Sure-Tech R&D Partnership plans raising NIS 36m in TASE IPO

• Published date: 21 April 2021
• Author: Globes correspondent
• Date: 21 April 2021
• Publication title: Globes (Rishon LeZion, Israel)

Sure-Tech Partnership is seeking to take advantage of the major boom in the technological revolution in the worlds of finance and insurance in Israel, in which Israeli startup companies like Lemonade, Hippo and Next have become unicorns, within four to five years of their establishment. Sure-Tech has already invested in two companies, which it estimates have the potential to create a big change in the insurance market. This is as part of its strategy of investing in companies that have completed the technological development stage and are on the verge of a business breakthrough and the ability to generate major revenue.

The Partnership has invested $2 million in: Vesttoo, which based on artificial intelligence (AI) can objectively and optimally estimate the risks of an insurance portfolio and price it for the capital market, as an alternative to secondary insurance; and $2 million GEOX, which has developed breakthrough technology based on AI and Machine Vision for insuring properties. The two companies have proven technologies and revenue, from agreements with insurance and international finance players.

Among the shareholders of the General Partnership are Dani Naveh, who will serve as Chairman and Hof Zim is from the Adi Zim Group, Lior Tamar; and the Together Fund, managed by Shuki Cohen Sharet.

The IPO will be led by R.E. Underwriting and Advs. Itay Brafman and Adi Ron of the Dr. Zeev Holender Law Offices, and...