Billions more investments in Israeli companies, Israeli cybersecurity firms raise record amount; Unemployment keeps falling, and much more!
By Michael Ordman
ECONOMY & BUSINESS
Billions more investments
Israeli startups raised a total of $2.1 billion in Jan 2020. And the UAE has just confirmed it is to invest $10 billion in Israeli companies. It includes the ADG (Abu Dhabi Growth) Fund which plans to invest $200 million in Israeli companies each year for 10 years.
Israeli cybersecurity firms raised a record $8.8b in 2021, eclipsing the $2.9 billion raised in 2020. Meanwhile, Israeli Export Institute estimated Israeli cybersecurity exports at $11 billion in 2021. Israel’s cyber directorate stated that a third of all cybersecurity unicorns in the world was now Israeli.
Unemployment keeps falling
Israel’s Central Bureau of Statistics reported that Israel’s rate of unemployment fell to 4.1% in December from 4.6% in November, as the economy continued to recover from the Covid crisis. There was a continuing rise in the number of job vacancies, with salaries also on the rise.
Increased tax incentives for new immigrants
New immigrants (Olim) are currently eligible for income-tax deductions for up to three and a half years. A new bill going through the Knesset (Israeli Parliament) will add NIS 223 per month to the amount that Olim can earn before tax and extend its validity to four and a half years.
Israel’s Trigo Vision (see here previously) has launched a pilot of its checkout-free shopping technology with Wakefern Food Corp, the largest retailer-owned cooperative in the United States. Shoppers will be able to fill their carts with groceries and then just walk out of the New Jersey store.
Spiral Tower gets green light
Tel Aviv has given approval for the construction of the Spiral Tower (see here and here previously). The 91-floor 350-meter-high skyscraper will be Israel’s 2nd tallest. Its 150,000 sq meters of space is equal to the combined total of the three existing towers on the site of Tel Aviv’s Azrieli Mall.
Israeli cybersecurity consolidates
Israeli cybersecurity giant Check Point Software has bought Israel’s Spectral for $60 million. Check Point will use Spectral’s security tools to extend its cloud solution, Check Point CloudGuard. Meanwhile Israeli-founded Forescout is acquiring Israel’s CyberMDX for $80 million.
Neat takeover in Rapyd time
Two puns for the price of one, as Israel’s Rapyd (see here previously) has completed the acquisition of Hong Kong-based NEAT, a cross-border trade-enabling platform for SMBs (Small/Medium Businesses) and startups. It will help expand Rapyd’s Fintech-as-a-Service business.
Cybersecurity chairman is out of this world
Lane Bess is the new chairperson of Israeli cybersecurity Sepio (see here previously). Together with his son Cameron, they are the only parent/child duo to go to space, having taken an 11-minute flight aboard Jeff Bezos’ Blue Origin ship in December.
Record revenues and unlimited holidays
Israel’s Amdocs reported record revenue totaling $1.1 billion in the last quarter of 2021, 11% higher than Q4 2020. It has also given its 29,000 employees a flexible vacation model that means they can take an unlimited number of vacation days.
Investment in Israeli startups to 6/2/21:
Pecan.ai raised $66 million; Torii raised $50 million; The Vets raised $40 million; Talon Cyber Security raised $17 million; Bizi raised $7.5 million; Onebeat raised $5 million; Blyp raised $4 million; Cynomi raised $3.5 million;
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