Vesttoo, the first portfolio company of the R&D company Sure-Tech, has completed a $6 million fundraising round with Hanaco Israeli-American venture capital fund, increasing its value by some 80%, the company announced Sunday.
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Vesttoo has developed AI-based technology in the field of risk management that allows insurance companies and reinsurers to transfer their insurance risks to the capital market through the use of financial instruments for investment.
Hanaco is an Israeli-American fund established in 2017 and invests exclusively in Israeli companies. The fund manages investments worth more than $400 million. To date, the fund has invested in 32 companies, including Moovit, which was acquired by Intel.
Sure-Tech CEO Ran Tzror said, "We are pleased that SureTech's well-established strategy of investing in companies at attractive pricing just before their business breakthrough proves itself again – especially when you can see a flood of value for our investors. We hope that in the foreseeable future we will see further developments in our investment companies alongside new investments made. "
