A $110 million VC Fund
Israel’s StageOne Ventures has announced the closure of its third venture capital fund, with $110 million in committed capital to invest in 15-18 Israeli startups. StageOne focuses on deep-technology endeavors in B2B software and next-generation IT infrastructure.
Financial cooperation with Switzerland
The two most innovative nations, Switzerland and Israel, have signed a Memorandum of Understanding to deepen cooperation in the financial services industry.
Currency reserves up to $111 billion
August saw another record level for Israel’s Foreign currency deposits. The new level is just over $111 billion - up nearly a billion dollars from the end of July’s level.
July unemployment rate at 4.1% – a new low
Israel's unemployment rate fell to 4.1% in July, down from 4.3% in June. Participation in the labor force for the 25-64 age group rose from 79.8% in June to 80.1% in July.
Israeli-founded biotech exits for $11.9 billion
US giant Gilead has just bought Kite (a biotech founded by Israel’s Arie Belldegrun) for $11.9 billion. Kite’s CAR-T technology was developed by Weizmann Institute’s Professor Zelig Eshhar. A patient’s own immune system T-cells are genetically engineered to attack tumors.
OECD praises Israel’s growing economy & low unemployment
The Organization of Economic Cooperation and Development (OECD) issued a new laudatory report on the Israeli economy. Low unemployment and 2017/8 growth of 3.25% was good and would increase with Finance Ministry budget plans.
US-Israel energy R&D budget triples
The Israeli and US governments are jointly to invest an additional $8 million in energy research and development, in addition to the $4 million already invested through the BIRD Energy Fund since 2009. New research fields include fuels, smart grid, desalination and energy cybersecurity.
Digital Israel
Israel’s cabinet has approved the latest phase of the "Digital Israel" program being promoted by the Ministry of Social Equality. It aims to narrow social and geographical gaps, reduce the cost of living, promote rights in healthcare and welfare, stimulate growth and improve access to government services.
Israel is a cybersecurity powerhouse
Ambassador Yoram Ettinger writes that Israel has 300 cybersecurity startups, exporting $6.5 billion in 2016. Three are among WSJ’s top 25 tech companies to watch. 2017 Israeli cybersecurity investment and exits are huge. Israel and the US have set up a cybersecurity bilateral group.
Mazor Robotics strengthens alliance with Medtronic
Israel’s Mazor Robotics entered into a strategic agreement with US giant Medtronic in 2016. Medtronic is now assuming exclusive worldwide distribution of the Mazor X surgical assurance platform for spine surgery. It is also investing a further $40 million in Mazor.