Israeli Government Announces NIS 50 Million in Grants for Corona-Fighting Startups
The grant, spearheaded by government investment arm the Israel Innovation Authority, will support companies from all sectors with products that address the challenges of the coronavirus pandemic
Israeli government investment arm the Israel Innovation Authority (IIA), Israel’s Ministry of Health, and the Ministry for Social Equality through its Digital Israel initiative, announced Tuesday the allocation of NIS 50 million (approximately $13 million) in grants for corona-fighting startups and companies. The grants will be allocated to companies submitting research and development plans, proofs-of-concept, products, and technological solutions that address the challenges of the coronavirus (Covid-19) pandemic.
In addition, IIA, the Israeli Ministry of Economy and Industry, and the Manufacturers Association of Israel are calling on industrial facilities and companies to submit R&D plans for the increased production of coronavirus-related products. As part of the initiative, the government will offer financial support of 50% to 75% of expenses to plans that will demonstrate the potential to bolster the country’s healthcare system or provide breakthroughs in the fight against coronavirus.
The IIA has set the deadline for submissions for March 26. Selected companies will be notified within 10 days. Another open call is set to start receiving submissions on April 7.
Sagi Dagan, head of the growth division at IIA, told Calcalist that the authority is also working with groups of private investors in an attempt to secure additional funding for companies working to fight the pandemic.
The selection process will be carried out by IIA with the assistance of health ministry experts and other government bodies.