With no domestic automotive manufacturing industry, Israel would never be mistaken for a Detroit on the Mediterranean. But that hasn’t stopped this small country from becoming a global hub of auto-tech innovation.
Home to more than 400 active companies in the sector, the Startup Nation has reaped the benefits of cars’ increasing reliance on sophisticated software and connected technologies. Capitalizing on Israel’s unique strengths in artificial intelligence, computer vision, cybersecurity, sensor technology, semiconductors, the Internet of Things (IoT), and more, locally grown startups and multinational corporations alike have flocked to the country in recent years, seeking to get in on the action. In 2017, the Israeli auto-tech sector attracted $814 million in investment, a threefold increase over 2015 figures.
Blockbuster acquisitions, including Google’s $1 billion purchase of the GPS navigation app Waze in 2013, Continental’s $400 million deal for Argus Cyber Security in 2017, and Intel’s $15.3 billion acquisition last year of Mobileye, which develops advanced vision technology for autonomous cars and driver assistance systems, have kept the spotlight on Israeli autotech.
Amid a whirl of local activity and continued advances in smart mobility and autonomous technology, entrepreneurs, executives, eminent technology experts, and even Prime Minister Benjamin Netanyahu will convene in Tel Aviv for the 6th Annual Smart Mobility Summit from October 29-30. The wide-ranging conference will cover topics including state-of-the-art technologies, new developments and trends in mobility, and Israel’s commitment to reduce its oil consumption by 60 percent by 2025. Israeli ingenuity in autotech will be on prominent display – here’s a preview of just a few local companies attending:
As the world prepares for the autonomous age, Israeli innovators are at the forefront of the most critical developments in auto-tech, engineering a safer, greener, and more user-friendly mobility ecosystem – and they’re only just revving up.
For more information, please visit http://www.itrade.gov.il/ or contact your local Israel Economic Attaché.