Israel Active

Israel’s state-owned Israel Aerospace Industries (IAI) had a record $1 billion in sales in Q1 2020. Exports accounted for 71% of sales. Its backlog of orders was over $13 billion. There had been little if any cancelations of contracts or major delays resulting from the COVID-19 pandemic.

The OurCrowd Pandemic Innovation Conference on June 22 will explore the latest technological solutions to the coronavirus crisis, including vaccination, treatment, diagnostics and prevention of the disease. Thousands of investors from 100+ countries are expected to attend online.

May was an excellent month for those stores in shopping centers and malls that reopened after lockdown. Their average sales rose 21% in May 2020 compared with May 2019 according to data from Retail Information Systems, which took figures from 2,850 stores across Israel.

Israel’s reserves of foreign currency rose by a record $9 billion in May to reach a new record total of $142.5 billion.

Sweden’s Innovation Agency, Vinnova, is partnering Israeli non-profit Startup Nation Central to promote innovative R&D projects. Called “Connector”, it will have a 2 million Euro budget for companies and academic institutions to engage in co-development.

Israel’s $2 billion annual trade with South Korea is set to surge. Covid-19 infections are low in both countries and Korea’s digital and green “New Deals” plus its K-Startup Grand Challenge will attract Israeli innovators. Samsung, Hyundai, LG etc. already partner many Israeli companies.

E-Commerce giant Alibaba has launched Alibaba.com Freight to help American companies dispatch their goods by sea and air. It uses technology from Israel’s Freightos (reported previously), which compare prices and manages shipments in real time.

Israel’s Air Doctor (reported previously) locates a trusted physician if you fall sick abroad. In Dec 2019, it launched a telemedicine service for travelers to virtually meet with physicians who speak their language. Usage of the service has soared 150 percent in the last two months.

Business for Israeli startup Zeekit, has surged during the Covid-19 pandemic. Zeekit’s technology (reported previously) virtually dresses on-line shoppers and fashion models. Recent new customers are Walmart, Macy’s, UK’s Asos, Adidas and Tommy Hilfiger.

The valuation of Israel’s Monday.com, which makes software to help employees work remotely, jumped to $2.7 billion - a 42% increase since it last raised funds. The company says its tools help its 100,000 paying customers keep tabs on assignments and avoid communication breakdowns.