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.
The surprise decision comes during a tough time for Qwilt, a company that helps speed up video delivery. In May, it laid off 35 employees, and now it has approximately 110 staff members. Reports indicate that Qwilt is currently exploring the possibility of merging with or acquiring other companies to support its next stage of growth.
Qwilt was founded in 2010 by Alon Maor, Dan Sachar, Giora Yaron, and Yuval Shachar — with Shachar still serving as chairman of the board. The company develops software that accelerates and enhances the delivery of video content over the internet.
Qwilt’s primary technology utilizes the Open Caching model. This lets internet service providers and streaming platforms deliver high-quality video more efficiently by storing popular videos closer to viewers using the Edge Cloud. This reduces buffering, makes videos load faster, and lowers the pressure on the internet.
Well-known investors, including Disruptive, Innovation Endeavors, Accel, Bessemer Venture Partners, and Redpoint Ventures, back Qwilt. So far, the company has raised over $134 million.
In 2021, Qwilt raised $70 million in a significant funding round, led by a strategic investment from Cisco. That round valued the company at about $700 million.
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