CTECH – Latest Israeli Innovation & Technology News June 20, 2023
Intel’s new $15 billion investment puts Israel at forefront of global chips war. Intel’s significant investment in Israel, which comes in addition to the $10 billion commitment by the company from 2019, highlights the importance of its local operations considering the substantial incentives it also receives in the U.S. and Europe. Read more
“There is a pressing and immense demand for credit to support Israeli climate-tech initiatives.” Jonathan Benartzi, Founder & Managing Partner at Firstime VC, spoke with CTech as part of the project “Where do we go from here?”, which aims to examine how the Israeli VC industry is dealing with the crisis in the sector. Read more
JP Morgan expands operations in Israel, enters high-tech commercial banking. The global banking giant has recruited Darya Fuks to lead new venture, intensifying competition in high-tech financing. Read more
Venture capital funds forced to slash targets amidst market turmoil. Tiger Global and Insight Partners are among those grappling with the new reality, signaling a shift in investment landscape and uncertain times ahead. Read more
Airspan axes another 30% of Israeli workforce in second round of layoffs. The American telecommunications company is laying off 60 of 200 employees in Israel after firing 35 employees last June. Read more
Tomorrow.io raises $87 million, launches second weather satellite into space. The Israeli-founded company launched its second satellite on the SpaceX Transporter-8 last week as part of its plans to complete a constellation of more than 20 total satellites over the next two years. Read more
Netanyahu: Intel to invest $25 billion in new chip plant in Israel. According to Israel’s Ministry of Finance, the factory will begin operating by 2027. Intel Israel didn’t comment directly on Netanyahu’s announcement or confirm any of the details. Read more
Opinion | The industrial economy goes digital: Transforming traditional industries. “With recent macro shifts, we are witnessing an incredible paradigm shift — the opportunity to bring traditional industries into the digital age,” writes Tomer Landesman of Pitango Growth. Read more
Demand for software developers drops by 60% in 15 months. As of May, the number of job vacancies for engineers in the high-tech sector in Israel stood at approximately 9,400 positions, including around 5,500 for software developers. Read more
YDLabs selected by Innovation Authority to establish microorganism fermentation labs for Israeli foodtech industry. The Israel Innovation Authority will invest up to $14 million in infrastructure to serve all foodtech companies using fermentation for research, development, and production of their products. Read more
The Lanier sphere: “Artificial intelligence should be more like the Talmud.” Jaron Lanier is one of the most influential tech gurus in the world, one of the founders of the internet and the godfather of virtual reality. He’s also a sharp critic of the tech industry, even though he’s a senior employee at Microsoft. In an interview with Calcalist, he explains why AI should become like the Talmud. Read more
FemTech founder’s experience inspires Levana.ai’s AI-based solution for personalized medication. How Dr. Ilana Kwartin founded a FemTech company after her own medical experience. Read more
Is Israel’s hypersonic missile interceptor SkySonic a game changer? SkySonic has yet to undergo its first flight tests and the timetables for the completion of the development are unclear. However, the first-ever such interceptor to be revealed is still generating plenty of intrigue. Read more
5 reasons why generative AI hype might be exaggerated. There is plenty of reason to invest significant sums in generative AI, but the fear is of unwarranted investments that, in the longer term, will lead to a mini-collapse of weak players, which will discourage investors from pouring additional funds into worthy companies and harm the development of the field. Read more
From bad to worse: Pagaya’s consumer credit fund further limits withdrawals. The new restrictions mean that the waiting time for investors to access their redeemed funds will double, with investors now only being able to receive 10% of their requested amount each quarter. Read more
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