Photo: Shutterstock
Israeli high-tech companies raising less money, new report says (archives)
Photo: Shutterstock
Industrial high-tech exports frozen
For first time in decade, volume of high-tech exports falls 1% in 2012. 'If this trend continues it will have serious implications on the Israeli economy,' says Export Institute chairman
For the first time in a decade, industrial high-tech exports are frozen. According to figures released by the Israel Export and International Cooperation Institute (IEICI), 2012 saw a 1% drop in the volume of industrial high-tech exports compared to the previous year, totaling $21 billion.


IEICI officials noted that high-tech exports have not recorded a decline since the 2001-2002 high-tech crisis. Even during the global economic crisis in 2009, which was characterized by a sharp decline in all other export industries, high-tech exports maintained a 5% growth.


"The figures are disturbing," said IEICI Chairman Ramzi Gabbay. "If this trend continues it will have serious implications on the Israeli economy."


Meanwhile, a new report reveals that Israeli technology companies are raising less money. According to the PwC Israel professional services firm, 2012 saw a 29% drop in the capital raised by Israeli startups from venture capital funds in Israel.


According to the report, VC-backed high-tech companies raised $867 million in the past year compared to $1.2 billion in 2011. The sum raised in 2012 is lower than the sum raised in 2010 as well.


Sagi Cohen contributed to this report



 new comment
See all talkbacks "Industrial high-tech exports frozen"
This will delete your current comment