Israeli personalized video as a service platform Idomoo has announced the successful completion of an Initial Public Offering (IPO) on the Tel Aviv Stock Exchange (TASE). The company said it had raised NIS 75 million at a company valuation of NIS 344 million. The IPO was led by Discount Capital Underwriters together with Orion Underwriting and Capital Market.
Idomoo was founded in 2007 by CEO Yaron Kalish, CTO Danny Kalish and VP R&D Assaf Fogel. The company has developed a video platform on a SaaS model, which allows users to produce and distribute personalized video clips made in real time.
According to its presentation, "Idomoo has devised the best way for a company to speak to its customers in the digital world - through a video personally adapted for everyone and produced in real time." The company's customers include Google, J.P. Morgan, Oracle, and Fidelity with finance being the main field that it is targeting, and which accounted for 42% of its revenue in 2020.
Yaron and Danny Kalish are brothers of Rami Kalish the founding and managing partner of the Pitango Venture Capital fund. He has invested in the company and serves as chairman. Other investors include Chemi Peres, who is also a founding and managing partner of Pitango, which has a 3.1% stake in the company. Ohad Finkelstein and Yuval Shahar's Marker Fund has a 10.7% stake, and Tal Barnoach's Disruptive VC fund has a 17.6% stake.
Previously, Idomoo had raised $40 million in four financing rounds.
The company had $8.7 million revenue in 2020, up 4.3% from 2019. R&D expenses last year rose 29.5% to $4 million and management expenditure rose 36.6% to $2.3 million, while sales and marketing expenditure fell 6.7% to $5.7 million. Operational loss amounted to $5.1 million, compared with $4.1 million in 2019.
Published by Globes, Israel business news - en.globes.co.il - on June 7, 2021
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