Shmulik Yanai controls BladeRanger (TASE: BLRN), a Tel Aviv-listed drone company that collapsed from NIS 240M to NIS 10M valuation, now pivoting to Israeli defense via VisionWave, Nukkleus, and A.D. Shbav transactions in Sept-Nov 2025.
Shmulik Yanai is the controlling shareholder and a director of BladeRanger (TASE: BLRN), a Tel Aviv-listed drone company. He holds 30.64 percent of the company. He is the younger brother of Ofer Yanai, founder of Nofar Energy. Between September and November 2025, Shmulik executed three transactions repositioning BladeRanger from a failed solar-drone-cleaning business toward the Israeli defense-technology market: the proposed acquisition of chip designer A.D. Shbav; a distribution agreement with Nasdaq-listed defense company Nukkleus; and a stock-for-stock MOU with American AI-defense company VisionWave at an implied value of approximately $23 million.
The Collapse
By late 2023, BladeRanger was in a market failure. The company had peaked at a valuation of roughly NIS 240 million. By November 2023 that valuation had collapsed to approximately NIS 10 million. BladeRanger announced staff reductions and reported it could not find financing. Accumulated two-year losses had reached NIS 25 million. Cash on the balance sheet was approximately NIS 2 million. Competing Israeli solar-drone companies Ecoppia and Airtouch were in similar shape. Shmulik did not walk away.
The Consolidation
The first move was consolidation. Shmulik owned a second drone company — Solar Drone, built with former Delek Real Estate CEO Eran Meital and entrepreneur Moshe Tsuk. In late 2023 he merged Solar Drone into the listed BladeRanger, consolidating what remained of the Israeli drone-cleaning sector under one publicly-traded roof.
The Defense Pivot
The second move was to find a sector paying higher multiples than commercial drone cleaning. The obvious sector was defense. Between September and November 2025, Shmulik executed three transactions in rapid succession.
A.D. Shbav (September 2025)
BladeRanger announced a proposed acquisition of A.D. Shbav, an Israeli chip designer. Shmulik's stated reasoning was that A.D. Shbav's capabilities would give BladeRanger hardware it could sell into the American defense market. The deal was structured with milestones tied to A.D. Shbav's revenue and profitability in 2026 and 2027.
Nukkleus (September 2025)
BladeRanger signed a distribution agreement with Nukkleus, a Nasdaq-listed defense company, opening an American defense-buyer channel.
VisionWave (November 2025)
BladeRanger announced a memorandum of understanding to sell its entire Solar Drone subsidiary to VisionWave — an American AI-defense company with a public market capitalization of approximately $190 million. The transaction was structured as a stock-for-stock deal at an implied value of approximately $23 million, exceeding BladeRanger's own market capitalization at the time. VisionWave positions itself as an AI defense integrator with a distribution relationship with Leonardo, the Italian defense giant that had acquired Rada Electronic Industries.
The Nasdaq Ambition
Shmulik has been publicly explicit about wanting to take BladeRanger to Nasdaq. In an August 2025 interview with Ynet, he framed the situation:
"The Israeli market is cruel to companies with a dream. Dozens of technology companies have been erased here, and it has left a trauma. Everyone suspects everyone now, including the honest ones. I understand it. But in the end, whoever has persistence and determination wins."
The three 2025 transactions are constructed for that narrative — an American stock position, an American distribution partner, and an Israeli defense-technology asset base playing into US institutional demand for Israeli defense exposure.
The Surname
Shmulik is unusually candid about the fact that his brother's name has helped him. From the same Ynet interview:
"Ofer is an authority in the solar industry, an innovator — he brought floating solar reservoirs to Israel. I benefit from the fact that we share the same last name. It opens doors — to pilots, to meetings, to the majors' league. If someone else came with the same idea, it would have been harder for him. That is simply reality."
He is also clear that Ofer is not a controlling shareholder of BladeRanger and does not vote in coordination with him. Ofer Yanai contributed NIS 1.8 million in BladeRanger's IPO — approximately a quarter of the NIS 7 million raise. The two brothers have publicly stated they will not enter into a voting agreement and will act independently in the company's securities.
The Broader Portfolio
BladeRanger is not Shmulik's only vehicle. He has previously sold subsidiary DeepSolar to American firm PainReform for a reported profit of approximately $4.5 million. He is also building N2Off, a cleantech company focused on removing nitrous oxide from wheat and corn cultivation.
Shmulik trained in economics and law at the Hebrew University and completed his legal apprenticeship under Ram Caspi, one of the most prominent attorneys in Israeli legal history. He decided during that apprenticeship that he did not want to practice.
What Could Go Wrong
The BladeRanger reconstruction is not yet finished. Any of the three 2025 transactions could fail to close. VisionWave is a small and unproven American company, and the value of a stock-for-stock deal is only as good as the acquirer's own subsequent trading. A.D. Shbav has to hit its 2026 and 2027 milestones. The Nukkleus distribution channel has to actually generate sales. N2Off is early-stage.
Shmulik has been public that he intends to make it work anyway. Whether he does will be one of the more interesting small-cap Israeli company stories of the coming year.
The Yanai family is profiled separately.
Frequently Asked Questions
Who is Shmulik Yanai?
Controlling shareholder and director of BladeRanger (TASE: BLRN), a Tel Aviv-listed drone company. Younger brother of Ofer Yanai (Nofar Energy). Holds 30.64 percent of BladeRanger. Also building cleantech company N2Off.
What is BladeRanger?
A Tel Aviv Stock Exchange-listed drone company originally founded around automated solar-panel-cleaning systems. Peak valuation approximately NIS 240 million, collapsed to approximately NIS 10 million by November 2023. Currently pivoting toward the Israeli defense-technology market.
What is the VisionWave transaction?
A November 2025 memorandum of understanding under which BladeRanger would sell its Solar Drone subsidiary to VisionWave — an American AI-defense company with a $190 million market capitalization — in a stock-for-stock deal at an implied value of approximately $23 million.
What is Shmulik's relationship with his brother Ofer?
Passive-investor relationship in BladeRanger only. Ofer Yanai contributed NIS 1.8 million in BladeRanger's IPO. The brothers have publicly stated they do not vote in coordination on the company's securities.