8 Hamada, Herzliya Pituach 46140 Israel T:+972-9-955-0560
info@harel-hertz.com ; www.harel-hertz.com© 2020 - 2021 Harel - Hertz Investment House All Rights ReservedAbout Harel-Hertz Investments House
Founded in 1994, Harel-Hertz Investment House Ltd (HIH) is Strategy and Business
Development Consulting and Investment Banking Boutique, promoting businessbetween Japan, Israel, and the world.
At HIH we provide tailor-made services at top professional standards, withpersonalized attention to every customer, to fit the specific requirements of eachbusiness opportunity.
HIH is intimately connected with leading technology companies, entrepreneurs, VCs
and opinion leaders in Israel and Japan, and operates out of its offices in Herzliya
and Tokyo.
​HIH was founded on dedication, experience, professionalism, responsibility,
dependability and personal relations with its clients

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Japanese investments in Israel – 2021
. HIH is delighted to continue with the tradition of presenting the review of Japanese investments in Israel.
Since Q4 of 2019 economic activities were overshadowed by the burst of the Covid-19 ,Corona pandemic,
which threatened to depress Economies, increase isolation and minimize international engagements.
We are therefore pleased to emphasize that 2021 was another record breaking year in Japanese
investments and expansion of its economic involvement here.
With investments of $ 2.945Bn Japan has become a meaningful player in the Israeli High-tech, taking ashare of 12% of total investments in this industry.
Japanese Investments in Israel, have grown by 195% , out passing the outstanding growth of overall
investments -146% ( 2021 compared to 2020 according to IVC-Meitar report)
Number of investments has also reached a record of 85 investments, breaking the record number of 2019
(70 investments)
The overall volume of Japanese investment was. Also influenced by 3 impressive acquisitions ( see slide23) although the number of M&A deals is still modest.

The growth of Japanese interest in Israeli technology corresponds with the impact of the US-China conflicton the activities of the Israeli start-ups. In many aspects Japan has become Asia main source ofinvestments and a hub for APAC activities.

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Japanese investments in Israel – 2021 (continued)• Transformation in Japanese activities :
•
•

•
•
•
•
•
•
•

Since the beginning of the Century Japanese investments in Israel reached an accumulated amount of $13Bn!
Japan’s role in FDI has grown dramatically from insignificant 1.8% in 2016 to impressive 12% this year, 2021. This year
percentage is an all time high..
9 new Japanese investors ( 2 Funds and 7 corporates) joined the team of investors.
Growth of involvement of Japanese VCs located in Israel: overall 18 Japanese VCs operate from local offices. This inparallel to the important increase of Japanese names with Israel fixed presence:, which has grown from modest 15 in2015 to close to 97 offices in 2021, the latest being NTT Lab, IN Raanana.
In spite of Covid-19,Japanese Institutional Investors ( banks and Insurance companies) expanded their activity in Israeli.
– initiating new alliances and new ventures with their local counterparts and Israeli VC’s. Institutional Investors increased
their involvement as Partners in funds like OurCROWD, Vertex, Team8, StageOne an others
More dedicated funds were established by major players like Softbank, Sumitomo, Marubeni , Olympus and NEC.

Another sign of maturity is evidenced by the fact that investments in rounds B and C, have outpaced those of Seeds andA,
Japanese VCs and CVCs still do not take lead investors position ,but prefer to join Israeli or global VCs.
Major changes since 2015 in the sectorial preference of Japanese investors, IT dominated with 64% in 2015 and dropped
to 13% todays, other industries like Automotive, LiveScience and Security took a significant slice in the cake.

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Japanese Investments and Acquisitions of Israeli Companies
2,945

90

85

80

70

2,160

2,500

70
63

60

2,000
1,537

50

43

40

1,151

1,168
30

23

-

1,500

36

33

25

22

756

20

10

3,000

101

139

10

6
41

32

4

57

4

422

8

26 1

3

13 2

8

6 142

911

1,031

500

9

6
106

221

13
6
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
#of investments

Comparison

2020

2021

Volume (M$)# of Japanese Investment

63

85

Volume of Japanese Investment

1031.12944.95

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1,000

-

Origin of Yearly Investment in Israeli High-Tech
85

5,000

4,000

2,233

63
3,000

70
1,608

2,000

1,295

2,683
1,000

1,700

1,333
2019

2020

2021

Comparison

2019

2020

2021

# of Israeli investment

1,295

1,608

2,233

# of Israeli investments# of Japanese investment*

70

63

85

# of Japanese investments*# of Foreign investment

1,333

1,700

2,683

Total # of Investments

2,628

3,308

4,916

# of Foreign investments

Data collected from IVC-Meitar “Israeli tech review 2021” report*Japanese investments are also included in foreign investment column

Yearly Volume of Investment in Israeli High-Tech (M$)
20000

18,639

18000
16000
14000
12000
10000
7,443

8000
5,648

6000
4000
2,180

5,556
2,945

2,561
1,314

2000

911

1,031

0
Volume of Israeli investment
2019
2020
2021
2021*

Data collected from IVC-Meitar “Israelitech review 2021” report

Volume of Foreign investmentcomparison

2019

2020

2021

Volume of Israeli investment

2,180

2,561

5,648

Volume of Japanese investment*

911

1,031

2,944.95

Volume of Foreign investment

5,556

7,443

18,639Volume of Undisclosed investment

-

-

1,314

Total Volume of investments

7,736

10,00425,601

Volume of Japanese investments**Some investors were undisclosed, therefore
they are separated.
**Japanese investments are also included inforeign investment column.

Yearly Number of Rounds of Investments VS Japanese Investments
773

800

85

700

604

600
509
36

500
400

405
33

432
25 6%
8%

428
43

63

10%

503
7%

70

14%

10%
688

300
200

11%

473

372

407

385

2015

2016

2017

541
433

100

2018

2019

2020

2021

# of non-Japanese investments# of Overall investments# of Japanese investments

Percentage # of Japanese investments from Overall investments

Data collected from IVC-Meitar “Israeli tech review 2021” report

8 Hamada, Herzliya Pituach 46140 Israel T:+972-9-955-0560
info@harel-hertz.com ; www.harel-hertz.com© 2020 - 2021 Harel - Hertz Investment House All Rights ReservedYearly Volume of Overall Investments VS Japanese Investments (M$)
25,601
25,0002,945 12%20,00015,00010,000

5,000

221

4,305
1,537 36%

4,505

3,100

2,768

2,345

2015

2016*

2017**

3,321

7%

2,160 48%-

Volume of non-Japanese investments
Volume of Japanese invesments*Including the acquisition of Alliance Tyres by Yokohoma
Rubber at the amount of 1,200M$ (2016).
Data collected from IVC-Meitar “Israeli tech review 2021” report

7,859
911 12%

5,865
756

13%
5,110
2018

6,948

2019

10,397
1,031 10%

22,656

9,366

2020

2021

Volume of Overall investments
Percentage # of Japanese investments from Overall investments** Including the acquisition of Neurodrem by Mitsubishi
Tanabe at the amount of 1,100M$(2017).

Number and Volume of Japanese Investments out of Overall
Investments in Percentage# OF INVESTMENTSPERCENTAGES
16%

VOLUME PERCENTAGES

60%
14%

14%

50%

12%

48%

11%

40%

10%

10%
8%

10%

8%

36%

7%

30%

6%
6%

20%

4%
13%

2%

12%

7%

10%

12%

0%

10%

0%
2015

2016*

2017**

2018

2019

2020

2021

# of Japanese investments out of total investments in precentage
Volume of Japanese investments out of total investments in precentage*Including the acquisition of Alliance Tyres by Yokohoma
Rubber at the amount of 1,200M$ (2016).
Data collected from IVC-Meitar “Israeli tech review 2021” report** Including the acquisition of Neurodrem by Mitsubishi
Tanabe at the amount of 1,100M$ (2017).

Top 10 Active Investors 2001 – 2021
2500

41
2,090

40

37

2000

1,918

1500

24

25

35
30

26

25
20

1000

15

14
500

45

15

15

11

10

10

332

299

275

67

102

88

150

0

# of Investments

Volume (M$)

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4

5-*Mitsui includes Magenta and MGI.
**Sumitomo includes IN Ventures and Presidio.

Top 5 Active Investors in 2021
12

1,025
1000

10

10

9
800
8
7

600

6
5

6
443

400

4

200

2

69

45

14

0

**Sumitomo

Mitsubishi# of Investments

MS&AD

Volume (M$)

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Softbank*Mitsui*Mitsui includes Magenta and MGI.
**Sumitomo includes IN Ventures and Presidio.

Japanese Investments in Israeli High-Tech by Round
3

90

1
80
2
70

6
4

60

1

11

30

2
1

5

28

19

1

19

22

7
9

11

21

20
10

1

14

50
40

3
7

18

12

12

7

4

0

2018

2019
Pre-seed

Seed

A

B

C+

Funds

2

1

2020

2021

Exits

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IPO

Other

Japanese Investments in Israeli High-Tech by Round in Percentages
2.9%
5.6%

100.0%

1.6%

2.8%

8.6%

2.8%
80.0%

3.5%

1.6%
3.5%

7.9%

8.2%

5.7%

19.4%

22.2%

15.7%

32.9%
60.0%

25.0%

27.1%

34.9%
22.4%

40.0%
33.3%

30.0%

12.9%

28.6%

20.0%
11.1%

14.1%

10.0%
3.2%

0.0%
2018

2019
Pre-seed

Seed

A

1.2%

2020
B

C+

Funds

Exits

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2021
IPO

Other

1.2%

Japanese Investments in Israeli High-Tech by Round Data
Number of Investment by Round

Percentage of Investment by Round

Investment

2018

2019

2020

2021

Investment

2018

2019

2020

2021

Pre-Seed

0

0

0

1

Pre-Seed

0

0

0

1.2%

Seed

4

7

2

12

Seed

11.1%

10%

3.2%

14.1%

A

12

21

18

11

A

33.3%

30%

28.6%

12.9%

B

9

19

22

19

B

25%

27.1%

34.9%

22.4%

C+

7

11

14

28

C+

19.4%

15.7%

22.2%

32.9%

Funds

1

4

5

7

Funds

2.8%

5.7%

7.9%

8.2%

Exits

1

6

1

3

Exits

2.8%

8.6%

1.6%

3.5%

IPO

0

0

0

1

IPO

0

0

0

1.2%

Other

2

2

1

3

Other

5.6%

2.9%

1.6%

3.5%

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Trends in Japanese Investments 2001-2021• Japanese investors have followed leading-edge technologies and have supported new
trends such as Automotive, Agritech, Insuetech• Japanese investors are moving into the space of “Deep Tech” with investments in Hardware,Life Science, and Deep Learning based solutions. These categories require long-term
partnerships and large investments (compared to IT SW, end-user services companies)• Since the breakout of the COVID-19 pandemic Japanese investors, led by the Japanese
government initiatives, have tried to address immediate necessities in areas such as
Health, DX transformation, Smart-City, Mobility, and Aging society.

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Investments by Sectors 2001-2015
Industry & Robotics, 1%
Cyber, 2%

Agritech, 1%

Energy, 1%
Fintech, 1%
AI, 1%Media, 3%
Fund & VC, 4%

Other, 10%
IT, 46%

Life science, 12%

Semiconductor, 19%

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Investments by Sectors 2016-2021
IOT & IIOT, 2%

Semiconductor, 2%

Energy, 2%

Foodtech, 1%

Media, 2%
Insurtech, 3%

Agritech, 3%Life science, 20%

Automation & Robotics &Fiber, 4%

AI, 5%

Cyber & Quantum, 14%
Fund & VC, 6%

Fintech & Crypto & Blockchain,
7%
IT, 13%

Other, 7%

Automotive & Mobility, 9%

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Investments by Sector & Year Change
100%

3%
4%

90%

9%

12%
19%

80%
14%

70%

6%

60%

19%

20%

50%

40%
22%
30%

48%

20%

2%
21%

10%

0%
2001-2015
IT

Semiconductor

2016-2021
Other

Life science

Fund & VC

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Cyber & AI

AutomotiveJapanese Acquisitions ofIsraeli Companies

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Japanese Acquisitions of Israeli Companies
Japanese
Company

IsraeliAcquiredCompany

Acquired
From

SectorYear

Volume ($M)

TDK

Nemic-Lambda

Shareholders

AC-DC

1982

N/A

Nikken Shusha

NBT

COOR

Chemicals

1989

10

Yaskawa robotics

Eshed Robotecs

Robogroup

robotics

1997/2008

5.7

SBI Holdings

QUARK

oracle-nitto

pharma2008/2014

120

ADM/Kaga*

ExplayFounders

IT

2009

4

* Explay closed in 2011

SUN Corporation**

Cellbrite

Founders

IT-Security

2017

17

Toshiba

OCZ

Nasdaq

IT

2013

35

** Sun corp' sold 25% of its
holdings in cellbrite to IGP
for $100M in 2019

Rakuten

Wiber

Founders

IT/SNS2014

900

Sony pictures***

Dori MediaDMG

IT/Media

2014

N/A

Dentsu Aegis

AbAgAdAbA

Founders/VC

IT/Media

2015

76

AsahiKasei-Zoll

Kyma Medical

Founders/VC

BioMed

2015

35

Sony

Altair Semi

Founders/VC

IT/Semi2016

230

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info@harel-hertz.com ; www.harel-hertz.com© 2020 - 2021 Harel - Hertz Investment House All Rights Reserved*** On June 2020 DMG
executed a buy back of SPG
50% holdings in Dori MediaJapanese Acquisitions of Israeli Companies (2)Japanese
Company

Israeli Acquired
Company

Acquired From

SectorYear

Volume ($M)

Yokohama Rubber

Alliance Tires

KKR P/E

Autom/chemicals

2016

1200

Sony Pictures*

Interlude/EKO

Founders/VC

IT/Media

2016

50

Orix**

Ormat

Publicenergy2017

626

Mitsubishi Tanabe

Neuroderm

Founders/Public

Pharma

2017

1100

Canon

BriefcamFounders/VC

IT

2018

70

Rigaku corp

XwinSYS

EuroControl

SEMI

2019

20

AnGes Inc

Emendo BioTherapeutics

Founders/VC

Pharma2020

250+50OlympusMeditate

Founders

Medical device

2021

300

Asahi Kasei(Zoll)

Itamar Medical

Founders

Medical device

2021

538

RenesasCELENOFounders

Semiconductor

2021

315

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info@harel-hertz.com ; www.harel-hertz.com© 2020 - 2021 Harel - Hertz Investment House All Rights Reserved* Sony Picturesacquired 50% ofInterlude/EKO.
** Orix Acquired
22% of Ormat.

Japanese VCs Present inIsrael8 Hamada, Herzliya Pituach 46140 Israel T:+972-9-955-0560
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Japanese VCs Present in Israel
Parent Company\
PartnershipJapanese
VC\CVC

Year Establishedin Israel# ofInvestments

Portfolio Companies

Mitsui

MGI

2008

10

Autotalks, Cipia (eyesight), Kaltura, Silk, Valens, EarlySense, Kaiima,
Claroty, eVolution, PhyTech,

TakedaTakeda Ventures
Inc

2014

5

Immpact-Bio, Futurx, Emendo-Bio, BiomX, Protekt

Samuraiincubators

2014

37

VertexCorundum

2015

5

Actifile, CouponRoller, Dogiz, Enerjoy, Go Watermelon, StartupEast,
ThemeGo, YapQ, Zerobillbank, Lemmeno, Parklife, Personafy,
RighTune, The Elegent Monkeys, TrendyGURU, Waveit app, Wonder
voice, Toky, Wisio, Speedup, Retube, Ondigo CRM, DiskonCloud,Gistit, Hexa, Mydimed, Porcupine, Actifile, Qprivacy, Webeyez,
eLoomina, FUGU, ADKnights, NeuroBrave, TrustPeers, CorrActions,
Spinframe technologies
270Surgical, Cathworks, EternaBio, Theranica, Dario

Sony

Sony Innovation

2016

3

Broadmann17, Trax, Anzu.

VertexSBI JI2017

13

Corundum

JOY

2017

8

Sompo Insurance

Sompo

2017

7

MGI – Mitsui

Magenta

2018

9

Adicet Bio, Ayala, BiomX, Biond Bio. BioSight, ChemomAb, Eloxx,
ImmunoBrain, Logic Bio, Orasis, cylus, D-Fend, Trigo
EmberLabs, Empatic Technologies, Myndlyft, NYX Technologies,
Reflect innovations, Sanga, Vi Technologies, Zoog.AI
Nexar, Guardian, Sensifree, Intuition Robotics, Panorays, Medigate,
Binah.ai
Autotalks, Valens, Workiz, Become, Hip, Brightway Vision, Veego,
Findings, Livecycle

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Japanese VCs Present In Israel (2)Parent Company\
PartnershipJapanese VC\CVC

Year Establishedin Israel# of Investments

Portfolio Companies

GiTV

2018

8

Kitov, Binah.ai, Adshir, Seebo, DLR, Feelit, Cognata,
Hoppo

Renault - Nissan –Mitsubishi

Alliance Ventures

2018

3

Upstream, Otonomo, Maniv mobility (Fund)

MaruhoMII Science VC

2018

4

Follicle Pharma, TPCera, Seanergy, MyBiotics

NTT

NTT VENTURES

2019

7

WSCSports, otonomo, Wiliot, VDOO, Riskified, Red
Bend, SundaySky

Marubeni

Marubeni

2019

3

ePlane, D-ID, Neurobrain

Sumitomo

IN Venturs

2019

6

Anagog, H2Pro, Classiq, Genox, GK8, Ottopia

Meitav – DashMUFG Innovation

2020

5

Mitsui – Sumitomo
Insurance

MS&AD ventures

2020

10

Aristagora

2020

4

FUNDBOX , BlueVine, liquidity Capital, ChargeAfter,
ObligoVDOO, Blackswan, Next Insurance, Bambi Dynamic,
Sproutt, InnerPlant, finTLV, Vesttoo, NeuraLight,
Centraleyes
Lynxight, Nimble, Suridata, Cady

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Japanese VC Investment Portfolio
Aristagora
MS&AD ventures
MUFG Innovation
IN Ventures
Marubeni
NTT VENTURESMII Science VC
Alliance Ventures
GiTV
Magenta
Sompo
JOY
SBI JISony Innovation
CorundumSamurai incubator
Takeda Ventures Inc
MGI

4
10

6

5

3

3

3

2

1
8
3

2

1
4
10

3

# of investments up to 2021

2
67

# of investments from 2021
2

8
13

1

2

4
5

31

6

5
12
0

5

3
10

15

20

Note- Some of the Japanese VC’s invested into thesame company before 2021 and at 2021.

25

30

35

Methodology and editors’ remarks
1. Data is collected by from public media and private sources.

2. Figures published in this review are based on accumulated data from numerous sources.
3. We are aware there are investments and partnerships which are non-disclosed for several
reasons, we did not publish unauthorized cases.
4. Non Equity transfers ( Advance payments, NRE’s, options and non refundable loans were
excluded from our statistics).
5. General FDI figures are based on data gathered from IVC-Meitar and IIA.
6. Stage of Finance was gathered from VC’s and Companies announcements.

7. Investments in companies in the USA, with no links to Israel ( but the origin of the founders)were not included in this survey.
8. Data of investments in previous years was edited according to new findings and publications
that were revealed in 2021.
8 Hamada, Herzliya Pituach 46140 Israel T:+972-9-955-0560
info@harel-hertz.com ; www.harel-hertz.com© 2020 - 2021 Harel - Hertz Investment House All Rights ReservedGeneral information about the review editors• Niv Vidal• Elchanan Harel•• President and Founder of Harel-Hertz

Niv is responsible for IT and Automotive bizdev activities.
Prior to joining HIH Niv worked at the Ministry of Social
Equality at the budgetary division. Niv holds a B.A. in
Economics and East Asian Studies from Tel-Aviv University.

• Helena Goldman•

Helena is responsible for IT and Semiconductors bizdev
activities. Prior to joining HIH Helena worked as a chemicallaboratorian QA at Paz Oil Company. Helena holds a B.A. in
Economics and East Asian Studies from Tel-Aviv University.

• Benzi Serebro•

Investments House• Elchanan Harel has been exploring Japan for overthree decades both as a banker as well as abusinessman and as a public official.

• He is a former Chairman of the Israel-Japan
Friendship Society and Chamber of Commerce and is
now its Honorary President• graduated in from the Hebrew University ofJerusalem and got his Masters degree from Tel Aviv
University.

Benzi is an IT Specialist and bizdev expert. Prior to joining
HIH Benzi worked as CIO, VP IT at EFR Group, and othertechnical and managerial roles at IBM. Benzi holds B.Sc. In
statistics and computer science.

• Elchanan Harel was bestowed in 2005 with the
honorable decoration, 'The Order of The Rising Sun,
Gold Rays with Neck Ribbon' by the Japanese
Government

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