(photo credit: Courtesy)
“It’s all mathematics,” said Provigent Ltd. cofounder and CEO Dan Charash, to
explain the start-up’s impressive success.
Provigent was named Israel’s
most promising start-up for 2010 ahead of the Ernst & Young and Globes
Israel Journey 2010 conference on the hitech, biotech and venture-capital
Provigent is a fabless semiconductor company that provides
best-of-breed system-on a-chip (SoC) solutions to vendors of broadband wireless
“We will be the leading chip company in the wireless
infrastructures market,” Charash said.
Provigent, which has 120
employees, had $25 million revenue in 2009 and expects $40m.
this year. It has been profitable for 18 months. It has raised $55m. from
Lightspeed Ventures, Pitango Venture Capital, Sequoia Capital, Magma Venture
Partners, Delta Ventures, Globespan Capital Partners, Ascend Technology Ventures
and Stata Venture Partners.
Charash does not see Provigent entering
another market at this time.
“In the coming years, we expect rapid
organic growth, and we’ll focus on that,” he said. “We have no need for
collaboration or acquisitions of other companies to find other opportunities.
Later, we’ll seek more opportunities in other cellular markets, but we’ll stay
in the field of wireless infrastructures.”
This is the sixth year that
Globes has conducted a comprehensive survey of Israel’s promising start-ups that
will shine in the industry in the years ahead, and the perspective of time has
demonstrated that the selections have been accurate. Previous most-promising
start-ups have gone on to hold IPOs, raise capital and achieve sales, in some
cases of hundreds of millions of dollars. Since being named, the most-promising
start-ups have raised $400m. among them, at least 10 have gone public and eight
have been acquired for a total of $1.4 billion.
Next year will be a year
of mergers, acquisitions and hopes of IPOs. Since the beginning of 2010, Israeli
companies have been acquired for a total of $1.5b., including biomed company
Medingo Ltd.; hitech firms Exanet Ltd., Storwize Inc. and Wintegra Inc.; and
Internet company5min Ltd.
After Provigent, the other nine most promising
start-ups for 2010 are: • PrimeSense Ltd., which develops 3-D sensing
• Wix Ltd., which has developed a platform for people to
create their own flash websites.
• Waze Ltd., which develops mobile GPS
systems for mobile telephones, Twitter and other devices.
• Panaya Inc.,
which develops business impact analysis software.
• SolarEdge Ltd., which
develops software for maximizing the power generation of photovoltaic solar
• Broadlight Ltd., a fabless semiconductor company that supplies
integrated circuit devices and solutions to equipment vendors for fiber to home
• WorkLight Inc., which has a mobile application platform
for smart phones, tablets and next-generation devices.
• LifeBond Ltd.,
which is developing next-generation woundclosure and homeostasis
• AeroScount Ltd., which develops unified asset visibility
solutions for health-care, manufacturing, logistics and other industries.