20 March 2019 - 14 Adar II 5779 - י"ד אדר ב' ה' אלפים תשע"ט
Philippine Navy test-fires Israeli-made missile E-mail

The Philippine Navy testfired its first ship-borne missile in August, successfully striking a target six kilometres away.

The Israeli-made Spike ER missile is expected to give the Philippine Navy the ability to “strike a punch” at sea. The Philippines faces maritime challenges from China, which is expanding its military presence in the South China Sea, and from pirates in its southern waters.

Navy personnel aboard a multipurpose attack craft, or MPAC, operating in waters off Lamao Point in Bataan, launched a Spike Extended Range missile at a target, according to an announcement by the Philippine Navy. “The target was hit dead centre even if the sea state condition was moderately rough with a wave of at least one metre high but within the normal firing conditions of the missile,” Navy public affairs chief Commander Jonathan Zata told reporters.

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Trax Image Recognition raisies more capital funding E-mail

Trax Image Recognition, an Israeli-Singaporean company whose image-recognition technology is used by retailers to track their business, announced in July that it had completed its largest investment round to date, raising US$125 million.

The transaction was led by Boyu Capital, one of the largest private equity investment firms in Greater China. DC Thomson, a leading media organisation from the UK, also joined the investment round. A portion of the transaction will be used to buy the shares of some early investors.

Headquartered in Singapore, Trax is revolutionising the retail industry by delivering a single source of data for Consumer Packaged Goods (CPG) companies and retailers. Founded in 2010, the company was founded by Israelis Bar-El and Dror Feldheim. It employs 350 people, 150 of them in Israel.

To date, the company has raised approximately US$235 million in total funding and operates in over 50 countries with more than 175 client engagements.

Trax provides in-store execution, market-measurement and data-science solutions for CPG brands and retailers by harnessing its cutting-edge computer vision platform to process photos taken in store with mobile devices to deliver real-time, granular shelfand store-level insights.

“We could not be more thrilled to have Boyu Capital as a major backer of Trax alongside Warburg Pincus, our largest shareholder,” said Joel Bar-El, Trax CEO and co-founder. “Their experience and insights into the scale and pace of China’s retail technology environment will be incredibly valuable. The injection of funds from Boyu will allow us to drive continued innovation of our technologies at our computer vision center of excellence in Tel Aviv, Israel and to explore establishing an additional engineering center in China.”

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Israel Water Week in Vietnam E-mail

The Israel Water Week event took place in Hanoi from 9 to 13 July, with a range of activities designed to promote the sustainable management of water resources.

The event was organised by the Israel embassy and relevant agencies in collaboration with the Ministry of Natural Resources and Environment, the Ministry of Science and Technology and the Ministry of Agriculture and Rural Development.

At a conference on 13 July, Israeli and Vietnamese experts shared their experience in sustainable water-resource planning and management, and innovation in the water sector.

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IDE Technologies acquires stake in Sorek desalination plant E-mail

Israel’s desalination company IDE Technologies is strengthening its grip on the water desalination sector, announcing the exercise of its first refusal rights to acquire the holdings of Hong Kong-based Hutchison Water, its partner in the Sorek desalination plant franchise (49%), for NIS 195 million before adjustments, as reported by Globes.

The announcement of the sale comes six months after Hutchison Water selected the bid submitted by the Noy Fund to acquire its share in the desalination facility. Noy Fund, which wanted to acquire a foothold in the hot water desalination sector, confirmed the report, saying: “We have been notified by Hutchison that IDE has decided to exercise its first refusal rights. We are studying the decision and its consequences.” Following the completion of its acquisition, IDE will hold 100% ownership of the franchise for the desalination facility for Sorek (the SDL company).

The Sorek facility is the largest desalination plant in Israel and among the largest in the world. It is located one kilometre south of the Dan Sewage Reclamation (Shafdan) Project, close to the Sorek River in the sandy area of Rishon Lezion. Construction of the US$400 million plant began in January 2011. The plant, which has supplied drinking water since August 2013, has an annual production capacity of 150 million cubic metres.

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More military sales in India E-mail

According to local media reports, Israel-based Rafael Advanced Defense Systems Ltd will be awarded a contract to supply 4,500 Spike anti-tank guided missiles to India’s Ministry of Defence for US$500 million.

The Hindustan Times reported that the deal awaits final approval from India’s government. India originally wanted to purchase 8,000 Spike missiles, with 3,000 of the missiles to be manufactured in India. But the deal was called off, because Israel did not agree that so many of the missiles should be made in India.

The deal was reportedly renegotiated in January in government-to-government talks when Israeli Prime Minister Benjamin Netanyahu visited India. The new deal was for a much smaller number of missiles to be manufactured in India.

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