Israeli auto tech startups raised a record $1.2 billion in 2023, demonstrating enormous investor appetite in the country's emerging autonomous vehicle sector. Over 87 Israeli smart transportation startups are now valued at over $100 million according to tracker Smarteo.
Israel has cemented itself as a dominant player in the global auto tech ecosystem, said Amir Reuters, CEO of init, Israel's largest intelligent mobility innova tion hub. Last year's record funding proves our local talent can build cutting edge technologies to shape the future of mobility.
Several key deals helped push 2022's record funding numbers. Self-driving trucking startup Ottonomy raised $100 million in October. In November, autonomous air taxi developer AIR closed its Series B at $100 million.
2023 is already on pace to set a new record according to some industry insiders.
The mobility revolution is accelerating faster than expected, said Shmuel Yehezkel, CEO of auto sensor startup GuardKnox. Our Over-the-Air update platform is seeing tremendous demand from EV makers looking to upgrade vehicles remotely. We'll likely triple our workforce in 2024 to keep up.
As global automakers continue pivoting towards electric and self-driving cars, Israel's deep talent pool in AI, robotics, mapping, cybersecurity and other critical areas essential for advanced mobility puts its auto tech startups in the driver's seat for future growth.
With world-class engineering capabilities and investors taking notice, the road ahead looks promising for Israeli vehicles startups navigating the fast lanes of innovation.
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