AI startup Noogata shuts down after raising $28 million
Team8-backed company with clients like PepsiCo and Colgate failed to meet milestones and will seek to sell its tech.
Israeli startup Noogata is shutting down. Founded in 2019 as part of Team8’s venture-building platform, the company raised $28 million to date. Its investors included Allon Ventures, Team8, Eight Roads, Inference Partners and Skylake Capital.
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Noogata developed an AI-powered organizational platform designed to provide insights, forecasts, and data-driven recommendations across departments, including sales, operations, finance, and marketing. The company had 10 employees at the time of closure. Noogata employed over 40 people when it raised a $16 million series A in April 2022. Its clients included Colgate Palmolive, PepsiCo, mDesign, and Bugatti.
The decision to shut down came after Noogata failed to meet key business milestones and was unable to secure new funding. It is expected that the company will seek to sell its underlying technology.
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Noogata was founded by Assaf Egozi, who served as the company’s CEO, and Oren Raboy, CTO, who began founding their company through assistance from Team8 in 2019. Egozi has over 20 years of experience in different management positions, and worked for 10 years at the Mckinsey consulting firm in different areas of the world. He also served as an independent consultant for Team8 since it launched in 2014. Raboy has rich technological and entrepreneurial experience including from his role as Senior Product Manager at Cisco, Director of Product Management at P-Cube, and at Totango, where he served as a co-founder, VP of Engineering, and VP of Products.
