Joonko

Company Overview

Snapshot

Founded in January 2016 by Elad Shmilovich, Ilit Raz, and Guy Grinwald, Joonko operated with 11–50 employees. The company secured funding across four rounds from eight investors, with Alabama Futures Fund leading a Seed round in September 2019. However, Joonko ceased operations in July 2023.

Business overview

Joonko developed an AI-powered solution designed to eliminate workplace bias. Its core technology leveraged existing data from SaaS platforms to identify unconscious bias in real-time, providing insights and recommendations to executives, managers, and employees for immediate corrective action. The company operated within the Business Software sector, focusing on Human Resources Management and serving enterprise and professional services, particularly in Human Resource & Employment Services.

Strategic signal

Joonko's founder, Ilit Raz, was charged by the SEC in June 2024 with $21 million fraud, following earlier fraud allegations in June 2023 that led to her departure and the company's cessation of operations. This development signals a significant legal and financial risk, highlighting the critical importance of due diligence and governance in early-stage companies, particularly those operating in sensitive areas like AI and HR technology.

Company Intelligence Q&A

What were the circumstances surrounding the departure of Joonko's CEO?

Joonko CEO Ilit Raz left the company in June 2023 amid fraud allegations, which were later followed by the SEC charging her with $21 million fraud in June 2024.

When did Joonko file for Chapter 11?

Joonko filed for Chapter 11 in May 2024, with plans to distribute remaining funds to investors.

Which investors participated in Joonko's September 2022 funding round?

In September 2022, Joonko received funding from investors including Insight Partners.

Which investor led Joonko's Seed round in September 2019?

In September 2019, Joonko raised a $2.4 million Seed round led by Alabama Futures Fund, as reported by PRNewswire.