Citing the necessity for small businesses to access finance during the Israel-Hamas conflict, the Alphabet-owned company announced on Wednesday that Google is investing $8 million to promote Israeli tech firms and Palestinian businesses.
Google announced that $4 million of its assistance fund will go to Israeli AI startups, and an additional $4 million will be given to early-stage Palestinian firms and businesses to help them stay in business.
The Israel Innovation Authority’s emergency fund, which was established following the war on October 7 and is targeted at businesses with a “short runway” of financing of up to six months, will be supplemented by the grant given to Israeli AI firms.
“In the current situation, quite a few startups in Israel are struggling to raise capital from investors and urgently need financial bridging in order to continue operating,” Google stated in a statement.
According to Google, it has committed to maximizing the potential success of about 20 businesses by providing AI solutions and services; the precise number and amount of awards will depend on the proposals it gets.
Separately, it will give grants and loans to one thousand small businesses in Palestine in collaboration with national and international non-profits.
Additionally, it will give 50 tech startups in Palestinian areas seed funding. All told, the goal is to protect 4,500 jobs and generate new ones for Palestinians.
Millions of dollars have also been contributed by Google to aid humanitarian efforts in Gaza and Israeli emergency efforts.
