World News | Unshaken by COVID, Israeli Tech Sector Posts Strong Year

Jerusalem, Jan 3 (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.

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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.

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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. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)