About Rafael Development Corporation
Rafael Development Corporation is a venture capital firm founded in 1993. It is primarily based out of Tel Aviv, Israel. As of Nov 2021, Rafael Development Corporation has invested in 15 companies. It primarily invests in Series A round in Israel based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to HealthTech and High Tech. Most recently it participated in the $***** Series B round of N-Drip Overall, Rafael Development Corporation portfolio has seen 9 acquisitions including key companies like Cynerio, Secdo and Galil Medical. A lot of funds co-invest with Rafael Development Corporation, with names like Elron Ventures sharing a substantial percentage of its portfolio. Rafael Development Corporation has team of 3 people including 1 partners.Key Metrics
Team Members
Portfolio Count
Portfolio Sectors
Portfolio Locations
Rounds of Entry
Series A, Seed & 1 more
Portfolio Soonicorns
Rafael Development Corporation's List of Top Investments
Rafael Development Corporation has a portfolio of 15 companies. Their most notable investments are in Iron Scales and Secdo.Their portfolio spans across Israel and United States. They have invested in Enterprise Applications, HealthTech, High Tech and 8 other sectors, across stages such as Series A, Seed and 1 more. Here is the list of top investments by Rafael Development Corporation:
1. Iron Scales
Provider of AI-powered email security solutions protecting against advanced email threats. The company offers protection against business email compromise, account takeover, and generative AI attacks. It provides tools for phishing simulation testing and security awareness training. The company's platform integrates with Microsoft 365, Microsoft Teams, and Google Workspace.
Key facts about Iron Scales
- Founded Year: 2013
- Location: Atlanta (United States)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $95M
- Employee Count: 180 as on Sep 30, 2026
- Investors: BayHawk Capital, 8200 EISP and 7 Others
- Latest Funding Round: Series C, Dec 07, 2021, $*****
- Highlight: Editors' Pick
2. OpenLegacy
AI-driven platform modernizing legacy systems with seamless cloud migration and API generation. It offers an AI-powered solution for enterprises seeking digital transformation by unlocking legacy systems. The platform enables agile, structured, and phased cloud migration without disruption or rewrites. It automatically generates digital services and standardized APIs from legacy systems, facilitating integration with modern architectures. The platform supports hybrid cloud environments and offers solutions for various industries, including finance, insurance, manufacturing, and retail. It provides tools for analyzing, planning, and executing modernization projects, ensuring continuous operations and future-proofing legacy investments. The platform integrates with top cloud providers and modernization ecosystems, offering a comprehensive approach to legacy modernization, APIzation, microservices, DevOps, and hybrid integration. It is a B2B SaaS platform that leverages Artificial Intelligence to streamline legacy system integration and cloud migration.
Key facts about OpenLegacy
- Founded Year: 2014
- Location: Princeton (United States)
- Stage: Series B
- Total Funding till date: $50M
- Employee Count: 62 as on Sep 30, 2026
- Investors: BNP Paribas, O.G. Tech and 14 Others
- Latest Funding Round: Series B, Jan 31, 2020, $*****
- Highlight: Editors' Pick
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3. Cynerio
Cynerio provides solutions for health data security. The network-based platform gives data visibility into the function and behavior of every medical device, provides protection to ensure operational availability and patient safety. It continuously discovers and classifies all the connected medical devices maps their network behavior based on the context of their communications. It also detects threats in the healthcare context behavior analysis.
Key facts about Cynerio
4. N-Drip
Gravity-powered micro-irrigation solutions for sustainable agriculture, conserving water and enhancing yields. This company provides disruptive, precise irrigation technology that transforms agriculture by conserving water, reducing energy and fertilizer use, and enhancing yield potential. The solution is cost-effective for converting flood-irrigated fields into water-efficient systems, replenishing water used in different industries while helping to transform agriculture to become sustainable. The gravity-powered micro-irrigation solution utilizes always-available gravity to deliver precise, efficient irrigation to a wide array of crops regardless of water source, quality, or soil conditions. Agronomists and irrigation specialists work closely with farmers to ensure water savings are achieved, alongside additional benefits including lower energy costs, reduced fertilizer use, and lower labor costs. A decision support system continuously monitors fields, measures water savings, and provides accurate data on water usage and fertilizer application. This company offers an innovative solution for water replenishment initiatives, ensuring sustainable water management.
Key facts about N-Drip
- Founded Year: 2015
- Location: Bnei Atarot (Israel)
- Valuation: $*****
- Stage: Series C
- Total Funding till date: $80M
- Employee Count: 64 as on Sep 30, 2026
- Investors: Hamilton Lane, Florida-Israel Business Accelerator and 14 Others
- Latest Funding Round: Series C, Jun 21, 2023, $*****
- Highlight: Editors' Pick
5. Secdo
AI-powered cybersecurity solutions for endpoint protection and extended detection. The company provides comprehensive endpoint security through its Cortex XDR platform, utilizing AI and behavioral analysis to combat advanced threats. It offers next-generation antivirus, host firewall, disk encryption, device control, and vulnerability assessment. The solution focuses on malware prevention, exploit blocking, and data loss prevention. With a cloud-delivered agent, it ensures ease of deployment and minimal impact on endpoint performance. The company emphasizes proactive threat intelligence, machine learning-driven detection, and swift incident response. It aims to provide complete visibility across the organization, eliminating blind spots and rooting out advanced threats. The company's offerings include AI-Driven Security Operations Platform, Cloud Security, AI-Powered Network Security Platform, Secure Access Service Edge, and more.
Key facts about Secdo
- Founded Year: 2014
- Location: New York City (United States)
- Stage: Acquired
- Total Funding till date: $13M
- Employee Count: 50 - 199 as on Mar 01, 2026
- Investors: Rafael Development Corporation, Elron Ventures and 2 Others
- Latest Funding Round: Series A, Dec 06, 2016, $*****
- Highlight: Acquired
Rafael Development Corporation's Year-on-Year Investment Trends
Rafael Development Corporation has invested in 15 companies over the last 20 years, with an average of 1 new investment annually in the last 10 years. Its most recent first time investment was in N-Drip and most recent follow-on round was in Cynerio.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 1 | 1 | 2 |
2020 | 0 | 0 | 0 |
2019 | 1 | 0 | 1 |
2018 | 4 | 0 | 4 |
2017 | 0 | 1 | 1 |
Rafael Development Corporation's Investments by Stage
Rafael Development Corporation has made 7 investments in Series A stage with an average round size of $8.29M, 3 investments in Seed stage with an average round size of $2.03M and 3 investments in Series B stage with an average round size of $34M.Stage of entry | No. of Investments |
|---|---|
Series A | 7 |
Seed | 3 |
Series B | 3 |
Note: We have considered here, only first round of investments
Rafael Development Corporation's Investments by Sector
Rafael Development Corporation has a diverse portfolio, with companies operating in the Enterprise Applications, Enterprise Infrastructure, High Tech, FinTech and HealthTech. Notably, it has invested in 14 Tech companies, 12 Enterprise (B2B) companies, 11 Software companies and at least 3 companies focusing on Consumer (B2C).Sector | No. of Investments |
|---|---|
Enterprise Applications | 10 |
Enterprise Infrastructure | 7 |
High Tech | 3 |
FinTech | 2 |
HealthTech | 2 |
Others | 10 |
Note: We have considered here, only first round of investments
Rafael Development Corporation's Investments by Geography
Rafael Development Corporation has made most investments in Israel (8), followed by United States where it has made 5 investments.Country | No. of Investments |
|---|---|
Israel | 8 |
United States | 5 |
Note: We have considered here, only first round of investments
Rafael Development Corporation's recent investments
Rafael Development Corporation has not made any investment in 2026 so far.Here are the most recent investments by Rafael Development Corporation:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Nov 18, 2021 | Israel | Series B | 6007 | [+6] | |
May 18, 2021 | United States | Series B | 6329 | [+3] | |
Jan 09, 2019 | United States | Series A | 5122 | [+1] | |
Nov 28, 2018 | United States | Series B | 5377 | [+7] | |
Nov 13, 2018 | Israel | Seed | 2451 |
Acquired companies in Rafael Development Corporation's Portfolio
9 companies from Rafael Development Corporation's portfolio have been acquired. The most recent acquisition was Cynerio in Jul 2025 by Axonius for $*****.Here are Rafael Development Corporation's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Jul 26, 2025 | Jan 09, 2019 | Series A | 2951 | |
Nov 04, 2021 | Nov 13, 2018 | Seed | 4654 | |
Jun 21, 2021 | Apr 23, 2018 | Series A | 4609 | |
Mar 22, 2021 | Oct 16, 2018 | Series A | 5486 | |
Apr 10, 2018 | Dec 06, 2016 | Series A | 9224 |
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Team profile of Rafael Development Corporation
Rafael Development Corporation has a team of 3 members including 1 Partner, 1 Venture Partner and 1 Principal located in Israel and United States. Rafael Development Corporation's team does not sit on the board of any company as of now.Here is a list of all team members in Rafael Development Corporation:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Israel | - | - | |
Venture Partner | Israel | - | - | |
Principal | Conroe | - |
Co-investors of Rafael Development Corporation
Over the past 20 years, 50 investors have co-invested in Rafael Development Corporation's portfolio companies. This includes funds and angels.
- Invested before Rafael Development Corporation: Elron Ventures, Bridges Israel and 3 others have invested in rounds before Rafael Development Corporation. There are 5 companies where Elron Ventures has invested before Rafael Development Corporation and 1 company where Bridges Israel has invested before Rafael Development Corporation.
- Top Co-investors of Rafael Development Corporation: 30 investors entered a company along with Rafael Development Corporation. These include investors like Elron Ventures (3 companies).
- Invested after Rafael Development Corporation: A total of 15 investors have invested in Rafael Development Corporation's portfolio after their investments. Top Investors include K1 Investment Management (1 company), PSG (1 company) and Jump Capital (1 company).
Recent News related to Rafael Development Corporation
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Cynerio Secures $30 Million to Expand Healthcare IoT CybersecurityCynerio•May 26, 2021•Cynerio, ALIVE, Accelmed, RDC Capital Partners and 6 others
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Virtual Synthetic Data Firm OneView Secures $3.5 Mn in Seed Funding led by TPY CapitalIndianWeb2•Jun 22, 2020•One View, TPY Capital, Rafael Development Corporation, MediaTek and 1 other
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Cynerio Secures $7 Million Seed Round Funding to Drive US Market DevelopmentPR Newswire•Jan 09, 2019•Cynerio, Accelmed, MTIP, Rafael Development Corporation
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Israeli Debugging Startup OzCode Raises $3.5 millionCTech•Nov 13, 2018•OzCode, TPY Capital, Rafael Development Corporation
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Palo Alto Networks Announces Intent to Acquire SecdoPR Newswire•Apr 10, 2018•Palo Alto Networks, Secdo, Rafael Development Corporation, O.G. Tech and 3 others
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Ironscales locks in $6.5 mln Series APE Hub•Dec 05, 2017•Iron Scales, Rafael Development Corporation, K1 Investment Management
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SECDO Completes $10M Funding Citybizlist•Dec 06, 2016•Secdo, Rafael Development Corporation, O.G. Tech, Ariel Maislos and 2 others
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Galil Medical, a Leader in Cryotherapy Solutions, Announces $52 Million FinancingPR Newswire•Dec 11, 2006•Galil Medical, Thomas, McNerney & Partners, The Vertical Group, Investor Growth Capital and 2 others
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Galil Medical Raises $40 Million - PE HubPE Hub•Nov 22, 2006•Galil Medical, Thomas, McNerney & Partners, The Vertical Group, Investor Growth Capital and 2 others
