Search giant Google has announced the setting up of a $4 million support fund for Israeli startups in AI solutions and services. The fund complements the emergency fund of the Israel Innovation Authority, which provides emergency grants to companies with a short operating horizon (up to six months).
About twenty startups in need of immediate finance in order to continue in operation will receive grants. Google will also advise and support them individually, and provide access to its experts in development, strategy, marketing, and other fields.
The precise number of startups and the size of the grants will depend on how much the companies themselves seek. They will need to present matching funding from the Innovation Authority.
Since the terror attack by Hamas on October 7, Google has come out with several initiatives. Among other things, Google CEO Sundar Pichai announced a $3 million donation to the NATAL organization, which provides psychological support for people suffering from trauma from war and terrorist attacks, and $1 million in search ads for NGOs in Israel to assist them in reaching people and providing information. Google employees in Israel and around the world have raised millions of shekels for emergency services Magen David Adom, United Hatzalah, and mental health service Eran.
The Israeli fund is part of a larger, $8 million fund set up in the wake of the war and aimed at Israel and the Palestinian Authority.
Published by Globes, Israel business news - en.globes.co.il - on January 25, 2024.
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