Israeli Government Allocates NIS 120M For Seed-Stage Companies

The Israeli Office of the Chief Scientist has received NIS 120 million (Approx. $30.7 million) from the Israeli treasury, which will be directed mostly towards investments in seed-stage companies in need of funding. The Chief Scientist was promised a total of NIS 400 million in 2012, but budgetary problems may prevent the entire sum to be delivered. So far, the treasury has transferred a total of NIS 300 million in 2012.