Doing good while doing well
Israel’s Browzwear (see previously) has been named one of Fortune Magazine’s Impact20 - companies that generate revenue while offering products or services that have a positive effect on the world. Browzwear’s VSticher 3D prototype software reduces fabric waste in the fashion industry.
Checking the state of Continental’s tires
The technology from Israel’s Traffilog (see previously) will remotely diagnose the condition of truck tires for Continental AG. The German tire giant already has partnerships with several Israeli startups (see previously).
Techstars accelerates
In its fifth year, Techstars Tel Aviv has launched its second 13-week accelerator program of 2021 (see previously). The 11 Israeli startups are Agado Live, Binsight, EyeKnow, Insuretax, EZCheck.me, optimusQ, Ovvio, Renbizz. retravel, Sea Analytics and YieldX.
Deloitte launches 7 more startups
Deloitte has selected seven more Israeli startups for its Launchpad initiative (see previously). They will be mentored on how to grow their businesses in the US. They are Agora (see ), BlazePod, Craft.io, DigitalOwl, Hyro (see ), IVIX (see ) and SavorEat (see ).
Hi-tech data center for Bank of Israel
The Bank of Israel has a new “state of the art” data center. It is fault tolerant, earthquake resilient, and based on energy-saving green technologies.
More flights to Arab countries
Moroccan national airline Royal Air Maroc is launching direct flights between Casablanca and Tel Aviv 3 days a week, commencing Dec 12. Also, UAE’s largest airline Emirates is starting daily flights between Dubai and Tel Aviv on Dec 6.
Economy moves forward
Israel’s latest Composite State of the Economy Index returned to pre-Covid levels of increase. It was buoyed by increases in services revenue and services exports. Job vacancies are at a record high, reflecting employers’ desire to expand their operations following the reopening of the economy.
Investors keep coming
Israeli tech firms have raised a staggering $17.8b so far this year - almost double the total for the same period last year, and over 70% more than for the whole of 2020. October’s $3 billion investments were an all-time record.
Oracle opens huge data center
Tech giant Oracle has inaugurated its new data center in Jerusalem, which will function as a cloud provider for Israeli clients. The facility covers thousands of square meters, over four floors and over 50 meters underground. Oracle also announced plans to launch a second Israeli data center.
Deficit reduced
Israel’s cumulative fiscal deficit for the twelve months to the end of October 2021 narrowed to NIS 47.1 billion. It represents 5.5% of GDP, which is far less than the 7.2% at the end of September.