Qwilt CEO quits as $134M-backed startup considers mergers
Alon Maor to remain advisor as company pivots strategy and trims workforce.
Israeli high-tech company Qwilt, which has raised more than $134 million to date, is undergoing a major shakeup: CEO and co-founder Alon Maor has stepped down and will now serve as an advisor to the company’s board of directors, Calcalist has learned.
The unexpected move comes at a challenging time for the video acceleration company, which laid off 35 employees in May and now employs around 110 people. According to estimates, Qwilt is currently exploring various merger and acquisition opportunities as part of its strategy to secure its next growth phase.
Founded in 2010, Qwilt was launched by Maor alongside Dan Sachar, Giora Yaron, and Yuval Shachar, who remains chairman of the board. The company develops software to accelerate and optimize the delivery of video content over the internet. Its flagship technology, based on the Open Caching model, allows internet service providers and streaming companies to deliver high-quality video streams more efficiently by caching popular content closer to end users in the Edge Cloud. This reduces buffering, improves load times, and eases the burden on network bandwidth.
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Backed by investors such as Disruptive, Innovation Endeavors, Accel, Bessemer Venture Partners, and Redpoint Ventures, Qwilt has raised over $134 million to date. In 2021 alone, the company secured a $70 million round anchored by a strategic investment from Cisco, which valued the company at around $700 million.
