Google invests eight million dollars in Israeli and Palestinian companies

(Patria) - Google is investing eight million dollars to support Israeli tech firms and Palestinian businesses, the Alphabet-owned group announced, citing the need for small companies to secure funding during the war between Israel and Hamas, Reuters reports.

Google said that its four-million-dollar support fund will be provided to AI startups in Israel, and an equal amount will go to Palestinian startups and early-stage businesses to help them continue operations.

The grant to Israeli AI startups will be an addition to the emergency fund of the Israel Innovation Authority, which was established after the war broke out on October 7, and is intended for companies with a "short runway" of funding up to six months.

"In the current situation, many startups in Israel are struggling to raise capital from investors and urgently need financial bridging to continue their operations," Google stated.

Google said it has offered assistance in maximizing the potential success of about twenty startups in AI solutions and services, with the exact number and size of grants determined by the applications received.

Separately, in partnership with local and global non-profit organizations, it will provide loans and grants to 1,000 Palestinian small businesses. It will also provide seed grants to fifty tech startups in Palestinian areas. Overall, it hopes to help preserve 4,500 jobs and create new ones for Palestinians.

Google has also donated millions of dollars to Israeli emergency efforts and humanitarian aid in Gaza.