Another Israeli special purpose acquisition company (SPAC) has filed to raise money on Wall Street to target merging with an Israeli tech company. BYTE acquisition filed on Friday with the US Securities and Exchange Commission (SEC) to raise up to $300 million.
Former Microsoft VP Danny Yamin will serve as CEO of the blank check company and one of the directors will be the entrepreneur Oded Melamed who founded Altair and Kiralis Technologies.
BYTE specified a wide range of tech sectors in which it will be scouting including cybersecurity, enterprise software, SaaS, fintech, auto-tech, semiconductors, medical technologies, AI, robotics and cloud computing.
SPACs have been all the rage on Wall Street over the past year and the trends is now heavily impacting Israel's tech sector. BYTE is the third company and fourth fund to focus on Israeli tech. ION Acquisition Corp's first SPAC has already agreed to merge with Israeli content recommendation company Taboola at a company valuation of $2.6 billion. ION has already raised a second SPAC and earlier this month Moringa raised $100 million on Nasdaq.
At the same time three Israeli auto-tech companies have agreed mergers with US SPACS - REE, Otonomo and Innoviz.
Published by Globes, Israel business news - en.globes.co.il - on February 28, 2021
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