Israeli company Wisense Technologies, a developer of radar technology for autonomous vehicles, is shutting down. The company had about 70 employees. In November last year, it notified 90% of them of the termination of their employment. Some of them were on active reserve duty in the IDF and some are among the people evacuated from Gaza Strip border settlements.
The company left a few employees to sell its assets. In mid-January, it notified them too that it would be closed within a month.
Wisesense Technologies was founded in 2018 by Moshik Cohen, who has a doctorate in electrical engineering and who previously worked at Intel and at Israel Aerospace Industries. The first investor in the company was Shmuel Harlap, who was later joined by Eyal Waldman, the More fund, and Bank Leumi.
The company operated below the radar, with no media coverage whatsoever. According to industry sources, it was well advanced in developing a chip for autonomous vehicles and had dozens of customers, among them major players in the autonomous vehicle field. Other sources said that reports of the company’s impending closure had leaked before the war, and that at the time the company claimed that there was no intention of shutting it down or laying off employees.
Published by Globes, Israel business news - en.globes.co.il - on February 13, 2024.
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