Israeli customized video clip platform business SundaySky has announced that it has bought manage in the organization to US non-public equity company Clearhaven Companions. At the exact time SundaySky has declared that it is laying off 13% of its workforce totaling 24 workers in Israel, the US and Japan.

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SundaySky’s announcement is thin on particulars but says that Clearhaven Partners will invest in excess of $100 million in the enterprise with some of the cash likely to existing shareholders to acquire a stake of additional than 50% and some into the firm’s coffers for future investment decision.

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This volume is significantly underneath the $280 million valuation that SundaySky prepared at the commence of the year to receive in a Tel Aviv Inventory Trade IPO. The enterprise was reportedly currently drawing up its prospectus and hoped to increase $70-100 million.

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SundaySky was founded in 2007 by president and CPO Shmulik Weller and CTO Yaniv Axen. Given that 2017 the company’s CEO has been an American – Jim Dicso. The firm has lifted $75 million to day from investors such as Viola Ventures, Comcast Ventures, Vintage and NTT Docomo.

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SundaySky allows corporations to create individualized movie clips for their shoppers which includes own information of the buyer from their identify and the use they make of items. So an insurance policies firm can make their yearly report readily available to all prospects in a clip that features specifics about the buyer. Similarly on-line ecommerce firms can develop a online video about various items but utilizing the same over-all clip – a new characteristic that SundaySky launched only previous 12 months.

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In accordance to specifics printed at the end of previous 12 months, SundasySky experienced yearly recurring income (ARR) of additional than $40 million in 2021. The firm’s company design is created close to yearly subscriptions for its software program.

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Just one of SundaySky’s rivals is Israeli firm Idomoo, which held an IPO on the TASE last 12 months at a enterprise valuation of NIS 344 million but has since viewed its share price drop by 80%. Idomoo had revenue of $13.1 million in 2021.

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Released by Globes, Israel organization information – en.globes.co.il – on July 11, 2022.

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© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.

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