We liked the idea with the i and y and would like to see more options. Also, please be sure to include an icon on the left side of the logo. Here are 2 icons that we liked: http://db.tt/sYHLuZm and http://db.tt/eXxLDs3
The current target of your product is Israeli businesses, but in the future we're thinking of expanding to Russia, Europe and USA.
In Hebrew the meaning is something like a place for web or a collection of web. Actually it's not too meaningful. In Russian, the meaning of Web I Ya is "Web and I".