In a significant move to support the tech industry, Google, owned by Alphabet, has announced a substantial investment of $8 million. The funding will be split, with $4 million allocated for Israeli artificial intelligence (AI) companies and the remaining $4 million directed towards early-stage startups and businesses in Palestine.
The decision comes at a crucial time, as many startups in Israel are facing challenges in securing capital from investors, particularly in the aftermath of the recent conflicts. Google aims to provide financial support to these companies, recognizing their importance in the tech space.
The $4 million earmarked for Israeli AI firms is in addition to the Israel Innovation Authority’s emergency fund, established to aid companies with a limited financial runway, especially those affected by recent events.
Google emphasized the urgency of financial support for startups in Israel, stating, “In the current situation, quite a few startups in Israel are struggling to raise capital from investors and urgently need financial bridging in order to continue operating.”
The tech giant is extending its support to more than 20 AI solutions and services startups in Israel and Palestine. The allocation of grants for these companies will be determined based on requests received by Google. This initiative aims to enhance the success rate of these startups amid the challenging economic conditions.
In a broader effort to contribute to the economic well-being of the region, Google is collaborating with local and global non-profit organizations. The focus is on providing loans and grants to 1,000 Palestinian small businesses, along with seed grants to 50 tech startups in Palestinian areas. The overall objective is to safeguard existing jobs and create new employment opportunities, with a target of supporting 4,500 jobs for Palestinians.
This strategic investment by Google reflects the company’s commitment to fostering innovation and economic growth in both Israel and Palestine. By addressing the immediate financial needs of startups and businesses, Google aims to contribute to the resilience and sustainability of the tech ecosystem in the region.
