Israeli tech founder sells Reverie to Bumi after being injured in Gaza

Itamar bin Hammu did not have to join the war. At the age of 49, the Israeli technology entrepreneur was out of mandatory military service. But after last year October 7 attack After joining Hamas, Ben Hammou joined as a reservist, confident that his experience fighting as a paratrooper in Lebanon in 2006 made him valuable to his country.

In January, during what was supposed to be a quick mission to Gaza to help a wounded soldier, Ben Hammou says he remembers hearing a gunshot and feeling searing pain. He was hit by a bullet that evaded his bulletproof vest. Several organs were damaged.

Ben Hammou was taken to the hospital. He remembers thinking he might not make it.

While Ben Hammou was recovering, the tech industry was in the midst of a fast-moving generational upgrade due to artificial intelligence. Businesses of all shapes and sizes have continued to look for ways to integrate technology into customer service, marketing, and sales.

Rivery, which Ben Himo helped launch in 2019, plays directly into this theme, specializing in software integration through artificial intelligence. Through Ben Himo's hospital stays, surgeries, and rehabilitation, Reverie continued to work and serve customers while reassuring other company executives.

Last week, nearly 11 months after Ben Himo was hospitalized, so was his startup Bought By a Pennsylvania-based cloud software company called Boomi. Terms of the deal were not disclosed, but Boomi CEO Steve Lucas told CNBC it was “in the region of $100 million.”

Lucas describes Bomi as “Google “Business translation,” taking the many different types of software a company uses, regardless of programming language, and integrating them all into one powerful system. What makes Rivery so attractive is that it helps advance software integration by doing so, he said. Real-time in the cloud using AI to analyze different types of data sets.

During his three-month recovery, Ben Hammou held company meetings and spoke to investors from his hospital bed.

“For me, anyone with that kind of consistency has what it takes to make the software work,” Lucas said.

Rivery has about 100 employees and 450 customers from all over the world. Ben Himu said several other suitors had contacted him but he was not looking for a deal until Bomi sent his investors an email. Early major backers included Entrée Capital, State of Mind and Tiger Global Management.

Developments in artificial intelligence are happening so quickly that if companies are slow to properly adopt the technology, the risks will be existential, Lucas said.

“If you're a CEO and you're not thinking about how your company can have AI-based units, you could be the next big hit,” Lucas said, referring to the AI ​​company. demise From the once dominant video rental service.

Lucas says adding Rivery to Boomi will allow the combined company to keep its AI on track, and when it gets off track, it will be able to recognize it and bring in a human to quickly solve any customer service issue that comes up.

“With incomplete or scattered data, there is no artificial intelligence,” Ben Hammou said. “We found a way to solve this problem when information comes in, is interpreted and organized for customers.”

However, Lucas says he is well aware of the risks of making a large investment in Israel.

The war that began more than 14 months ago with the Hamas invasion is far from over. Israel remains a target of rockets from Gaza and ballistic missiles from as far away as Yemen. More than 100 hostages taken from Israel remain in captivity, and it is not clear how many are still alive.

In Gaza, the human toll in life and financial costs cannot be calculated, but Hamas claims that more than 40,000 people were killed. Photographs from the area indicate that very few buildings remain intact due to the ongoing war.

“I would be lying if I said we didn't take into account the risks of doing business in Israel, but some of the best technology in the world comes from Israel,” Lucas said.

Shortly after Ben Himo was wounded, another Revere employee, Itai Galea, was killed on duty in northern Israel, where the country was fighting the Iranian-backed Hezbollah. Galia, a 38-year-old reserve officer, was given shares in Reverie so that his surviving family would benefit from the Bumi deal.

According to the Israel Innovation Authority, part of the Israeli government, about 15% of tech workers have left their jobs to join the army due to the war. Foreign investors refrained from acquisitions and investments.

But there are signs of a revival.

A recent report from PricewaterhouseCoopers Israel shows that total Israeli startup exits have surpassed 2023 and average deal size now exceeds 2022 numbers. Rotem Eldar of Israeli venture firm 10D said: “2024 fundraising numbers are starting now.” “In line with pre-war numbers.” A report from 10D showed that cybersecurity companies are the biggest area investors are focusing on.

The Israeli stock market also witnessed a recovery, with Tel Aviv Stock Exchange More than doubled since October 2023 lows.

For Ben Hammou, the sale to Boomi marks his second successful exit as CEO and founder. He says he has now fully recovered from his injuries.

“I have the energy to do it,” he added. “I'm so excited, we all understand the gift of this opportunity.”

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