Israeli tech raises record-breaking funds in 2016

Israeli high-tech companies have set new records in raising funds in 2016.

Israeli high-tech companies have set new records in raising funds with at least $4.6 billion raised this year, up from $4.43 billion in 2015, Israel’s Globes financial news reported last week.

In October, IVC-KPMG, an Israeli company specializing in analyzing and monitoring the country’s high-tech industry, reported that Israeli high-tech companies had raised $4 billion in the first nine months of 2016, up 27 percent from the corresponding period of 2015. Israeli high-tech companies raised $1.19 billion in the third quarter of 2016, the second-highest quarterly amount in a decade.

December is traditionally a relatively quiet month in terms of startups closing financing rounds, Globes pointed out. However, Israeli companies have raised over $200 million so far this month, and $600 million in the fourth quarter.

In one of the last days of 2016, augmented reality company Lumus announced that it had raised $30 million, adding to the $15 million it raised in June, and personalization platform Dynamic Yields reported the closing of a $22 million financing round.

Earlier in the month, fintech startup BlueVine reported that it had raised $49 million, besides the $40 million raised in January, and video chat company Life on Air raised $52 million. Insurtech startup Lemonade raised $34 million.

Israel’s high-tech sector has shown impressive growth in 2016. In February, while celebrating the 25th anniversary of Microsoft’s research and development center in Israel, Microsoft founder Bill Gates said that Israeli contributions to technology fields such as analytics and security were “improving the world.”

By: World Israel News Staff