#10/2020

Dawn of a How New pandemic-related World innovation will change everything Trending Now The Future Came Early OurCrowd Portfolio News Traditionally, corporations that invest with the police from the convenience of your Airobotics received the United States and partnered with the in innovation during crisis outperform peers by up home. In just two months, the world has seen → to 30% during recovery, a recent McKinsey report a digital transformation worthy of two years, world’s first approval Canada. alliance. reveals. Ironically, the same report also reveals according to Microsoft’s CEO Satya Nadella. And to fly automated, that current corporate commitment to innovation history shows us that there’s no going back: Tech commercial drones →Rewire develops into →Perception Point has been decreasing as CEOs prioritize their core adoption has never reversed. above a major a neobank for migrants announces its newest business in the wake of Covid-19. But wait, there’s more. The previous three metropolis and flies in Europe. The fintech product: Advanced A brief look into the history books reveals recessions (2008, 2000-1, and 1991) were above . The company will offer Salesforce Security. another truth: The average life expectancy of followed by spikes of automation. The 2020 company’s solution is customised accounts The cybersecurity firm corporations on the S&P 500 has been decreasing recession has already broken every record in being used to complement focussed on the specific preventing file, URL sharply — from 60 years in the 1950s to less than terms of unemployment — and something else Singapore’s police needs of migrants and and social engineering 20 today. The main reason is tech disruption, or radical has changed. operations by collecting the introduction of a based attacks launches Cover Illustration: Hila Noam the introduction of a new technology to market For the first time, we have technologies that real-time aerial data. new line of banking advanced protection that renders all previous products obsolete. can replace humans not just in manual labor, but products that will serve for Salesforce, which 06 Intensive Care But while tech disruption is nothing new — it’s also in cognitive skills. Machine learning, deep 10 Have a Biosafe Flight been with us since the industrial revolution — learning, and other forms of artificial intelligence →Trusona patents the customers in the host will be added to its the pace of technology adoption has increased will dominate our workforce in years to come, ↑Lemonade files for IPO applications like world's first anti- country as well as the multi-channel threat 16 Counter Attack sharply over the years. It took Americans about forever changing our economy. It is an exciting time and seeks to raise $100 industrial internet of replay technology country of origin. prevention offering. 20 Chain Gang 50 years to adopt electricity in their homes, but to work in tech, but also a time for governments to million. The company things, smart cities, and for passwordless 24 Cashing In only 10 to adopt the smartphone. narrow the digital divide in the workforce. plans to list on the New smart medical. authentication. The Then came Covid-19, which has accelerated The years ahead will be critical for every York Stock Exchange company’s patented tech adoption like never before. Amazon is hiring corporation. Those who will emerge on the other under the ticker “LMND”. →BOL Pharma solution plays an integral 100,000 new employees to meet record demand side stronger are not necessarily the ones with announces first role in its dynamic for e-commerce. Online grocery shopping the most cash in the bank, but those who adapt →Freightos partners cannabis export from authentication, using the Airobotics (p.3) Appdome (p.18) has more than tripled in March compared to fastest to a world that is radically different from with Alibaba to launch to Europe, with unique nature of a user’s Barcode Diagnostics (p.9) BioCatch last August, with a record number of senior the one we left behind in 2019. It’s never been (p.27) BIScience (p.18) BOL Pharma (p.3) Alibaba.com Freight, a shipment destined for actions to accurately BT9 (p.19) C2A Security (p.3) Casper citizens buying for the first time. In the British more important to invest in innovation, and the (p.19,22) CB4 (p.19) Cyber MDX (p.9) Parliament, MPs can vote online for the first best time for it is now. a new product that centers that specialize secure the identity behind CytoReason (p.8) DarioHealth (p.5) Data. time in 700 years. In NYC you can get married enables US merchants to in the treatment of every digital interaction. world (p.5,8) DreaMed (p.9) Edgybees Dan Fishel compare rates, arrange children with epilepsy (p.3) Freightos (p.3,22) Hailo (p.3) Highcon via Zoom. And in Israel, you can file a complaint VP Business Development (p.19) Honeybook (p.18) HUB Security shipments, and track and autism in the United ↖Superpedestrian (p.25) Influitive (p.18) IntellAct (p.13) Intuition Robotics (p.9) ITsMine (p.25) ocean and air shipping in Kingdom. acquires Zangster’s IXDen (p.5) Juganu (p.8,12) Kaholo (p.5) real time. scooters and launches Kemtai (p.5) Kryon (p.5,19,26) Lemonade Ossio gets FDA 510(k) LINK, expanding into (p.3,26) Medisafe (p.9) Memed (p.5,9,12) → MigVax (p.4,5,7) Morphisec (p.25) Near →UPnRIDE gets FDA market clearance for shared e-scooter (p.18) Neura (p.8,13) Nexa3D (p.7) Ossio approval and will OSSIOfiber Hammertoe operations. LINK (p.3) Panorama (p.18) Perception Point (p.3,25) prooV (p.3) PulmOne (p.9) Rewire soon be available in Fixation System, which allows riders to rent (p.3,27) Ripple (p.5) SaNOtize (p.5,8) the US. The company allows for the alignment Superpedestrian’s Scopio Labs (p.3,9) SeeTrue (p.13) Sight Diagnostics (p.5,9,12) Signals Analytics developed a standing and fixation of bone e-scooters using a (p.18) Superpedestrian (p.3) TechSee wheelchair, a smart fractures, arthrodesis, smartphone. (p.5) Tovala (p.5,18) Trellis (p.22) Trusona (p.3,27) Tytocare (p.5,9,13) UPnRIDE (p.3) and robotic mobility osteotomies and bone Vocalzoom (p.8,12) Zebra Medical device that provides full grafts. →prooV teams up with Vision (p.9) functionality in standing AWS Service Catalog. and sitting. Edgybees wins its Scopio Labs launches C2A Security Enterprises can now Contributors: → ↑ → Alon Roitman, Stav Erez, Jonathan largest contact to date the ScopioVet, an announced Development leverage prooV to build a Wiesen, Ariel Krause, Dan Fishel, Yakir →Hailo partners with from the US Air Force. automated, high Partnership with custom proof-of-concept Machluf, Patricia Fehér Brand, Natalie Milstein, Kfir Kachlon, Eytan Buchman, Foxconn and Socionext The contract will see resolution imaging and AUTOSAR, a global platform that evaluates Josh Liggett to build BOXiedge, Edgybees' innovative decision support solution automotive platform and implements solutions Design: rubinfeldesign.com an edge device for AI computer vision for the Veterinary market. consortium of OEM at scale, directly to their inference and video technology integrated The new ScopioVet and Tier 1 companies AWS Service Catalog, analytics. The device with the US Air Force's Digital Cytology System including BMW, Bosch, while remaining secure 28 Hebron Road, 9108001, is expected to deliver systems to bolster is already installed Continental and Toyota. and compliant. Israel “market-leading” situational awareness in dozens of clinics C2A's entry marks www.ourcrowd.com [email protected] Those who will emerge on the other side stronger are not necessarily the ones with the most cash in the bank, but those who adapt energy efficiency for AI in complex operational and is now available the first and only time Phone: +972-2-636-9300 fastest to a world that is radically different from the one we left behind in 2019 inference, benefiting scenarios. commercially throughout an Israeli startup has

02 Innovation Insider 03 Trending Now

1. Wave Goodbye to the Office 5. Data Collaboration Explodes The future of work and remote technologies Although countries shut their borders and has moved center stage. Companies like Zoom restricted travel, the distance between , OurCrowd to Raise $100 Million soared with their remote communications San Francisco, and Shanghai has never been technology, but there is so much more in store. shorter. For example, Chinese and Australian TechSee is a startup that helps engineers researchers made Covid-19’s genome freely manage network available. Data.world has built a platform that to Fight Pandemic troubles remotely enables data scientists, business analysts, and The Covid-19 pandemic while Kemtai decision-makers to find, understand, access, and creates a use data anywhere it exists. thrust tech centerstage personalized home as the world scrambles to fitness experience, including training 6. Microbes Beware Personal hygiene is an stay safe. From automation with a virtual AI underestimated factor in coach that can see to vaccines, OurCrowd infection control. A person them. has pledged to help find wiping down a chair is not just solutions - fast. a germ nut anymore. Startups 2. Diagnostic Testing in Real Time like SaNOtize are working to Who would have imagined that diagnostic help individuals with portable anti- testing could take place in parking lots, open bacterial nasal spray. urCrowd has launched a $100 fields, and even drive-throughs! Now that testing has been freed from the confines of million Innovation Pandemic 7. Tech Helps Healthy Eating Fund for investment in urgent labs and clinics, startups such as Many of the deaths resulting from the Covid-19 technological solutions for the pandemic include people with underlying Sight Diagnostics conditions, motivating people to start eating medical, business, educational, and MeMed are and social needs triggered by perfectly suited healthy. Tovala, which delivers personalized meal kits, witnessed a 400% growth in the last global pandemics and other health for this new world O few months. has found a way to employ Ripple emergencies. of “fast food” testing. proprietary clean protein technology to create “The rapid spread of the coronavirus great-tasting plant-based dairy alternatives. has validated our vision of a connected 3. Robots Learn to Teach digital world poised to solve any crisis 8. Going Antiviral Themselves How do you kill something that’s not alive? through global communication and During the OurCrowd Global Investor Summit, This is the greatest struggle that science has rapid response,” said OurCrowd CEO Jon we predicted anything that can be with treating viral infections. While mankind Medved. “To ensure that we get the world automated, will be automated. Still, has developed hundreds of antibiotics, only a we hadn’t imagined a global pandemic back on track, there is now an urgent handful of successful antiviral drugs have been that would accelerate the automation need for innovation. Technology can approved. However, this will reverse in years trend this quickly. Kaholo, a low- Top 10 to come with new therapeutic options for both help us overcome many of the problems code visual platform for automating Covid-19 and other viral infections. resulting from the crisis. It’s time for IT and DevOps tasks, allows tech to move fast and fix things.” Pandemic companies to automate more of MigVax Races Toward a Vaccine their back-end processes. Companies 9. New Cyber Threats Emerge The pandemic has accelerated the Creating a vaccine for Covid-19 is currently one of the world's most urgent problems. such as Kryon are spearheading The world has seen a dramatic global increase in pace of technology adoption across MigVax, established by MIGAL, an internationally recognized research institute located in Tech Trends the Robotic Process Automation cybersecurity threats during the Covid-19 crisis many domains. Microsoft’s CEO Satya Israel’s Northern Galilee, might be one step closer to finding a solution. revolution, replacing billions of repetitive as countries focus on public health. IXDen, The team at MigVax says it is uniquely qualified to carry out this work based on its Nadella recently stated: “We saw two the leading provider of IoT security solutions successful development of a vaccine against Infectious Bronchitis Virus, an avian (poultry) manual procedures without any human years of digital transformation in two for critical infrastructure, protects against coronavirus with high similarity to today’s human Covid-19 that uses the same infection intervention. malicious breaches seeking to cause functional months.” The FDA has approved new mechanism. Given the similarity, and following required genetic adjustments, they say the problems. is focusing on intelligent digital diagnostic tools that will remain same vaccination concepts should apply. OurCrowd is investing $12 million in MigVax to 4. The Doctor Will See You CyberMed detection, prevention, and revision solution for in use once the current pandemic has help the team accelerate its efforts to develop a vaccine, which would be orally administered Now - Online and would not include the actual virus, making it safe for immune-suppressed patients. medical devices. settled. Appstore downloads of remote During the global lockdown, brick-and-mortar Alon Roitman medical clinics were shuttered, leaving patients working apps have soared. 75% of Stav Erez cut off from their physicians. Telemedicine thus 10. Designer Vaccines Prepare for IT professionals reported changes to Partner, Labs/02 surged. TytoCare has a cache of tools that the Next target FinTech firms’ cybersecurity programs investment sectors: Remote working, Distance learning, allow physicians to perform physical exams on Vaccines are considered one of the greatest to manage the transition to working • Prevention & Containment - Vaccines, Robotic Process Automation, Home patients in their homes while patients share medical innovations of all time, but must be from home. Salesforce predicts the Testing, Personal protection, etc. exercise, Cybersecurity, etc. data using cloud-based solutions. DarioHealth, perfectly tailored to a particular strain of virus. is thus feverishly working on a use of AI-driven customer service and Treatment & Healing - Therapeutics, The Fund will both invest in new a leader in remote diabetes monitoring and MigVax • management, has partnered with startup designer vaccine that would be administered chatbots will more than double. Diagnostics, Remote monitoring, startups and select relevant companies MediOrbis, to provide 24/7 coverage and orally, making it safe for immune-suppressed OurCrowd’s Pandemic Innovation Digital health, etc. already included in OurCrowd’s Jonathan Wiesen, MD monitoring. patients. Fund will focus on the following • Continuity & Disruption Mitigation - existing portfolio. Medical Investment Team

04 Innovation Insider 05 On-Demand Medical Equipment: Corona Robots: Production of equipment Robots will help medical Future of Healthcare from ventilators and teams communicate with, masks to spare parts will and deliver medications be decentralized: many and meals to patients The First Step: will be 3D printed on in isolation, reducing Telemedicine the spot unnecessary contact The patient’s journey will begin digitally and remotely and will then be redirected to required care by online professionals

western countries in that it records, which are released for greater agility in how hospitals integrated tech into its medical therapeutic and research use and equipment are structured is system years before the by the Israeli government. For now a prime focus, according to emergence of the coronavirus. example, an affiliate of one such McKinsey. Israel stands at the vanguard of institution, the Migal Galilee To optimize infection healthcare innovation, boasting Research Institute, MigVax Disinfection: containment and control, Hotbeds of hen the coronavirus contagious infection to manage a 100% fully digitized health is developing an oral Covid-19 infections, hospitals patients will require single GreaterIntensive agility, better Care will apply innovative surfaced in China the unprecedented overload vaccine that does not contain any rooms instead of being separated system: its citizens, fully covered ways of disinfection in December 2019, on public health systems, and by national health insurance, can form of the virus itself - creating via UV-C light, air by curtains, elective care can be infection containment, filtration or special it set off a domino to distribute the demand for schedule medical appointments, a safe template for preventing surface coating postponed or relegated to the fast diagnostics and effect worldwide - medical care, intensive care check laboratory test results, and future strains of the coronavirus. patients’ homes or specialized with the number of active cases unit beds, and ventilators over a generally manage their health The extreme circumstances centers, and hospitals’ ability telemedicine: Meet your Wsnowballing rapidly. longer period. online. of the pandemic accelerated to seamlessly convert regular By February 2020, the daily This large-scale global Israel also serves as an global healthcare’s digital beds to crucial care beds will be healthcare providers increase in people falling ill with pandemic made healthcare - an optimal beta-testing site transformation, with prioritized. Covid-19 was in the thousands industry traditionally slow to for novel ideas as its world- governments and regulatory In addition, production post Covid-19 and -though international adopt innovation because of renowned medical and research bodies following suit to loosen of medical equipment from borders closed down and cumbersome regulatory and institutions (including Sheba rigid bureaucratic processes. The ventilators and masks to spare households went into lockdown governmental pathways, low IT Medical Center, the Weizmann digital penetration of healthcare parts will be decentralized: - active cases skyrocketed in budgets, legacy systems, lack of Institute, the Rambam Health is here to stay - not just in how many will be 3D printed on the June to approximately 130,000 trained personnel, and more - Care Campus, and Hadassah medical professionals contain spot, as was done in Italy. In new cases a day, according to ripe for disruption. Technology Hospital) and health providers the virus and prevent its spread, Israel, cutting edge 3D printing Worldometer. entrepreneurs, unfettered by (Clalit and Maccabi) have but in how they interact with, technology allowed Nexa3D Major global cities from politics, bureaucracy and public developed globally-acclaimed diagnose, and treat patients to quickly mass produce New York, to , and financial constraint, entered the pioneering digital health across the board. professional-grade face shields Mumbai found their healthcare mainstream for the first time in initiatives for millions of for frontline workers and provide systems direly overwhelmed order to triage the chaos raging patients. These systems are A Physical Transformation them to hospitals at affordable Ariel Krause, by the tsunami of symptomatic in medical care in the face of based on one of the world’s The first long-term changes prices. Medical Investment Analyst citizens. Many countries tried Covid-19. most vast databases of lifetime the world will witness in Since the Covid-19 virus Illustration Yaniv Torem to “flatten the curve” of the Israel differs from other personalized patient health healthcare will be physical: is believed to survive long

06 Innovation Insider 07 Future of Healthcare

periods of time on various MeMed can decipher ElliQ, created by Complete Blood Count (CBC) in within two hours whether Intuition Robotics, surfaces, and hospitals are an infection is bacterial provides isolation 10 minutes, eliminating the need hotbeds of infections, there is or viral assistance and to transport infected samples to companionship for a strong need for unrelenting the vulnerable labs for results - also reducing and meticulous disinfection the risk of further infection. of medical facilities. Juganu The following three developed a special UV-C light companies automate diagnostic sterilization feature for hospitals testing, optimizing medical and labs that can kill over 90% performance. PulmOne created of viruses and microbes, without the first portable and complete penetrating or damaging Pulmonary Function Testing human skin. Two more Israeli machine, providing accurate, companies that are rushing in to repeatable, and fully automatic disinfect crowded indoor spaces measurements of total lung are Aura Smart Air, which screens capacity. and targets Covid-19 Scopio automates the imaging microbes in the air of full microscopy samples into filtration system, high-resolution scans that can and Bio- be shared digitally and viewed by Fence, which patients’ temperatures, delivering other health care professionals developed medicine or antibiotics to them, remotely. Its built-in AI tools coatings for walls The first long-term change in healthcare and even deliver meals. ElliQ, classify cells and compile a report and partitions based created by Intuition Robotics, of the results, accelerating the on an innovative will be greater agility in how hospitals provides isolation assistance and diagnostic process. Finally, polymer that companionship for the vulnerable. Zebra Medical Vision uses eradicates bacteria and equipment are structured For patients recovering at home healthcare provider datasets and and viruses. migrating essential in-person aggregates proprietary data or in quarantine wards, image processing algorithms to Finally, services online, out of the need to from pharmaceutical companies TytoCare’s device allows automatically detect abnormalities SaNOtize serves as a minimize contact with infected across the industry and uses it to physicians to perform remote (including Covid-19 findings) preventative defense patients, including: diagnostic train its computational models of medical exams, including lung on standard, contrast and non- for the essential health human disease. exams, and monitor patient non-essential contact between TytoCare’s device contrast, chest CT-scans. testing, treatments, monitoring, allows physicians practitioners coming PulmOne created and even administering Neura integrates data gathered progress without exposure. healthcare personnel and non- to perform remote Mitigating the risk of all of the first portable medical exams, into contact with infected Pulmonary Function medication! These services are from mobile devices, including Similarly, K-Health connects acute patients. including lung exams, the aforementioned medical Testing machine, patients: the nitric oxide enabled by the enormous rise in the detection of infection chains, smartphone users with board- and monitor patient devices and clinical networks is providing accurate progress without solution, sprayed into the nose, measurements of digitized patient records globally, to optimize government and certified doctors to discuss exposure CyberMDX, which safeguards lung capacity Time Transformation utilizes antimicrobial and providing the datasets necessary healthcare cooperation. symptoms and receive care from The last long-term change real-time data on device usage, immunomodulating properties to for artificial intelligence-based Providing contactless home. the world will witness in performance, and inventory. neutralize viruses trying to enter systems to significantly improve diagnostic testing is Medisafe provides healthcare will be the trend Though the healthcare the respiratory system. medical performance, according VocalZoom, which developed physicians with remote visibility towards making diagnostics industry is often cautious The second long-term to Forbes. radars that read nano- into the medication management more time-efficient using regarding the adoption of changes the world will witness One example is a platform by vibrations of the skin from of homebound patients from machine-learning technology. technological advancements, in healthcare will be virtual, as Diagnostic Robotics, which uses a person’s pulse to capture its personalized mobile health Israeli technologies are the Covid-19 pandemic has Covid-19 brought telemedicine a questionnaire triage system to heart rate variability remotely, platform. DreaMed offers leading the way in formulating catapulted hospitals from as a delivery paradigm for analyze symptoms and generate allowing non-invasive and a remote insulin therapy technologies that provide rapid hotbeds of infection transmission medical care center stage. In the a personalized risk profile for quick screening of potential management system, using testing results. to incubators of innovation. The U.S. preceding the pandemic, Covid-19, guiding medical Covid-19 respiratory symptoms AI, for diabetes care at home For example, MeMed can world can be hopeful that leaps telemedicine adoption by professionals to the most urgent en masse - even among those and facilitates patient-doctor decipher within two hours forward in the digital healthcare patients and physicians was cases. Data.World launched a appearing asymptomatic. communication. whether an infection is bacterial revolution will be able to leverage slow to uptake with only 18% Covid-19 Data Resource Hub, Helping medical teams Telemedicine is turning or viral. Barcode Diagnostics can vast datasets and AI to predict physician participation. It revolutionizing how individuals communicate with patients into the “front door” for determine the efficacy of multiple future outbreaks and create dramatically increased over and organizations process global while simultaneously reducing health services. The patient’s chemotherapy drugs on a mechanisms to suppress them the past few months to over coronavirus trends. Helping direct contact is the “CoRobot” journey will begin digitally patient’s cancer, according to the before they spread. 50% physician adoption, Fierce Pfizer obtain FDA approval for (Corona Robot) produced by Temi, and remotely and will then be patient’s specific DNA barcode. Healthcare reports. a Covid-19 drug in record time which can be operated remotely redirected to required care by Sight Diagnostics provides Natalie Milstein assisted in writing this article Healthcare workers are (under a week), CytoReason to perform tasks like measuring online professionals, reducing an accurate point-of-care

08 Innovation Insider 09 4. Secondary Bio- Screening 1. Temperature Control Additional tests are Passenger body performed on passengers 6. AI Security Future of Travel temperature is 3. Multi-sensory who fail the initial bio- Visual AI technology used automatically monitored Screening screening to expedite the security upon entry to or exit from Contactless screening process in order to avoid based on a variety of 7. Social Distancing the airport long queues and enhance Sensors with HD people- confirmed bio-markers, social distancing allowing for screening of tracking and counting 2. Disinfection Tunnel a large number of people, capabilities will ensure Passengers are even those who are passengers are keeping disinfected by walking asymptomatic 5. Self Check-in and a healthy distance from through a tunnel; Far- Sanitagging each other UVC light can be used Automated kiosks for to kill viruses without check in and bag drop penetrating the top layer will include disinfection of human skin of both checked luggage 36.5°c36.5°c / /97.7°f 97.7°f and carry-on

37°c37°c / /98.6°f 98.6°f Have a

8. Welcome Back! Arriving passengers will be required to undergo the same bio-security procedures before they Biosafe leave the airport

n retrospect, December 2019 that only a few months ago Biosecurity refers to a set of seems like ancient history. So (back in B.C. days), one could preventive measures designed to much so that the New York pick a desired destination, waltz reduce the risk of transmission Flight Times coined a new historical into an airport, drop off one’s of infectious diseases in humans, Startups are stepping up to divide: B.C. and A.C. - Before luggage and, after a fairly quick animals, and crops. While Covid-19 and After. While we security check, board a plane to measures to enforce the second re-imagine air travel in the wake of Ihave not even begun to fully said destination. Granted, airport and last have been implemented grasp how the A.C. world will security checks did tighten after widely, biosecurity measures the pandemic: Welcome to a new look, one thing is certain: the 9/11, but those changes will pale for humans have received little outbreak will radically reshape in comparison to the changes focus. Perhaps such human bio- Yakir Machluf, world of biosecurity, disinfection many industries, with the that will be implemented due screening would have rendered Mobility Lead leading one being the aviation to the new-found need for ad hoc measures such as Illustration Yaniv Torem tunnels and baggage sanitagging industry. It is hard to fathom biosecurity at airports. sending all travelers into a

10 Innovation Insider 011 Future of Travel

two-week quarantine or global on the passenger’s clothing tests and exhibits symptoms, With social distancing IntellAct provides airlines border shutdowns unnecessary and luggage before arriving companies like MeMed and measures in mind, prevention The aviation industry is with a turnaround management - and mitigated the over 61% are eradicated before entering Sight Diagnostics will allow for of queuing is key - especially solution that allows airlines, decline in flights globally in the airport. VocalZoom, a onsite AI saliva and blood tests, in security lines. A company expected to return to 2019 airports, and ground handling April 2020, compared to the developer of hyper-sensitive respectively, with results within like SeeTrue, which uses volumes in two to five years — teams to address turnaround same period last year. After such lidars for contactless predictive 10-15 minutes, making sure to an unsupervised learning service bottlenecks and measures are applied, there is maintenance in industrial keep only those who are actually approach that operates beyond and with much greater minimize delays. no doubt that many points along applications, now offers infected on the ground. human sight, already provides resilience Travelers entering their the passenger’s aviation journey, contactless screening based on Now that the passenger has automatic threat detection destination airport will again from check-in to baggage claim a variety of confirmed bio- made it into the airport, the and alarm resolution for X-ray lounge, Vayyar, which developed be greeted by disinfection upon landing, are destined to markers, allowing for screening check-in process will require all and CT systems. The solution a 4D radar for a variety of tunnels and multi-sensory change. of a large number of people, even baggage to be “sanitagged,” as enables travelers to keep all applications, will ensure screeners. Passengers with virus those who are asymptomatic, in suggested by a recent report by items in baggage (yes, even adherence to social distancing symptoms that materialized Enter the Startup Nation public locations. NanoScent, a aviation marketing consultancy laptops!), streamline manual rules with HD people-tracking during the flight or somehow While various analysts Easing border leader in AI scent recognition, is SimpliFlying. Sonovia, developers procedure, and increase and counting capabilities that slipped through the cracks of shutdowns suggest that it could take up and effectively developing a 30-second test for of anti-pathogen fabric coatings, throughput while maximizing can be used even in restrooms pre-flight bio-marker testing to five years before passenger opening back the Covid-19 based on a passenger’s will infuse baggage with their safety to provide a seamless without breaching any privacy will be identified at this stage skies will only be numbers return to 2019 levels, possible when full breath. coating as part of this sanitagging passenger experience. issues. In the restrooms and and be able to locate local airports are already diligently containment of the In the unfortunate case in process, both for checked bags Finally, once the passenger healthcare services through coronavirus has across the lounge, Soapy will working and collaborating been achieved which a passenger fails the above and carry-ons. makes it to the departure provide AI-enhanced hand- AirDoctor or utilize with tech companies to ramp washing micro-stations for TytoCare’s telehealth up biosecurity protocols in adequate sanitation. platform for on-demand and order to enable the safe return Passengers won’t need to remote medical examinations. of passengers to the skies. The worry about missing their Border control will be further Israeli tech ecosystem - known boarding calls as Neura will automated and enhanced with for its ingenuity, agility, and send a push notification to their AI facial recognition from ability to act fast - saw many smartphones, just at the right companies like Corsight. Finally, of its startups adapt their core time according to seat class, the infection-free travelers will technologies to transform the preventing any queuing at the exit the halls of the airport and future of air travel. gate in the process. According their aviation journeys, until Future passengers will to SimpliFlying, in some cases, their return flights that is. encounter a new layer of 36.5°c / 97.7°f passengers might go through As parts of the world are screening - bio-screening - another disinfection tunnel on embarking towards the new before they even leave their the jet bridge itself. normal, others are still fighting vehicle. UVeye, a company Though it might take a while to control the outbreak. Easing which regularly focuses on before inflight-service robots border shutdowns and effectively inspecting vehicles for damages welcome passengers onto the opening back the skies will only be and concealed explosives, has plane, Temi is already offering possible when full containment of modified its solution to help personable robots capable of the coronavirus has been achieved. detect whether drivers and engaging with humans and While the B.C. era carefree attitude travelers in a vehicle have a receiving requests. The A.C. of air passengers is unlikely to fever, a symptom of Covid-19. economy cabin will feature bounce back anytime soon, the Entering the airport, plastic curtains between seats road towards implementing passengers will go through and might require travelers to effective biosecurity measures is 37°c / 98.6°f additional measures such as BYOD (bring your own device) only being paved now. In two to disinfection tunnels and multi- for inflight entertainment. Oh, five years, the aviation industry sensory screening. Juganu, and the instructional safety video is expected to return to volumes which developed the JLED before the flight? It’s getting seen in 2019 - and with much smart-city infrastructure, will longer. greater resilience. equip disinfection tunnels with Upon landing, passengers will Just be sure to arrive at the far-UVC light, a wavelength disembark and the plane will airport at least 4-5 hours before that can kill viruses but cannot have to be thoroughly sterilized your flight! penetrate the top layer of after every flight - adding human skin. Thus, whatever precious minutes to the overall Natalie Milstein assisted in writing this article microbes may be embedded time on the flight line.

12 Innovation Insider 013 OurCrowd Portfolio ** Funds ** ** **

Mobility Consumer Hardware

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** Energy Healthcare Consumer Software

2 OurCrowd ** ** OC Continuity Fund

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Semiconductors/Optics ** *

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Marketplace/E-Commerce Agriculture Drones

FoodTech Enterprise Hardware

** EdTech Incubator

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** ** ** ** ** ** ** = Exited Company

14 Innovation Insider 015 Bricks to clicks: SMBs will not only need Future of Retail to develop websites and apps, and also employ strong back-end marketing, business intelligence and analytics more, make fewer impulse purchases, and put more thought into discretionary spending - causing a surge in online research to compare products before buying; similarly, the Experiences, not 2003 SARS outbreak spurred transactions: As more retail shifts rapid consumer adoption of online, brick-and-mortar e-commerce in Asia, according retail will shift to deliver a branded experience to articles from Medium and unattainable from home Digital Commerce 360. Morgan Stanley already reports that e-commerce adoption in the Counter US grew by 58% in April 2020, four times faster than the previous year’s growth, projecting that 2020 will represent a two-year Auntie Mary’s Dress Shop jump in the trend. Uncle Bob’s Groceries In this Darwinian moment of retail history only the Attack brands that pivot and invest Retail stores were in restructuring their business models will survive. The tech- already under pressure to savvy and innovative that engage change their business models the homebound consumer will thrive. to adapt to new tech. With Two imperative strategies include: 1) fashioning a digital the spread of Covid-19, that identity (a.k.a. the “Bricks to Clicks” model) and, 2) transition is now at full-speed repurposing brick-and-mortar ! retail to deliver a unique, sale branded experience unattainable from home.

Retail, transformed: In-store and behind- Bricks to Clicks the-scene operations This is the opportunity for can become pandemic SMBs to develop omnichannel proof via technologies such as camera-enabled ith Covid-19 social- - which survived world wars, goods are faring well, non- behaviors will remain changed connections to their customers automated checkouts distancing measures the Great Depression, and the essential retail (offering non- by frictions posed by the - adding websites and mobile shuttering brick- global financial crisis - began food, apparel, and luxury goods) coronavirus pandemic, even applications to their in-store and-mortar stores to collapse with the advent of is suffering from a crippling after social-distance measures offerings - and to integrate and shopping centers, online shopping. Sears filed for plunge in sales. are lifted - and many hesitate technology in their consumer- the retail industry is facing an bankruptcy in 2018 and the others to return to shopping malls, facing and behind-the-scenes Wexistential crisis. followed suit in 2020 with the Consumer Behavior according to McKinsey reports. operations. In fact, Business Insider spread of the coronavirus, which COVID-19 introduced two There are many options to reports that over 4,300 stores may just spell their demise. novel pain points to the brick- Silver Lining help the digitally stunted join the are expected to shut down They are not alone. According and-mortar space: society is Despite this bleak outlook, online bandwagon: SMBs lacking permanently in 2020 in the to the World Economic Forum, conditioned to avoid human we can glean vital lessons and a website or mobile site can build US alone and, according to CEOs representing almost 20% contact and touching items that a practical action item from these for free without design or Time Magazine, US retail of wholesale and retail sales others have touched - forever the Global Financial Crisis, the coding skills with WIX through sales plummeted 16% in April globally fear their companies changing the in-store experience last time consumer confidence the use of drag and drop tools. Kfir Kachlon, Natalie Milstein 2020. Legacy American retail may not survive the pandemic. of physical product testing. dropped so dramatically. They can also join e-commerce Investment Principal giants such as Sears, JCPenny, While grocers, pharmacies, and International consumers That economic downturn platforms like Shopify for Illustration Yaniv Torem Neiman Marcus, and J.Crew companies providing essential anticipate that their shopping forced consumers to save access to a suite of services

16 Innovation Insider 017 Future of Retail

such as online payments, capabilities can utilize design solutions that respond to marketing, shipping, customer Appdome, which secures Coronavirus impact on online traffic (April 2020) company packaging requirements engagement, etc. mobile commerce for both iOS using digital folding-carton Supermarket 135% Once companies have set and Android apps, guaranteeing converters. Retail Tech 128% up their digital presence and transactions and data privacy. These technologies may seem Telecom 75.7% are ready to level-up, they can Other cybersecurity companies out of a sci-fi movie, but they Media 32.6% look to Israel for technologies protecting consumers’ online are here today to help retailers enabling retailers to provide a transactions and preventing Home furnishing/DIY 26.2% ride out the coronavirus and seamless online and safe in-store fraud include Riskified and Forter. Sports equipment 25.3% recession wave with smoother experience for their customers, There are a number of tools Cosmetics 23% operations. to learn about target consumers that the seller can provide to Fashion 17.3% through business analytics, and homebound potential shoppers Bank/Insurance 13.7% Repurposing the Brick-and- to optimize operations. who prefer not to touch and Jewelry & Watch -3.7% Mortar Store For creative small businesses try on products in-store. Using Another transformation of the Retail Healthcare -8.7% and entrepreneurs, Honeybook ByondXR 3D imaging technology, in-store experience for the brave Luxury -19.6% provides an online platform for stores grant customers the consumer is the repurposing of Tourism -72.9% easily managing clients as well as ability to view inventory and brick-and-mortar space from the administrative, marketing, virtual showrooms in 3D and -75% -50% -25% 0% 25% 50% 75% 100% 125% 150% 175% transactional to experiential. Source: Statistica. Data compred to January and February. and accounting aspects of their AR. Consumers with higher It is up to the retailers to make business. Panorama empowers disposable income can outfit their these changes unforgettable - users to create dashboards bedrooms with smart mirrors and irreplaceable by automated, (without any coding background) from Memomi and “try on” online experiences. to recognize anomalies in A brand leading the realm business and engage coworkers in favorite influencer’s Instagram model offers shop-owners a smart even no checkout, if the retailers of experiential retail is Vans, a problem-solving. E-commerce in the US grew picture to a fashion retailer’s site way to drive in-store foot traffic deploy Trigo and Amazon Go’s footwear brand targeting young In the quest to acquire and search for products similar and integrate their offline and ceiling sensor technology. skaters, offering an indoor new customers and build by 58% in April, projecting to those appearing in the post. online experiences. It offers an Retailers will also undergo concrete skateboarding ramp personalized customer journeys, that 2020 will represent a Of course, elevated health incentive for consumers who do transformations in their and street course with music, Near aids retailers with its protocol will limit or eliminate not want to wait for deliveries and manufacturing, warehouses, art, and street culture. mass dataset of real-world two-year jump in the trend product testing from stores. find returning purchases in-person delivery platforms, and TOMs, a footwear company consumer behavior and machine Retailers can capitalize on this more convenient. In the U.S., fulfillment centers. Sellers can that delivers a free pair of shoes learning models. Helping SMBs opportunity by sending samples 67% of consumers have used the transform the efficiency of to communities in need for engage customers and discover, directly to the consumer, perhaps BOPIS method in 2020 and 90% of their inventory management each pair purchased, placed nurture and mobilize business through a loyalty program retailers intend to implement it by and workflows with smart VR headsets in 100 stores to advocates at scale, Influitive’s that also collects data about 2021, according to Invesp. automation features: Kryon “virtually transport customers marketing platform delivers the customer’s experience Brave consumers choosing provides an intelligent Robotic to Peru” to witness the impact powerful tailored experiences. and journey. Taking this one to visit stores in-person will no Processing Automatic solution of the campaign on locals. TOMs Retailers can gain a strategic step further is the potential for doubt encounter a transformed featuring machine vision which also launched a coffee-roasting edge with BIScience, which customers to make the products at in-store experience. Israeli allows logistics software to line, transforming physical tracks and analyzes competitors’ home with the brand’s guidance technology startups offer automate high-volume and stores into cafes servicing a marketing strategy success. and raw materials. Tovala, solutions to retailers to make repetitive tasks with maximum close-knit customer base. A platform for consumer- which currently produces wi-fi their physical stores more accuracy. For food supply A final poignant example facing product companies to gain connected smart ovens and meals pandemic-proof by optimizing chains, BT9 proactively is the $25 napping deep customer insights from that “cook themselves” at the in-store and behind-the- monitors, analyzes, and experience at Casper’s Tovala produces online sources such as product Wi-Fi connected clothes using AR and AI- without consumer’s home, is developing scenes operations. CB4’s AI disseminates data on the mattress stores. reviews, social media posts by smart ovens and even taking off their pajamas! capabilities for other uses at home detects human errors in real quality of perishables with Savvy brands recognize meals that “cook key opinion leaders, and patent themselves” Customers needing such as cosmetics preparation. time, such as incorrect pricing disposable HiTag sensors. the opportunity in the applications was developed by recommendations can engage signage or products hidden Retailers that normally Covid-19 landscape to Signals Analytics. These with a Mmuze virtual salesperson Click and Collect from plain view, to provide sell from their brick-and- revolutionize their customer services aggregating customer with AI voice and texting Once customers have chosen the store opportunities to fix mortar stores and choose not experience: stripping away the data could be key for struggling capabilities. Search engines are and purchased products online, issues, increase customer to implement BOPIS must transactional product offerings SMBs to generate demand. further catapulted into the future retailers can take advantage of the satisfaction, and heighten sale invest in packaging design that from the physical, moving Companies offering online with visual search capabilities; accelerated trend of “Buy Online potential. Customers will likely allows the goods to be delivered them online, and providing payment directly from their for example, company Syte Pickup in Store” (BOPIS). Also face increased opportunities for without damage. Highcon an experiential, community- own channels but lack coding allows shoppers to upload a known as “click and collect,” this frictionless self-checkout or provides creative and flexible building space for consumers.

18 Innovation Insider 019 Capacity management: Future of Supply Chain Digitizing capacity Last-mile innovation: utilization and dynamic Delivery fulfillment will pricing will lower the end democratize, supported cost for consumers by autonomous drones

Smarter manufacturing: Rapid development, Autonomous trucks: sourcing, and sales will Presenting significant accelerate by faster supply chain resilience, prototyping using 3D self-driving trucks will printing and robotics start hitting the roads innovation

ovid-19 kicked global mask of China plunged, mostly because production into overdrive, there was nothing making it to the turning them into a daily ports. fixture and serving as a By the time Chinese reminder that while many manufacturing revived supply were sheltering at home, global capabilities, the prospect of Chain Gang Csupply chains kept ticking. But a long-term global recession Covid-19 revealed the absolute supply chains did miss a beat or impacted demand leading to a two, raising flags about the role sprawl across over 25% of whiplash of cancelled or delayed necessity for a functioning technology should play in logistics. Manhattan and, as of 2018, it orders. Meanwhile, passenger Tech talk usually bypasses boasted a fleet of close to 40 flights, which carry half of global global supply chain, raising the supply chain sector, despite airplanes. Alibaba has committed air cargo, were cancelled en the nearly $20 trillion dollars some $14 billion to logistics masse, making availability for flags about the role technology in annual export of goods, subsidiary Cainiao. And a vicious urgent exports, like, say, masks, with supply chains bringing war is being waged by the likes a serious challenge. Demand for should play in logistics food, clothing, computers, of Amazon, Walmart, and Target urgent air cargo was at all-time and, yes, masks, from factories for home delivery. highs, with prices 400% over worldwide to our doorsteps via February costs, while demand for a global network of airplanes, Cargo, Meet Covid ocean freight was plummeting. ships, trucks, and trains. Access Supply chains encountered International shipping wasn’t to global trade now ranks up Covid-19 early. Asian the only victim. Sheltering at there with water, electricity, manufacturers typically shut down home introduced an e-commerce and internet in the modern for the week of Chinese New Year, boom also constrained by Maslowian hierarchy. but in February, China extended delivery. By March 17, Amazon Supply chains have thus the shutdown for over two months. stopped accepting new deliveries Eytan Buchman started to emerge as a major tech Trucking between Chinese of non-essential goods from CMO, Freightos.com focus. If combined, Amazon’s provinces became a bottleneck and the third-party sellers Illustration Yaniv Torem warehouse footprint would the cost of shipping containers out responsible for over half of

20 Innovation Insider 021 Future of Supply Chain

all of Amazon’s sales. This left fulfillment investment last tens of thousands of Amazon Access to global trade now year and continued with a $450 sellers with inventory but no way million robotics acquisition last to distribute them. ranks up there with water, September. Other companies, like For supply chains of the future, electricity, and internet in the ShipBob, are also playing a role coronavirus has already presented in letting any business, Amazon clear challenges. Navigating rapid modern Maslowian hierarchy seller or not, manage deliveries. demand and shipping capability autonomous driving technology, Finally, SaaS companies like fluctuations became impossible, can introduce radical efficiency Bringg offer subscribeware to international freight couldn’t to the shipping industry. Since manage internal delivery fleets, adapt fast enough, trucking slowed most trucking miles are driven which further decreases external to a halt, and delivery became on interstate highways, which is dependencies. a roadblock. The silver lining? less challenging for autonomous On the hardware side, It also surfaced the potential trucking, this has already been Covid-19 also showed that opportunities that technology a focus, with companies like scalable and autonomous could introduce. And, if they don’t China-backed TuSimple or even delivery is critical. For emerge, the threat of a shift to Google’s Waymo active in this fulfillment centers, for near-sourcing could severely space. However, during the both resilience and sanitary impact the sector as a whole. outbreak, the barrier wasn’t purposes, companies like Covid-19 made it clear that cost, it was simply the pandemic Fabric can play a huge role from manufacturing to global in democratizing last-mile risk. Zooming out, autonomous Volvo’s autonomous freight and delivery, there’s vehicles can present critical dropped by 50% when non- Capacity Management 20%, reducing the end cost for truck, Vera. fulfillment preparation. Pandemic-proof strong demand for faster, more supply chain resilience. This essential product sales were Air cargo was pushed to its consumers. During Covid-19, self-driving vehicles Meanwhile, on the delivery agile operations. Despite its might go some way in explaining halted. But within a week, they limit this year. The combination nascent air cargo eBookings will introduce front, empty streets and fewer radical efficiency to devastating consequences, a $100 million dollar round raised had increased by 25%, driven of capacity drops due to fewer spiked initially, leveraging shipping drivers helped cut through red Covid-19 actually showed the in late April by Inceptio, a Chinese in part by the ability of many passenger flights, with strong this new technology, until the tape and accelerate adoption progress that has been made, autonomous trucking company. importers to suddenly source demand for urgent goods, led to stressors pushed the industry of drone delivery, like Maana as well as the next steps. Calls essential goods instead of their skyrocketing prices. However, too far. However, it made the Aero’s aerial drone delivery of for radically new technology Direct-to-Consumer day-to-day business. The fashion airplane capacity is an issue advantages clear enough that medical supplies in Ireland. are often not as loud as calls for Manufacturing Agility industry has been shifting that plagues the industry on a digital cargo procurement will While the pandemic faster penetration of existing Over the last few years, there’s towards Fast Fashion - rapid regular basis. The average load almost certainly surge in a post- introduced some major technology or, more commonly, been a groundswell in direct-to- development, sourcing, and sales factor - cargo capacity actually Covid-19 era. obstacles, chiefly the ability a recognition of the need for a consumer sales, with companies - for years but this will accelerate utilized - shockingly hovers to maintain agile and new mindset. Let’s take a look at like Warby Parker and Casper in a post-Covid-19 reality. in the 50% range. In other Last Mile Delivery resilient supply chains from four important examples of how owning the entire manufacturing, Beyond process changes, this words, half of a plane’s space is With e-commerce delivery manufacturing to delivery, it supply chain technology will be logistics, and sometimes, sales trend will drive more 3D printing, usually empty. This increases clearly more important than also surfaced an important shaped by this pandemic. for a bespoke product. Behind which allows faster prototyping, prices and exacts a heavy ever, the pandemic surfaced takeaway. Nearly all the the trend lies two simple drivers. as well as innovation in robotics environmental toll. two major areas that require technology and new processes First Mile First, it’s easier than ever to in the manufacturing space. The platform connectivity a technological solution. The required to contend with these Nearly any shipment, whether reach targeted audiences, either In the food and beverage that has shaped enterprise first is the underlying number types of systematic shocker international, domestic, or through demand aggregators, like business, Trellis developed B2B sectors like insurance and of companies that can fulfill exist. Moreover, across the last-mile delivery, requires Amazon, or through a company’s a food intelligence platform finance is taking shape through deliveries, with Amazon owning entire spectrum of businesses, the services of a truck. In non- own website. Second, it’s easier enabling forecasting and digital air cargo. Companies like some half of the entire US from one-person e-commerce Covid times, this is one of the than ever to tap into companies optimization of crop production, WebCargo work together with e-commerce market. This has vendors to Amazon, there most expensive parts of global like Alibaba, Sourcify, and yes, supply chain fluctuations and airlines to digitize available prompted Amazon to build up already is some degree of shipping, primarily due to the Freightos.com, to manufacture market trends. capacity, add a layer of dynamic its own delivery infrastructure. adoption. If anything, the crisis expensive labor costs involved: anything. For international freight, pricing, and then connect them However, even before Covid-19, may have crystalized just how safety regulations require This makes small businesses flexibility will remain the directly to logistics providers that still meant that half of all important faster and broader down-time for drivers in order infinitely more agile than the byword; the need to rapidly shift or importers. These steps deliveries were fulfilled by other adoption of these measures are to ensure alertness, slowing juggernauts, explaining the $1 import activity from one country improve capacity utilization, companies. The outbreak scare in order to support a world that down long-haul trucking or billion acquisition of Dollar Shave to another or even to change the lower the manual sales and for companies over-relying on is increasingly dependent on the requiring multiple drivers. Club by Unilever. During the course of a shipment in mid- booking time by upwards of Amazon fulfillment is unlikely ability to get anything anywhere. The one-two punch of electric pandemic, this fact became even process if, say, an airport is three hours per shipment, and, to be forgotten quickly. Here Because if Covid-19 has made vehicles to save on fuel costs, more apparent. On Freightos. closed down due to a pandemic, most importantly, lower the enter companies like Shopify, anything clear, it’s that ship as well as the adoption of com, shipments to Amazon will be key. end air cargo costs by some which announced a massive happens.

22 Innovation Insider 023 Robotic Process Automation: Future of Financial Services A virtual robotic workforce will automate many of the repetitive, mundane tasks financial areas, from revamping bank institutions are littered Remote Work & with Cyber Risk: branches to creating new online While more employees features could be on the horizon. Digitization: work from home, increased cybersecurity Financial institutions are going Outdated banking mainframes need to be measures are taken to partner with digital FinTechs overhauled before banks to address new vulnerabilities in order to digitize their services can go digital and/or provide new offerings to customers. Those who are open to change and are willing to move fast can survive this crisis and emerge stronger.

Banks get Physical Financial institutions need to make sure they’re physically ready for digitization. While some of the bigger banks have invested heavily in digital transformation, a vast majority of the industry is still built on legacy systems. Recent reports showed that 55% of banks lack digital maturity. A 2017 study by Celent, Accenture, and IBM found that 43% of banking systems were built on COBOL, Cashinghe Covid-19 outbreakIn a programming language from While the financial has already changed the 1959. Some US states even lack way the world lives and COBOL programmers to help industry wasn't hit works (or doesn’t work). outdated banking mainframes. While many sectors, such More than half of the industry as badly as others, it as travel and healthcare, will won’t be able to implement a Tbe completely different in the FinTech solution if it wanted. hasn't been immune. post-Covid-19 world, there may Financial institutions With legacy systems be no paradigm shift for financial will either need to build new A New Customer services. Unlike past crises, systems from scratch (massive Experience: Banks need to the current one was neither software providers like IBM or Going Cashless: offer a better user designed in the 50s, the While the end of ATMs experience for caused by massively overvalued AI-operating-system provider is not around the corner, customers banking investments with little traction BlackSwan Technologies) or the journey towards online outbreak may be the abandoning paper money (as in 2000) nor by a failure in create a bridge between the will accelerate catalyst banks needed the financial system itself (as in old back office and new digital 2008). tools (OpenLegacy). Overhauling to digitize Covid-19’s impact on financial a system may be costly and Digital IDs: services will most likely be a drive might intimidate some senior As more banking to digitization, with financial managers, but is essential in employees are not prepared to be DLP™, a solution protecting shifts online, new as Morphisec protects the technologies are institutions rushing to implement order to compete in the new connected to banking servers to organizational data proactively, used to identify endpoint devices themselves and many of the digital tools they had Covid-19 reality. do their jobs. While banks can use seamlessly, and automatically, and authenticate Perception Point spots threats customers available but didn’t prioritize or VPNs for connectivity and provide while simultaneously improving from e-mail, Slack, Dropbox, integrate fast enough. Banks Go Remote employees with laptops, an corporate compliance. and other tools. Two-factor For traditional financial Many consumers still go to additional issue arises: cyber risk. Perception Point and authentication and hardware institutions that haven’t fully branches for their banking, There are startups available Morphisec provide next security solutions (such as embraced the digital age yet, and many don’t even have to help banks focus more on generation endpoint threat HUB Security) are examples of Josh Liggett, it’s time to move quickly or risk online applications/solutions endpoint protection and ensuring detection of malware attacks the many ways companies will Fintech Lead losing market share. Dramatic for completing loans, opening data is safe. for digital enterprises. Both need to protect their remote Illustration Yaniv Torem changes in various business accounts, etc. Furthermore, many ITsMine provides Beyond companies work together, workspaces.

24 Innovation Insider 025 Future of Financial Services

The Robotic Workforce Enters While two-factor Once back offices are digitized authentication, complicated Challenger and employees are secure in passwords, and other measures remote locations, financial can be taken, they don’t truly institutions can begin to reinvent provide the digital identity that Banks Step Up the way they communicate with many institutions will need when Covid-19 may also accelerate their customers. Lemonade moving significant funds. the conflict between has been a model in the Trusona and BioCatch are traditional and challenger insurance industry by making two companies helping provide banks. its app the center of its customer validation of digital identities, Over the past few years, service. BlueVine, Fundbox, specializing in identity theft hundreds of millions of dollars ezbob, and Kabbage have had protection and biometric have been poured into funding similar success with small profiling, respectively. countless challenger banks. business lending. The idea of abandoning paper Challengers provide customers The center of these tools money, which has been floated with a fully digital experience that are AI for risk assessment and for the last few years, is even is user friendly and easily connects natural language processing more relevant now with the need Rewire. Easy cash and with other FinTech products. (NLP) for communication. for social distancing. Sweden is withdrawals For example, N26 customers use AI risk assessment has been planning on introducing its own TransferWise for cross-border FX transactions, not a strong trend in moving digital currency in 2021 and plans the bank itself. Rewire, a challenger bank for the away from traditional credit to become cashless by 2023. A unbanked, uses partnerships with ATM networks score models, especially for leaked early draft of the U.S.’s and merchants to provide easy cash withdrawals and developing countries and small Coronavirus Aid Act considered deposits. business lenders. While there a “digital dollar” as part of the Challenger banks are built for this crisis. They’re are a plethora of AI tools and stimulus. fully digital so there’s no bank branches. While chatbots in the market, banks While the idea of a digital retail banks are reeling about how to move into may want to use companies like dollar didn’t make it into a different model of user interaction, challenger EasySend to create, deploy, and even more online, like opening the final bill, it does provide banks are already there. Traditional banks have tried maintain smart forms like loan 43% of banking systems are built on COBOL, accounts without ever entering a insight into where the world is to “recreate” challenger banks, but without much applications and onboarding. branch. This puts more pressure headed. Many banks are already success (JP Morgan shut down its millennial-focused Robotic Process Automation a programming language from 1959. More than on financial institutions to connected to payment tools such banking app Finn only after a year). (RPA) is another feature that half of the industry won’t be able to implement authenticate a user. KYC (Know as PayPal or Zelle and there are On the other hand, it's unclear whether customers many financial institutions are Your Customer) will extend significant changes in the offing are using challenger banks as their main or secondary implementing. It was one of a FinTech solution if it wanted beyond a regulatory framework that affect current sources of accounts. Now, with economic uncertainty, will the hottest trends in FinTech as a supplement to help with visit 26 different bank websites to become “Know (if this is) Your revenue, such as the end of the customers put a majority of their savings in a new, even before the crisis. RPA is a workflow. to check the account status Customer.” ubiquitous ATM machine. digital only, challenger bank? standard term of a virtual robotic The RPA market is already well in each, verify that claims Most challenger banks don’t have a core, workforce that automatically established, with multibillion- payments were made properly, profitable business model. While operating in the performs mundane, repetitive dollar RPA specialists Automation and update them. This process Financial Institutions' Readiness To Leaverage red may have been acceptable in the pre-Covid tasks alongside humans. The Anywhere, Blue Prism, and took four days while Kryon Digital Technologies world, it may not be so now. Challenger banks financial sector is littered UiPath leading the market and completed it in two hours. raised rounds at very high valuations in the past few High or very high Moderate Low with these types of tasks and companies like Pegasystems and RPA will continue to grow years and while many of them claim to have lots of cash in the bank, they may be forced to raise down RPA companies have already NICE including RPA as a part of as more companies recognize Mobility 43% 38% 19% automated various chores like their product suite. the incredible power of this rounds to keep afloat, which may scare customers. Open banking APIs 35% 31% 34% replacing lost or stolen credit Kryon is providing RPA technology. Many have floated the notion of banks purchasing Conversational Banking 32% 32% 36% cards, reconciling scanned files with a twist: it offers a patented challenger banks for their digital platform and Advanced analytics/AI 31% 32% 37% with consultants’ time sheets, machine vision feature called Digital IDs That Work customer base. However, that may not be so simple, and monitoring new regulations process discovery. This Another hot trend from before Robotic process automation 31% 37% 44% for reasons ranging from price and customer for compliance. allows Kryon’s software to Covid-19 is digital identity. Cloud computing 31% 25% 32% retention to the value of a challenger bank. It The Covid-19 crisis makes automatically understand what While we’re still far away from Internet of things (IoT) 13% 25% 61% remains to be seen if challenger banks can finally RPA even more important. tasks should be automated, a universal digital ID, Covid-19 Blockchain 12% 20% 68% compete on the same level as traditional banks, or Companies choosing to cut permitting a smoother adoption has created a more pressing Wearables 11% 28% 61% if traditional banks have the agility and speed to their burn rate and maximize process. For example, an issue for financial institutions. Source: Business Insider Intelligence digitize and adapt to what challengers have already employee efficiency can use RPA insurance provider needed to In the new era, customers will do created.

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