Venture Capital Firm Grove Raises $120 Million in Commitments for Second Fund
Grove has already made two investments from its second fund that will be announced in the upcoming months
Moran believes the coronavirus could have as much impact on the economy as a world war. “I know one thing, if you invest in trends, you will not last,” he said.
The current fund brings Grove’s commitments to $230 million. Tel Aviv-based Grove invests in companies focused on chips, internet-of-things (IoT), artificial intelligence, and cloud infrastructure, with the intent of leading innovation in various sectors including industry 4.0, digital health, and smart transportation.
Among Grove’s portfolio companies are battery free sensor startup Wiliot Ltd.; open-source API marketplace RapidAPI, incorporated as R Software Inc.; infrared imaging startup TriEye Ltd.; and industrial equipment sensor startup 3D Signals Ltd.
Before founding Grove in 2015, Moran was the CEO of M-Systems Inc., the company that invented the USB flash drive. M-systems was bought by SanDisk Corp. in 2006 for $1.6 billion. Additional partners in Grove are Sigalit Klimovsky, Lotan Levkowitz, and Omri Green.