Fosun Invests $14.25 Million in Israeli Fintech Startup BondIT

Shanghai-based conglomerate Fosun International Ltd. invested $14.25 in Israeli fintech startup BondIT Ltd., the companies announced Friday. Fosun representatives will join BondIT's board of directors.

The investment was first reported by Calcalist earlier this month, citing sources.

This is Fosun's first fintech investment in Israel. The company has been active in the Israeli life sciences sector for five years, since its 2013 acquisition of aesthetic laser company Alma Lasers for $240 million. Fosun invested $25 million in Israel-based medical device company OrNim Medical Ltd. in 2015 and bought Israel-based Dead Sea cosmetics manufacturer Ahava for $77 million in 2016.

Established in 2012, BondIT is dually headquartered in Hong Kong and in Herzliya, 9 miles (14 km) north of Tel Aviv. The company develops machine learning-based analytics and automation tools for the fixed income global market.

"We believe BondIT complements the Group's own financial ecosystem and as well as playing an important role in the upgrading of wealth management institutions with its disruptive technology,” said Fosun Chairman Guo Guangchang. “This investment also marks a continuation of our investment into the Israeli market, a market the Group remains optimistic on."

"The long-term vision of BondIT is to bring significant efficiency to the global bond markets through the application of artificial intelligence and data science," said Etai Ravid, founder and chief executive officer of BondIT. "With Fosun members sitting on the board as part of the deal, we believe they will bring their investment experience and China market expertise to the company."

"Fosun's investment and partnership will have a significant positive impact on our business, allowing us to accelerate our global expansion plans especially in the U.S., the world's largest fixed income market," said Adrian Gostick, chief revenue officer of BondIT.

Following the deal Fosun is now a major shareholder of BondIT.