Venture Capital and High Technology industries in Israel as well as many foreign delegations. The 2009 Conference will be held On May 19th with a guest speaker from the Israeli Government, as well as other keynote speakrs, and will host leading Israeli entrepreneurs showcasing Israel’s best technologies in the following sectors; Information Technology, Mobile, gaming and Digital Media, Medical and Life Science Technology, Homeland Security, Semiconductors, Alternative Energy and Water Technology. For more information and registration Click here

IBF Venture Capital Investing Conference
June 3-5, San Francisco CA
Uniting over 400 of the most active venture capitalists, limited partners and private equity investors representing over a $trillion in capital. Providing the unique opportunity to hear leading-edge strategies on investing strategies, maximizing returns, best practices, industry trends, ensuring successful fundraising and optimizing exits. For more information and registration click here
 

Correlsense raising $2m bridge loan
Automated infrastructure monitoring systems developer Correlsense Ltd. is raising a $2 million bridge loan from its current investors, ProSeed Venture Capital Fund (TASE:PRSD), eXeed Technology Ltd., and Vertex Venture Capital. eXeed is owned by Correlsense chairman Sam Somech.

In-building wireless co Optiway raises NIS 10m
In-buildings wireless communications start-up Optiway Integrated Solutions Inc. raised about NIS 10 million in an internal financing round led by Netanya-based Targetech Innovation Center, one of the company’s initial seed investors. The funds will allow Optiway to extend its product line and to support international sales and marketing growth.

Photovoltaic cell co B-Solar raises $3 million Cleantech co
B-Solar has completed its first fund raising round from Genesis Partners. The start-up raised $3 million. B-Solar has also raised an undisclosed sum from investment angel Gidi Barak. B-Solar, which was founded in December 2007, has developed unique photovoltaic cells that the company claims are 15-20% more efficient than existing cells.

Mobile Communication Startup Fring Bags More Funding
Fring, the Israel-based mobile call and chat application provider, has closed a Series C round of financing on top of the $13 million it has raised since its inception in 2006. The capital comes from its entire list of previous backers: North Bridge Venture Partners, Pitango Venture Capital, Veritas Venture Partners and VenFin Limited all participated in the round.

Israeli electric car co ETV raises $12 million
Israeli start-up ETV Motors Ltd., which develops components designed to increase the range of electric motors, has raised $12 million. The company was founded in 2008 by CEO Dror Ben David and VP technology Dr. Arieh Meitav. This is the first capital raised by ETV. The investors were led by US VC funds the Quercus Trust, with the participation of 21Ventures. Both these funds specialize in cleantech investments.

Revenue assurance solutions co cVidya raises $5 million
Revenue assurance solutions co cVidya Networks Ltd. has raised $5 million from Plenus Venture Lending Fund. cVidya has previously raised $28 million from Hyperion Israel, Battery Ventures, Carmel Ventures, StageOne Ventures and Star Ventures.

Video synopsis co BriefCam raises $2.6 million
Surveillance camera video synopsis start-up BriefCam Ltd. has secured a first round of funding totaling $2.6 million. The funding round was led by Aviv Venture Capital and a group of private investors, included many from the closed-captioned TV (CCTV) surveillance industry. They were joined by additional investors in Israel. Neve Ilan-based BriefCam launched its first-of-its-kind technology this year. The technology allows for one day of surveillance camera footage to be summarized into as little as a few minutes, enabling the rapid review and indexing of captured video.

Chip developer Commex raises $3.5 million
Fabless chip developer Commex Technologies recently raised $3.5 million. This was the start-ups second fund raising round bringing total investments to $12 million. Participants in the latest round of fund raising were company chairman Yehuda Zisapel and Vertex Venture Capital. VC fund, which invested in the first fund raising round did not participate this time. The company was founded by Yehuda and Zohar Zisapel and Tal Horowitz.

Mobile VoIP co Jajah raises $2.5m
Austro-Israeli VoIP start-up Jajah Ltd. has raised $2.5 million as part of its $5 million fourth financing round. The money was reportedly obtained from current investors: Intel Capital, Deutsche Telekom AG unit T-Mobile, Globespan Capital Partners, and Sequoia Capital. According to IVC, Jajah has raised $31.25 million since it was founded in 2005. Jajah chairman Daniel Mattes and president Roman Scharf founded the company, which provides low-cost VoIP telephony. The company now also enables mobile phone users to make low-cost calls via the company's mobile telephone browser.

Mintz Levin is a leading law firm, serving companies and investors in technology oriented environments. We help build client success by combining deep industry knowledge with profound understanding of the financial markets. Mintz Levin is committed to the Israeli marketplace and is proud to support the international growth of scores of Israeli high-tech, life sciences and clean-tech companies, as well as their investors.

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Venture Capital Alert: Venture Capital and Private Equity Funds Need to Reconsider the Indemnification Rights of its Director Designees
By Daniel I. DeWolf, Mintz Levin

A recent decision of the Delaware Court of Chancery changes the previously prevailing view among venture capital and private equity funds (“Funds”) that in the event of litigation against a Fund’s director designee, serving in his or her capacity as a director on the board of the Fund’s portfolio company, the portfolio company provides full indemnification to the director representative, and the Fund acts as a secondary source providing such indemnification only in the event the portfolio company is unable to pay. Following the decision in Levy v. HLI Operating Company, Inc., absent a contractual agreement to the contrary, the Fund and its portfolio company may be considered co-indemnitors, sharing indemnification responsibilities to the directors serving the portfolio company on behalf of the Funds. The Court explained that: “[a]s a general rule, in absence of contractual language to the contrary, two insurers who insure the same person for the same risk must share the loss.” Click here for full article

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