Google Creates $4 Million Fund for Israeli AI Startups

Google is investing $4 million in support of Israeli artificial intelligence startups as the country’s high-tech sector feels the impact of the ongoing war with Hamas in Gaza. 

The grants will go to around 20 startups all in the field of AI solutions and services, Reuters reported. The startups will be selected based on the urgency of the need to secure financing for ongoing R&D; the sum each company receives will also be granted in line with requirements. 

“In the current situation, quite a few startups in Israel are struggling to raise capital from investors and urgently need financial bridging in order to continue operating,” said Google in a statement. 

The company says the grants are intended to complement the 400 million-shekel emergency wartime fund created by the Israel Innovation Authority, the arm of the government that supports the high-tech sector.

Google has also committed to mentoring the selected startups in a range of areas, including development, marketing and strategy. The tech giant, which purchased Israeli traffic management platform Waze in 2013, has a strong presence in the country, including a startups campus in Tel Aviv. 

The company is also investing $4 million in Palestinian startups.