Nir Kalkstein: My Algorithms Can Make Cash Or Detect Cancer

[The following is a summary of a Calcalist cover story last month]

TEL AVIV — Nir Kalkstein, one of Israel's most successful high-tech entrepreneurs, prefers to fly below the radar. He quietly made millions as the founder 14 years ago of Final, among the world's most successful algorithmic trading companies.

But by 2009 the super low-profile, bright mind behind this money machine came to the conclusion that he had achieved the scientific challenge he had set for himself. Moreover, he began to realize that Final was not generating value for the wider public, but was mainly using a technological advantage to fill up the pockets of its 30 shareholders.

This was the cue that led to Medial, Kalkstein's new venture. This time he is determined to rattle the medical world. Now employing 27 people, and financed personally by Kalkstein with millions of dollars every year, Medial had launched with the goal of developing an algorithmic system for early diagnosis of colorectal cancer.

"We are not the typical commercial company," Ofer Arieli, Kalkstein's business partner, told Calcalist. "We have a shareholder who committed to fund the company for the next years. So, if we are to choose between making a lot of money and saving few people on one hand, and earning little but saving many people on the other hand, we opt for the latter."

Final and Medial founder Nir Kalkstein — Photo: Amit Sur/Calcalist

Kalkstein has told his team that even if Medial generates profit, he will reinvest it all in the company. "He doesn't need the money from Medial," notes Arieli. "He has enough."

Hong Kong cash

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