Israel launches $24 million program to strengthen cyber Tech industry

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The Israel Innovation Authority, the Ministry of Economy and Industry, and the National Cyber Directorate have announced the launching of a new NIS 90 million ($24 million), program to strengthen Israel’s industry.

The new initiative is expected to support long-term new “game-changing” technologies with potential on a global market, high-risk R&D, with the aim of establishing additional foundations upon which Israel’s cyber industry can build in the future. Companies can receive up to 66% of their R&D expenditure for a given project, and up to NIS 5 million per year for the project.

The program will invest in larger companies that are moving on from the development stage by funding pilot tests of their technologies with potential clients; and will boost resources to CyberSpark, the Israel Cyber Innovation Arena in Beersheba, to further strengthen its position as a global hub for cybersecurity.

Pilot programs will also be able to receive support in a number of ways; up to 30% financing for a program with an approved budget of up to NIS 1 million for a single pilot in Israel; up to 50% financing for a program with an approved budget of up to NIS 1.5 million for a single pilot outside Israel; and finally up to 50% financing for a program with an approved budget of up to NIS 2.5 million for two pilots outside Israel.

In a statement on Tuesday Israeli Minister of Economy and Industry, Eli Cohen, said that the program “will ensure that Israel continues to meet the cyber sector’s biggest challenges, secure our place at the forefront of innovation, and bolster Israel’s global leadership in this critical industry.”

”Director General of the Israel National Cyber Directorate, Yigal Unna praised the government’s commitment to “preserving and strengthening Israel’s global cyber leadership, one of the most significant engines of the hi-tech industry’s growth.”

Unna added: “A significant part of the investment will be directed toward upgrading CyberSpark, the Israel Cyber Innovation Arena in Beersheba, to further strengthen its position as a global cyber hub. Together with the Israel Innovation Authority, we will enable Israel’s cyber industry to continue leading the way in global technological innovation.”.

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