“Bigger than Wiz, why not?” - Index Ventures sees Israeli AI scaling past cybersecurity’s crown jewel

“Bigger than Wiz, why not?” Index Ventures partner Hannah Seal said with a smile when asked about the prospects of Wonderful, the Israeli AI startup her firm backed in a $34 million Seed round.

Speaking alongside Wonderful co-founder and CEO Bar Winkler at the Mind the Tech conference in London, Seal argued that Israeli entrepreneurs are particularly suited to thrive in AI’s turbulent market. “The traits we look for in AI founders, flexibility, resilience, and the ability to thrive in constant change, are especially strong in Israeli entrepreneurs,” she said.

Index Ventures was an early investor in Wiz, acquired earlier this year by Google for $32 billion.

Winkler, who previously spent seven years at ironSource and co-founded procurement platform Approve.com, acquired by Tipalti, described the scale of the opportunity in even starker terms. “Some of the best AI companies I meet are Israeli,” he said. “We have the mix of engineering talent, go-to-market strength, and urgency that this market demands.”

Both emphasized that revenue quality, rather than headline growth, will separate lasting companies from fleeting ones. Seal warned against “flash-in-the-pan” firms whose revenues may collapse as quickly as they rise. Winkler countered that Wonderful’s focus on large, traditional enterprises creates sticky, long-term contracts. “An enterprise adopting AI isn’t looking to replace it next year, they’re committing for a decade,” he said.

Wonderful raised $34 million in a Seed round led by Index Ventures earlier this year, with participation from Bessemer Venture Partners and Vine Ventures. The company has developed a system of AI agents that manage voice, chat, and email interactions for call centers in non-English-speaking countries. Wonderful has already begun operations in Israel, working with major organizations such as Bezeq and Maccabi Health Services. Its platform enables a wide range of tasks to be handled by AI agents without human intervention.

On valuations, Seal pushed back against suggestions of froth. “AI is creating real value, real technology, and real impact,” she said. “That justifies strong valuations in many cases.” Winkler framed Wonderful’s own value proposition in terms of replacement: “We’re replacing tasks that people are doing today. The value is tangible.”

Both also predicted consolidation in the sector as incumbents acquire startups to accelerate adoption. Yet Seal pointed to Wonderful as a rare exception: “It’s one of the fastest-growing companies we’ve seen, even while selling to large, slow-moving enterprises.”

“flash-in-the-pan” firms whose revenues may collapse as quickly as they rise. Winkler countered that Wonderful’s focus on large, traditional enterprises creates sticky, long-term contracts. “An enterprise adopting AI isn’t looking to replace it next year, they’re committing for a decade,” he said.

Wonderful raised $34 million in a Seed round led by Index Ventures earlier this year, with participation from Bessemer Venture Partners and Vine Ventures. The company has developed a system of AI agents that manage voice, chat, and email interactions for call centers in non-English-speaking countries. Wonderful has already begun operations in Israel, working with major organizations such as Bezeq and Maccabi Health Services. Its platform enables a wide range of tasks to be handled by AI agents without human intervention.

On valuations, Seal pushed back against suggestions of froth. “AI is creating real value, real technology, and real impact,” she said. “That justifies strong valuations in many cases.” Winkler framed Wonderful’s own value proposition in terms of replacement: “We’re replacing tasks that people are doing today. The value is tangible.”

Both also predicted consolidation in the sector as incumbents acquire startups to accelerate adoption. Yet Seal pointed to Wonderful as a rare exception: “It’s one of the fastest-growing companies we’ve seen, even while selling to large, slow-moving enterprises.”