Israeli high-tech companies raised $1.676 billion in the third quarter of 2023, marking a significant decline from last year, according to a statement released on Tuesday by the Israeli IVC Research Center. The data, which was included in a report titled “Israel Tech Review” co-authored by IVC and LeumiTech, a subsidiary of Bank Leumi, revealed a 38.2% decline compared to the same period last year. The numbers also indicated a 13.6% decrease from the previous quarter.
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Analysts are attributing this downturn to two main factors: the global recession and domestic instability stemming from Israel’s judicial overhaul. The report suggests that these conditions have contributed to the decreased confidence among investors and impacted funding levels in one of Israel’s most dynamic sectors.