Elron Ventures Ltd · TASE:ELRN
Elron Ventures — Investor Presentation (March 2026)
50 slides from Elron Ventures's investor presentation, March 2026
Slide 1: Investor Presentation March 2026
Investor Presentation MARCH 2026 ELRONVENTURES.COM
Slide 2: Disclaimer
Disclaimer This presentation is for information purposes only. By this presentation, Marketing and Portfolio Management Law, 5755-1995. forward looking statements will be affected by factors that cannot be Elron does not intend to solicit offers to purchase its securities and the assessed in advance
Slide 3: Elron Ventures Corporate Overview
Elron Ventures Corporate Overview Established in 1961, Israel’s first evergreen fund; partnership with Rafael for over three decades Controlling Shareholder Currently Invests 26 Portfolio Arieli Group, since Sept. 2024 in Deep Tech, Defense Tech, Cybersecurity, Software/AI; Companies* Legacy Healtht
Slide 4: Year-to-Date Investments, Exits and Strategy
M&A-Led Strategy Exit Strategy We are pursuing a new M&A-led strategy We estimate that in the next 12 through RDC with our long-standing months we shall execute 1-3 exit Elron partner Rafael: Expanding from investor to strategic acquirer, by acquiring and scaling early-stage defense tech companies.*
Slide 5: 2025 Summary - A Year of Building, Exits and Growth
2025 Summary - A Year of Building, Exits and Growth Delivering on our strategy published in January 2025 Under new management, Elron is implementing a strategy focused on early-stage investments in defense-tech and deep-tech, alongside cyber investments. Concluding the year with exits alongside divi
Slide 6: Execution of a G&A Expense Reduction Strategy: ~20% Decrease
Execution of a GA Expense Reduction Strategy: ~20% Decrease Execution of a G&A Expense Reduction Strategy: ~20% Decrease The decline in G&A expenses was mainly due to a decrease in salary expenses and efficiency ($M) 2023 2024 2025 measures. As part of these measures, the company's compensation poli
Slide 7: Elron Snapshot
Elron Snapshot Effective and consolidated Net Asset Value Holdings in companies Holdings based on valuation of last financing round 1,2 Holdings based on valuation of last financing round 1,2 ($m, effective) ($m, consolidated) Cybersecurity/ Software 3 45.8 75.3 Deep Tech / Defense Tech 7.8 10.2 Med
Slide 8: Knowledge & Experience Combined
Meet Elron Management Team: Knowledge & Experience Combined to accelerate investment scaling and growth. Lisya Bahar Manoah Yaniv Shnieder Rony Gur Arie Chairperson CEO CFO Managing Partner @ Arieli Group. >15 years Seasoned technology leader with 25 years of Joined Elron Ventures 9 years ago. Overs
Slide 9: Elron's joint team with Rafael
Meet Elron Team: Elron’s joint team with Rafael Lisya Bahar Manoah Chairperson Yaniv Shnieder CEO Rony Gur Arie CFO Liat Shechter Nakash Co-CEO @RDC Lior Levinsky CFO@RDC The strength of our team lies in seamless collaboration and extensive expertise. Erez Berkovich, Phd Ofer Hanoh Kobi (Jacob) Katz
Slide 10: RDC – Rafael Development Corporation
RDC – Rafael Development Corporation ELRONVENTURES.COM
Slide 11: RDC: Elron and Rafael's Partnership Today
30 years of Investment Partnership: RDC: Elron and Rafael’s Partnership Today Boosting Technological, Product and Market Superiority WE HAVE AN INTERNAL CHAMPION AT RAFAEL Mobilizing the right mechanisms and teams at Rafael to work with deep tech & cybersecurity ventures TECHNOLOGY SPINOFFS DESIGN P
Slide 12: Our Deep Tech & Defense Tech Portfolio Companies
Our Deep Tech & Defense Tech Portfolio Companies Addionics: CyberRidge: Wonder Robotics: Porous 3D current collectors that Photonic encryption for Autonomous drone operations in allow cheaper, lighter, faster- quantum-safe data transmission GPS-denied and high-risk charging, and more conductive Foun
Slide 13: RDC BOD: Strategic Board Leadership
Meet The New Board Members: RDC BOD: Strategic Board Leadership Supporting the next phase of growth and investment expansion Dr. Liat Shechter Nakash Dr. Moshe Shuker Moshe Levi Imri Landman Co-CEO RDC EVP R&D at Rafael CIO at Rafael VP M&A at Rafa General Counsel (SVP) at Rafael ELRONVENTURES.COM I
Slide 14: M&A-Led Strategy through RDC
M&A-Led Strategy through RDC* ELRONVENTURES.COM * The strategy has been approved by the Board of Directors of Elron and the Board of Directors of RDC, and it is also subject to approval by the Board of Directors Investor Deck // 14 of Rafael, as well as obtaining the required regulatory approvals fr
Slide 15: Vision: Building the Next Defense-Tech Growth Engine
Vision: Building the Next Defense-Tech Growth Engine ELRON & RDC will aim to establish a new growth engine by acquiring and scaling early-stage defense technology companies through significant ownership, leveraging our partnership with Rafael. ELRONVENTURES.COM * The strategy has been approved by th
Slide 16: Added Strategic Value for Elron: From Investment to Strategic Acquisition
ADDED STRATEGIC VALUE FOR ELRON: From Investment to Strategic Acquisition Create a growth vehicle that can generate significant ROI for our shareholders through distribution of portfolio company gains Scaling From Investor to Strategic Acquirer Given the nature of defense-tech innovation, in order t
Slide 17: Strategy 2026: M&A Model
Strategy 2026: M&A Model OPERATIONAL INVESTMENT INVESTMENT HOLDING M&A 26 PORTFOLIO COMPANIES EARLY GROWTH DEFENSE OPPORTUNISTIC DEEP TECH DEFENSE TECH CYBERSECURITY AI ELRONVENTURES.COM * The strategy has been approved by the Board of Directors of Elron and the Board of Directors of RDC, and it is
Slide 18: Genesis of the Defense-Tech Era: What Has Changed
Genesis of the Defense-Tech Era: What Has Changed • Super sophisticated systems alongside cheap systems in large quantities • Systems that are developed over many years alongside systems that are rapidly developed and modified/updated • Deep innovation alongside agile innovation • Broad focus of inv
Slide 19: Geopolitics Has Reset the Deep and Defense Tech Investment Clock
Geopolitics Has Reset the Deep and Defense Tech Investment Clock Defense Tech VC Global defense spending on the rise: Investments: Segments Global 2026 military budgets (145 countries) total $2.86T Advanced computing & software VC investments in defense tech on the rise: Advanced materials & manufac
Slide 20: A $250B Opportunity
DEEP TECH | DEFENSE TECH | CYBERSECURITY | AI A $250B U.S. FY 2026 NATIONAL U.S. ALLOCATION TO PROCUREMENT OF WEAPON U.S. ALLOCATION Opportunity DEFENSE BUDGET TO RDT&E IN USA SYSTEMS IN USA We create a gateway into high $900.1B $162B $146B entry barrier B2G markets EUROPEAN DEFENSE FUND EUROPEAN DE
Slide 21: CyberFuture Micro Fund
Cyberfuture Micro Fund ELRONVENTURES.COM Investor Deck //
Slide 22: CyberFuture: A Global CISO-Cybersecurity Investment Vehicle Established by Elron
Our Micro-Fund: CyberFuture: A Global CISO-Cybersecurity Investment Vehicle Established by Elron CyberFuture showcases a select group of top CISOs with resumes from leading global organizations. CISO INVESTORS ‘Separating the wheat from the chaff’ in a fragmented space We are able to identify compel
Slide 23: Raven Deep Dive
CYBERSECURITY Raven Co-Investing with CyberFuture in A Leading Category Deep Dive ELRONVENTURES.COM Investor Deck // 23
Slide 24: Raven – New Cybersecurity Investment
RAVEN – New Cybersecurity Investment Seed and post-seed round of $20M VISION PRODUCT To help companies protect their cloud native Runtime application protection that stops applications, by being the first solution to achieve malicious code execution BEFORE it runs. visibility into application behavi
Slide 25: The global RASP market is estimated at $1.9B in 2025
The global runtime application self-protection (RASP) market is estimated at $1.9B in 2025 and projected to grow to $47.55B by 2037 at a 32.8% CAGR Traditional defenses live MARKET CRITICAL outside the application DEMAND NEED and can’t understand its internal logic flow. Cybersecurity teams The abil
Slide 26: Raven Lives Inside the Application
Raven Lives Inside the Application Raven understands real runtime execution and protects applications from within Malicious code executes before the world even knows the vulnerability exists in 70% of exploits. Raven blocks malicious execution at the moment it would run – whether a CVE (Common Vulne
Slide 27: Status
STATUS Co-Investing with CyberFuture in A Leading Category Raven raises a $20M seed and post-seed round, with a post-seed investment led by Elron Ventures alongside CyberFuture The funds will be used to accelerate product development, expand the company’s go- to-market activities in the United State
Slide 28: Our Portfolio
Our Portfolio ELRONVENTURES.COM
Slide 29: Elron Portfolio Snapshot
Elron Portfolio Snapshot Companies crossing all stages as a growth catalyst for the coming years Legend Cybersecurity Medtech Software New Deep Tech / Defense Tech Other Seed Round A Round B Round C D→ E→ ELRONVENTURES.COM Investor Deck // 29
Slide 30: Portfolio Overview
Portfolio Overview Growth Companies BITSIGHT AXONIUS NOTAL VISION EDGE 226 ** Cybersecurity ratings and risk intelligence for organizations *, Cybersecurity asset management platform that secures and Remote monitoring of patients with age-related 7% Performance-based ad exchanges for ad 24% Our ** m
Slide 31: Portfolio Overview: Early Growth Companies
Portfolio Overview: Early Growth Companies New WONDER ZENGO RAVEN CYVERS ROBOTICS Cryptocurrency attack detection in real-time 26% Intelligent and robust 360° self- awareness 31%* Crypto wallet that doesn’t compromise 8% Runtime application protection that stops 10%** using AI- based behavioral Our
Slide 32: Portfolio Company News
Portfolio Company News CyberRidge reports business progress Breeze Security named among OpenLegacy partners with AWS OpenLegacy announced the launch of OpenLegacy and industry recognition innovators in Gartner research on Hub, a modernization platform built on and CyberRidge completed a successful P
Slide 33: CartiHeal Update
CartiHeal Update Earn-Out Component in the CartiHeal Acquisition CartiHeal, a former portfolio company of Elron Ventures that was acquired by Smith+Nephew in 2024, continues to grow and execute, as highlighted in Smith+Nephew’s financial reports published on March 2, 2026. RECENT DEVELOPMENTS CARTIH
Slide 34: Select Portfolio Companies
Select Portfolio Companies ELRONVENTURES.COM Investor Deck // 34
Slide 35: OpenLegacy Deep Dive
SOFTWARE OpenLegacy Deep Dive ELRONVENTURES.COM Investor Deck // 35
Slide 36: OpenLegacy
OPENLEGACY VISION PRODUCT To unlock the value of legacy systems by making AI-driven platform for moving critical on- them, and the data they hold, fully accessible to premise systems (mainframes, AS/400) from modern digital applications, accelerating legacy to modern cloud-native environments innova
Slide 37: The average global enterprise wastes more than $370M annually on legacy systems
The average global enterprise wastes more than $370M annually due to being unable to efficiently modernize outdated legacy systems Mainframe modernization projects, meanwhile, delivered between 288% and 362% ROI in 2025 Legacy systems are the backbone of the enterprise, but they face critical struct
Slide 38: Solving the Mainframe Modernization Decoupling Challenge
Solving the Mainframe Modernization Decoupling Challenge OpenLegacy Hub transforms legacy bottlenecks into integration artifacts with automated, risk-free integration THE COST BARRIER THE RISK FACTOR THE TIME TRAP -200% COST NO FAILURE 10X FASTER Automated Standard & Acceleration Factory Secure Gene
Slide 39: Status: OpenLegacy - AWS Partnership
STATUS OpenLegacy - AWS Partnership AWS customers worldwide have access to OpenLegacy solutions through AWS Marketplace, with planned integration into AWS Transform for Mainframe INCREMENTAL MODERNIZATION RISK-FREE COEXISTENCE AI-READY ARCHITECTURE Systematically migrating core business Enabling leg
Slide 40: Tamnoon Deep Dive
CYBERSECURITY Tamnoon Deep Dive ELRONVENTURES.COM Investor Deck // 40
Slide 41: Tamnoon
TAMNOON VISION PRODUCT To revolutionize cloud security with a reliable, A managed cloud security service that efficient, and optimized service. combines AI and human expertise into one. INVESTMENT PARTNERS OUR INVESTMENT ADDITIONAL INFO In 2025, RDC made a follow-on investment of Bright Pixel Capita
Slide 42: Spending on cloud security expected to grow to $31.5B in 2029
According to Gartner, spending on cloud security is expected to grow to $31.5B in 2029, at a CAGR of 25% Tamnoon addresses a critical market need As cloud usage continues to grow, so does the burden of ensuring its security. Cloud teams are overwhelmed by numerous, vague cloud security alerts, leadi
Slide 43: Supervised autopilot for cloud security
"Supervised autopilot" for cloud security: Blending AI efficiency with human intelligence to deliver faster, more effective cloud risk reduction Tamnoon provides a managed cloud security remediation service that uses AI and human experts (CloudPros) to prioritize, investigate, and fix security alert
Slide 44: Status: 2025 Achievements
STATUS 2025 ACHIEVEMENTS Wiz Partner Award: Tamnoon was honored with the inaugural Wiz Integrations (WIN) Partner Award for its work in enhancing cloud security for mutual customers. Tami AI Agent Launch: Tamnoon launched Tami, its AI cloud SecOps agent designed to streamline alert triage and respon
Slide 45: CyberRidge Deep Dive
DEEP TECH / DEFENSE TECH CyberRidge Deep Dive ELRONVENTURES.COM Investor Deck // 45
Slide 46: CyberRidge
CYBERRIDGE VISION PRODUCT To change the cybersecurity game rules with A quantum-safe solution for transmission of physics by removing data from the game, and data over public infrastructure, which protect the world’s most sensitive data from prevents data interception by making the interception, sur
Slide 47: Quantum security market projected to grow to ~$10B by 2030
The quantum security market is projected to grow from ~$0.7B today to ~$10B by 2030, at a CAGR of over 50% Quantum computers are expected to be powerful enough to weaken and break today’s cryptographic algorithms There is a consensus that organizations need to prepare for post-quantum cryptography (
Slide 48: No way to harvest & hack data offline = no exposure
No way to harvest & hack data offline = no exposure CyberRidge prevents Harvest-Now-Decrypt-Later attacks, by making data-in-transit unrecordable and quantum-resilient from day one CyberRidge transforms critical data over high-capacity public infrastructure into optical noise that no computer power
Slide 49: Status
STATUS • White Label agreement with Singapore’s largest system integrator • Deployed at defense, intelligence, and telecom organizations in Europe, Singapore, and Australia, as well as Israel’s military intelligence division • Received a Gartner Cool Vendor certificate ELRONVENTURES.COM This slide c
Slide 50: Thank You!
Thank You! ELRONVENTURES.COM Lisya Bahar Manoah Yaniv Shnieder Active Chairperson CEO yaniv@elron.com lisya@elron.com yaniv@elron.com