Google invests $8 million to support Israeli AI firms, Palestinian startups

Google is planning on investing $4 million in Israeli AI companies, and the around $4 million in small startups across Palestine.

Alphabet-owned Google on Wednesday said that it is investing over $8 million to help the business of Israeli tech firms and Palestinian businesses.

Google has also given millions of dollars as humanitarian aid to Palestine. (REUTERS)

Google cited the importance of these small companies to grow in the tech space, saying that $4 million will be invested in Israeli AI firms, while the rest $4 million will be used as funding for early-stage Palestinian startups and businesses.

The grant to Israeli AI startups will be in addition to the Israel Innovation Authority's emergency fund that arose after the war broke out on Oct. 7, aimed at companies with a "short runway" of financing of up to six months.

Google further said in its statement, "In the current situation, quite a few startups in Israel are struggling to raise capital from investors and urgently need financial bridging in order to continue operating."

Google had further extended its support to over 20 AI solutions and services startups in Israel and Palestine to potentially expand their success rate in the current economy. The exact number and size of the grants for these companies is determined by the requests Google receives, the tech giant said.

The Alphabet-owned company is also partnering with local and global non-profit organisations to provide loans and grants to 1,000 Palestinian small businesses. It will also provide seed grants to 50 tech startups in Palestinian areas. In total it hopes to help safeguard 4,500 jobs and create new ones for Palestinians.

(With inputs from Reuters)