The market for the use of VR/AR in the healthcare and medical sectors is expected to reach $5.1 billion by 2025.

Beyeonics Surgical Ltd, a subsidiary of Israel's Elbit Systems, says it will use the funds to expand product development, include additional surgical applications and to accelerate commercialization.

One thing many gamers are waiting for is a virtual reality experience that actually feels real. Israeli controller system Stem is a major step in that direction and has been given the ultimate "thumbs-up" by beating its quarter-million-dollar Kickstarter goal within five hours.

Are you afraid of flying? The University of Haifa in Israel claims it has recently implemented an effective and proven form of therapy that uses virtual reality technology to treat the common phobia. Instead of asking patients to try to imagine they are on board a flight, they are exposed to a simulated environment by using a helmet that provides a 3D experience of all stages of flying.