|Israel’s Artificial Intelligence (AI) startup ecosystem is undergoing an explosive growth, a move characterized by a major influx of establishments and talent. Over the next five years, Israel could be considered as the global leader of AI Technologies. The country has already earmarked the largest AI exit to date with Mobileye at $15.3 billion and the fast-developing country boasts of a substantial and growing cluster of startups utilizing AI technologies.
From 2014 through 2018, Israel’s AI arena has shown an explosive growth. According to the StartUp Nation Central (SNC)’s State of the Israeli Ecosystem report, in about 4 years, the AI industry in Israel grew from 512 companies to over 1000 currently.
Snapshot of Israel’s AI industry:
· 950 active startups utilizing or developing AI technologies, of which 445 startups have raised one or more funding rounds.
· 84% of AI startups are based on pure software-based solution, while 16% of them offer a mix of hardware and software solution.
· 51% of them use the ML technologies with 21% of them utilizing deep learning technologies while 13% work on computer vision technologies and 11% using the natural language processing technology. Only 4% of the startups are working with robotics and process automation, another 3% are using speech recognition technologies.
· Over the last five years, AI startup exits in Israel have closed on an average of $121 million per deal. On the date of exit, these startups sell for 5.6 times of their total funding.
· Israel scores high on AI talent. The country has over 3000 data scientists, developers and engineers deployed to work on AI research, development and integration. 64% of Israeli AI workforce is employed by startups, 31% are employed MNCs and the rest work in the dedicated AI centers/labs in Israel. The rest of the workforce is on the payrolls of Israeli universities and corporations.
ABOUT AI WEEK
Scheduled in November 2019, AI Week is a five-day international event with the experts who are reshaping AI innovation. Bringing together over 2,000 technologists, researchers and data-scientists, AI Week will provide an international forum to discuss and reveal state-of-the-art artificial intelligence, data science, applied machine learning and predictive applications.
Packed with expert sessions and hands-on workshops, AI Week will be filled with a range of opportunities for learning. Don’t miss out on workshops on the latest technologies, including a deep-dive look into Ray, a distributed platform for AI; an introduction to Reinforcement Learning; spark NLP; snorkel, rapid training data creation with weak supervision, and computer vision “on the edge.”
AI Week attendees are also invited to two conference days with 10 different tracks focusing on the latest industry trends, an AI research symposium day, AI Startup Day, a data hackathon and more.
For further information contact Economic and Trade Department at the Consulate General of Israel in Mumbai.
Siddhant Gupte; Trade Officer, Mumbai