Analysis-War with Hamas threatens funding recovery in Israel's vital tech industry

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NS child killer Penny Boudreau and the path to eventual release | SaltWireJERUSALEM - The spiralling conflict with the Palestinians is set to derail a fragile recovery in Israel's all-important tech sector, say investors and analysts, after a global slowdown and the government's divisive judicial reforms saw funding drop sharply this year.

"This is not a particularly easy time to get investment," he added, noting the number of flights to Israel that have been cancelled. Before the conflict, investment in Israel's high-tech startups had dropped as the global economy slowed, the collapse of Silicon Valley Bank removed a key funding source and a proposed judicial overhaul threatened the bedrock of corporate law and intellectual property rights.

In all, startups have raised some $5 billion so far in 2023, versus $16 billion last year and a record $26 billion in 2021. It was $10.4 billion in 2019. Investment has been broad-based but led by cybersecurity and artificial intelligence companies. With much of the country reeling from the attacks, tech firms have been using their offices to collect supplies for soldiers since many of the 300,000 reservists Israel has called up are tech employees.

"What's happening in Israel, in my perspective, won't change anything with our plans to stay within Israel when it comes to technology," said Arie Zilberstein, Gem's co-founder and CEO.

 

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