Unshaken by COVID, Israeli tech sector posts strong year

Business

JERUSALEM (AP) — Israeli technology companies once again thrived during the coronavirus pandemic, raising record levels of investment for a second consecutive year, according to a survey released Monday.

Start-Up Nation Central, an Israeli nonprofit that promotes the local technology sector, said Israeli technology companies raised an all-time high of $26.6 billion last year. That was more than double the level raised in 2020, which was also a record year, the group said.

It said that security products, led by cybersecurity, remained the largest Israeli tech sector, followed by enterprise and financial technology. The three sectors attracted some two-thirds of total investment last year, the survey said.

It said 33 local companies became “unicorns,” or firms valued at over $1 billion. In all, Israel has some 54 unicorns, it said.

Avi Hasson, chief executive of Start-Up Nation Central, said the results proved the resilience of Israel’s booming tech sector. “Israeli companies showed their agility and responsiveness by developing advanced proudcts and services in the fields that required them most,” he said.

Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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