Since 1962, Elron Electronic has been a well-known name in the Israeli venture capital industry. The company’s primary focus is initial investing, using knowledge across numerous sectors and significant strategic alliances to provide funding and support to potential Israeli digital startups, assisting them in realising their ambition to become great global leaders.
About The Company
Elron Electronic is a Tel Aviv-based Israeli technology holding firm that has been engaged in creating, financing, and developing more than 30 companies since its founding in 1962. It is regarded as one of the cornerstones of Israel’s high-tech sector. The company is active in various industries like medical technology, clean technology, information technology, semiconductors, and telecommunications. The businesses under Elron now have annual revenue of almost $5 billion. The company is headquartered in Haifa, Israel.
History
With the assistance of Dan Tolkowsky of the Discount Investment Corporation, Uzia Galil launched Elron in 1962. Shimon Peres, a defense minister at the time, visited Elron in 1966, and Uzia persuaded him to find a new business that would create minicomputers for defense uses. Initially known as Elbit Computers, the new business was a partnership between Elron Electronic and the Israeli Ministry of Defense (each holding 50 percent of the company). In 1967, the business unveiled the Elbit-100 minicomputer as its first product. Over the years, the business has evolved to become Elbit Systems, a global defense electronics company. Avraham Suhami, a brilliant engineer who had just received his Ph.D. from the Technion, was persuaded by Uzia to work with him in 1969 to launch a new business called Elscint that would concentrate on the innovation of scientific and medical solutions. The company produced MRI and CT scanners, among other pieces of medical imaging technology. Elscint was the first Israeli business to launch an IPO on NASDAQ in 1972. Elscint’s earnings increased to $311 million by 1996.
Current Holdings
Elron commemorated its 50th anniversary in 2012 and made the announcement that the company would only be investing in medical devices going forward. As of 2013, it held stakes in seven businesses operating in this sector, including Brainsgate, Given Imaging, and Pocared.
Founder – Uzia Galil
After a brief stint of working with Motorola in the US, Uzia Galil was introduced to the technology sector and decided to launch Israel’s debut high-tech startup firm. He founded the business in a buddy’s (Benjamin Sandller’s) apartment in Haifa while he was still in the Navy. The company’s initial offerings were measurement devices for use in electrical and medical applications. Uzia left the Navy in 1958, but the business failed to make enough money, so he took a job at the Technion’s physics lab. It was then that Dan Tolkowsky was introduced to Uzia. Dan, who found Uzia’s theories fascinating, persuaded the management of Discount Investment Corporation to provide funding for the business. Elron officially began operations in 1962 with a valuation of $160,000 and achieved $1 million in annual revenue within three years.
CEO – Ari Bronshtein
After acting as co-CEO of Elron from May 2009, Mr. Bronshtein has been the company’s CEO since June 2010. In the past, he was also the director of Elron. He provides a wealth of experience in company growth, financial management, and managing technological enterprises. He has held a number of executive positions at Bezeq, Comverse, and Tadiran. He currently holds directorships in Cellcom Israel, as well as other businesses belonging to the Elron and IDB groups. Mr. Bronshtein graduated from Tel Aviv University with a BA in Finance and Management and a Master in Finance & Accounting.
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