Israeli tech announced $673M in acquisitions as Munich Re bought At-Bay, DoiT acquired Attribute and Ondas added Aran Defense.
Munich Re acquires At-Bay for $575 million
Munich Re has agreed to acquire Israeli-founded At-Bay for an enterprise value of $575 million. At-Bay combines cyber insurance with technology that continuously monitors, identifies and mitigates security risks for more than 35,000 insured businesses. The company was founded by Rotem Iram, Roman Itskovich, Etai Hochman and Tilly Kalisky. It has raised approximately $276 million and employs around 280 people in Israel and the United States. At-Bay will become part of HSB, Munich Re’s technology and cyber insurance business, subject to regulatory approval. Why it matters: The transaction reflects a broader shift in cyber insurance from compensating companies after an attack towards continuously identifying and reducing risk. The $575 million price is below At-Bay’s $1.35 billion valuation in 2021, but the company built a substantial operating business and created liquidity for investors and employees. It also marks Munich Re’s second major Israeli insurtech acquisition following Next Insurance.
DoiT acquires Attribute for an estimated $65 million
Israeli-American cloud intelligence company DoiT acquired Attribute, an Israeli startup that helps organisations understand and manage spending on AI models, tokens and cloud infrastructure. Attribute was founded in 2023 by Unit 81 alumni Izhak Zimmermann and Liad Tropp. Its platform can attribute AI and cloud costs to individual teams, products, features, agents and customers. The company raised approximately $13.5 million from investors including Mensch Capital, SCapital, HarelTech and IBI. Why it matters: AI costs are becoming harder for enterprises to understand as companies deploy multiple models and autonomous agents across different cloud environments. DoiT says only 15% of executives can currently calculate the return on their AI spending. Attribute gives DoiT an important layer for measuring and controlling one of the fastest-growing areas of enterprise expenditure.
Ondas acquires Aran Defense for approximately $33 million
Ondas agreed to acquire the defence development and manufacturing activities of Israel’s Aran Group for approximately NIS 100 million, equivalent to around $33 million. Aran Defense provides product development, engineering, prototyping and manufacturing capabilities across mechanical systems, electronics and software. The acquired business generated approximately $18 million in revenue during 2025 and gives Ondas additional capacity to manufacture autonomous aerial and ground defence systems in Israel. Why it matters: Ondas is rapidly assembling a vertically integrated Israeli defence technology platform. Its recent Israeli transactions include Omnisys, Sentrycs, Airobotics, Apeiro Motion and other robotics and defence businesses. The acquisition shows that the defence-tech opportunity is expanding beyond software and autonomous platforms into engineering, production and supply-chain capacity.
CrowdStrike's CTO is leaving to launch an AI-cyber fund
Gur Talpaz, Tayler Sipperly and Elia Zaitsev have launched Cognition Venture Partners, a new early-stage venture fund focused on cybersecurity. The fund is targeting approximately $170 million. The founding team brings experience across company formation, early-stage investing and cybersecurity M&A. Cognition intends to work with founders from the earliest stages of company creation as AI changes both the threats companies face and the infrastructure needed to defend against them. Why it matters: Cybersecurity remains one of Israel’s most durable venture advantages, but the market is changing quickly. AI agents, machine identities and autonomous attacks are creating new categories while forcing existing security platforms to evolve. Cognition’s launch shows that specialist investors continue to see substantial company-building opportunities at the earliest stages.
