Defense system for US tanks
The US has awarded Israel’s Elbit Systems a $127-million follow-on contract to supply Iron Fist Active Protection Systems (APS) for its Bradley infantry fighting vehicles (IFVs). General Dynamics will upgrade the US Army’s Bradley M2A4E1 IFVs over a period of 34 months.
Startup investment – to 17/11/24
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Exits, mergers & acquisitions – to 17/11/24
Israeli-founded was acquired by Sweden’s Modern Times Group for up to from Australia’s Aristocrat which bought Plarium in 2017 for around .
Finland’s Nokia has Israel’s for an undisclosed sum.
Israel’s has Israel’s for several tens of millions of dollars.
US-based BitSight has acquired Israel’s for around .
US-based Cloudera has acquired Israel’s .
Saving costs for self-insured employers
The cost reduction solution from Israel’s Bluespine helps self-insured employers to lower annual healthcare spending while mitigating financial and legal risks around plan administration. Bluespine’s AI helps identify, recover, and prevent overbilled medical claims.
A biodegradable partnership
Israeli biodegradable packaging startup W-Cycle (see previously) has partnered with Brazil’s Melhoramentos. W-Cycle will help find new sustainable applications for the high-yield pulp fiber that Melhoramentos manufactures. The contract is estimated to be worth $370K.
Successful drone safety trial
Israel’s ParaZero Technologies has received a $187,000 order for its UAV safety systems from a US-based Advanced Air Mobility (AAM) company in the aerial vehicle industry. The order is the end of a long-term project with the client and now large-scale manufacturing and deployment can begin.
Israir ends El Al’s USA monopoly
Israeli low-cost airline Israir plans to launch direct flights between Israel and New York this winter. Subject to US regulatory approval, it will operate four flights a week to Newark and will end El Al’s temporary monopoly on direct flights between the two countries.
Israel’s AI sector outpaces global rivals
Startup Nation Central reports that Israeli AI startups have grown 173% since 2014, far more than the 12% increase of non-AI startups. Also, Since 2018, Israel’s AI investment share has typically been 3-4 times higher than Europe and the U.S.
Average wage rises more than inflation
In Aug 2024, Israel’s average monthly wage was NIS 13,138, up 5.3% from Aug 2023. Over the same period, inflation rose by 3%, making the average Israeli worker better off. Meanwhile, unemployment is at a 50 year low of 2.7%.
Gas royalties up 12.5%
Israel’s Revenue from natural gas royalties in the first half of 2024 was NIS 1.133 billion, up 12.5% from the first half of 2023. Further state revenue comes from taxes on profits of the oil companies. About half the revenue was due to gas produced from the Leviathan reservoir.