Israel’s tech industry has received 23% more funding in 2020 than last year, as the world has clamored for its high-tech solutions.
The rise, which follows a global boom in tech funding as a vaccine for the novel coronavirus rolls out. In July the Knesset, Israel’s parliament, approved a 6.5 billion shekel ($2bn) stimulus package amid the pandemic.
The “Startup Nation” enjoyed a fiscal bump thereafter – and its tech industry flourished. The country is on track to top $10bn in startup funding this year, a near-400% increase on the $2.6bn its firms won in 2014.
Some of the biggest winners this year have been Hippo Insurance ($350m), cybersecurity firm SentinelOne ($267m) and analytics platform Gong.io ($200m).
Israel’s high level of R&D—around 4.6% of GDP—has helped reach its current high point. In addition, a recent peace deal with the United Arab Emirates has been seen as a tipping point in relations between Israel and its traditionally antagonistic neighbors.
A strong showing in agriculture, finance and medical technology has also helped the country’s startup founders become hot property for the world’s investors.