“Since 7.10, we have seen the Israeli high-tech industry still delivering the goods,” declared Eliran Elimelich, Vice President of Ecosystem Development at Startup Nation Central (SNC), speaking at the Novartis Healthcare Innovation Conference, underscoring the position of local biotech companies. “Since the beginning of the war, $2.5 billion has been raised through 176 financing rounds, and mergers and acquisitions worth $3.5 billion have been carried out, of which 39 were in the healthcare sector, compared to 32 in the internet sector, and 36 in the business sector.” and information technology.”
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It is true that SNC's Q1 summary data shows that the figure for absolute amounts invested in privately owned Israeli life sciences companies was the weakest since data collection began in 2018, but the numbers suggest there is activity in this sector as well.
Elimelech noted that there are currently 1,600 life sciences companies in Israel, making up 20% of the high-tech sector. He says that in 2023, $7 billion will be raised from funds and companies to invest in healthcare technology companies, or $8 billion if public companies are included. “The top funding rounds were for companies with an artificial intelligence or machine learning component, with drug development companies coming in second.”
At the conference, Elimelech also revealed which life sciences companies were most searched for on the SNC website. He named five companies that investors are watching: Sweetch, developer of an AI-based platform that encourages behavior change in chronic patients; CytoReason, which develops computer models to predict the success of treatments and drugs; NucleAI, which has developed a method to predict which cancer drug treatment will be most effective for a given patient; Lumen, developer of a device to measure metabolism; and TytoCare, which develops remote diagnostic tools.
Novartis and Globes collaborated to cover the conference in accordance with editorial standards and considerations that are important to Globes readers. The conference was held in collaboration with health technology and life sciences investment fund aMoon and Startup Nation Central.