Economy grows even during the war
Israel’s gross domestic product grew at an annualized 1.2% rate in the April-June period compared to the previous three months. Over the first half of 2024, the economy grew at an annualized rate of 2.5%.
Solar panels to be mandatory
New Israeli Energy Ministry regulations have been approved requiring all new detached houses and non-residential buildings of a certain size to install solar panels for electricity generation. The regulations will shortly expand to residential apartment buildings, in which the majority of Israelis live.
$1.9 billion exit
Salesforce is to acquire Israel’s Own Company, formerly known as OwnBackup (see previously), for $1.9 billion in cash. Salesforce already owned 10% of Own Company, giving a total valuation of $2.1 billion.
$1 billion for safe AI
Israeli-founded Safe Superintelligence (see previously) has just raised an incredible $1 billion, just 3 months after launching. Its aim is to build scalable computer power that will eventually result in Artificial Intelligence that, although more powerful than humanity, will be safe for humanity.
Startup investment – to 8/9/24
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Military supplies for Dutch army
The Netherlands Army is buying $277 million of Spike LR2 missiles from Israel’s Rafael Advanced Defense Systems. Earlier this year the Netherlands halted exports to Israel of F-35 fighter aircraft parts after a ruling by a Dutch court that the Dutch government is now appealing.
The biggest drone delivery service in the US
Israel’s Flytrex (see previously) has just completed 100,000 on-demand deliveries across its locations in suburban North Carolina and Texas, more than any other airborne food delivery service in the United States.
Prize-winning mining technology
Israel’s Razor Labs (see previously) won three separate categories at the 2024 Mining Technology Excellence Awards. Razor Labs’ AI-driven DataMind AI platform maintains key mining machinery and won in the categories of Innovation, Safety, and Research & Development (R&D).
A chocolate boost for no-tree chocolate
Having produced its proof of concept, Israel’s Celleste Bio (see previously) is now upscaling its lab-cultivated chocolate production, thanks to a strategic investment from food giant Mondelez. It is upgrading its 1,000 liter bioreactor to 50,000 liters, aiming to be ready for market in 2027.
Technion students pitch up in NYC
MBA students from Israel’s Technion Institute presented their innovative technologies to a panel of New York City entrepreneurs and investors, “Shark Tank” style. The winner was Gil Menasherov with a polymer that protects solar panels from UV radiation.