Israel Earmarks $13M For Startups Developing Tech Solutions To Fight Coronavirus
The Israel Innovation Authority has teamed up with the Health Ministry and the Headquarters of the National Digital Israel Initiative at the Ministry of Social Equality to issue a call to Israeli startups for proposals to develop, test, and implement technological solutions designed to deal with the challenges of COVID-19, the disease caused by the novel coronavirus.
The fund is set to back companies that have outstanding potential in the field of health or on the health system in Israel, or those poised for tech breakthroughs in the industry, with an initial sum of NIS 50 million ($13 million).
The grant will be given with the support of MAF’AT (Administration for the Research and Development of Weapons and Technological Infrastructure) at the Ministry of Defense.
The Israel Innovation Authority, the Ministry of Economy and Industry and the Manufacturers’ Association in Israel are also calling on manufacturing plants to submit proposals for industrial products that could potentially combat the virus.
“The calls for proposals issued by the government today are immediately available for the high-tech industry: every company with a solution, whether it is in the proof of concept stage or a complete product that can be immediately installed at our health services – are invited to contact the Israel Innovation Authority as soon as today,” said Israeli Economy Minister Eli Cohen. “At the same time, we are calling manufacturing entities that can help develop or expedite production of technologies that may help the health and relevant general protection infrastructure to use our help.”
The Israel Innovation Authority said it will support short-term and long-term projects, in all stages, including the integration of the product on a large scale at Israeli health organizations.
Evaluation of the projects and ideas will be carried out by the Technologies and Market Sectors Division at the Israel Innovation Authority with the help of experts from the Ministry of Health and other governmental partners, including the Israeli Ministry of Defense.
Projects that will qualify will be able to receive financing from the Israel Innovation Authority and support in the development and manufacturing process from the defense system. Companies that receive a positive evaluation will be able to reach out to several leading investment banks for additional investment to accelerate development and implementation.
Gila Gamliel, Minister of Social Equality and head of the Headquarters for the National Digital Israel Initiative said: “Israel is the Startup Nation, and we must enlist the creativity of our local entrepreneurs in order to win the fight for our collective health.”