Israeli customized video platform firm SundaySky has announced that it has offered manage in the enterprise to US non-public fairness company Clearhaven Partners. At the exact same time SundaySky has introduced that it is laying off 13% of its workforce totaling 24 employees in Israel, the US and Japan.

SundaySky’s announcement is thin on aspects but suggests that Clearhaven Partners will make investments over $100 million in the company with some of the funds likely to current shareholders to buy a stake of more than 50% and some into the firm’s coffers for future financial investment.




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This amount is far down below the $280 million valuation that SundaySky prepared at the start of the yr to receive in a Tel Aviv Inventory Exchange IPO. The business was reportedly presently drawing up its prospectus and hoped to increase $70-100 million.

SundaySky was founded in 2007 by president and CPO Shmulik Weller and CTO Yaniv Axen. Since 2017 the company’s CEO has been an American – Jim Dicso. The firm has lifted $75 million to day from buyers which includes Viola Ventures, Comcast Ventures, Classic and NTT Docomo.

SundaySky allows businesses to generate individualized video clip clips for their customers like individual facts of the purchaser from their title and the use they make of items. So an coverage firm can make their yearly report out there to all buyers in a clip that incorporates aspects about the shopper. Likewise on line ecommerce corporations can generate a online video about unique products but using the exact same over-all clip – a new aspect that SundaySky released only very last year.

According to particulars posted at the close of last 12 months, SundasySky had yearly recurring profits (ARR) of extra than $40 million in 2021. The company’s small business design is constructed close to annual subscriptions for its program.

One of SundaySky’s rivals is Israeli corporation Idomoo, which held an IPO on the TASE past year at a company valuation of NIS 344 million but has due to the fact viewed its share value tumble by 80%. Idomoo had revenue of $13.1 million in 2021.

Published by Globes, Israel small business information – en.globes.co.il – on July 11, 2022.

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


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