The UK Israel Tech Hub, based in the British Embassy in Israel, has led to 175 tech partnerships and 54 deals worth a cumulative £85 million, according to a new report on its impact.
The hub enables British companies to access Israel’s world-leading innovations in areas including artificial intelligence, chatbots, blockchain and Internet of Things (IoT) and in projects such as smart cities and smart industries. At the same time, the hub has helped Israeli companies go global.
The potential UK economic impact of the UK-Israel innovation partnerships established through the hub since 2011 is £800 million, according to the June 2018 report.
The hub focuses on sectors such as retail, insure-tech, cyber, healthcare, mobility, smart cities, ed-tech, and Arab-led technology.
Some highlights of the report:
More than 150 UK companies and 490 Israeli companies engaged in hub activities during 2016-2017. Twelve UK-Israel cybersecurity deals are in progress following TeXchange 2017, the hub’s flagship innovation exchange program.
Eight long-term strategic programs have been facilitated, including programs in which UK partners such as the Royal Bank of Scotland (RBS) and HSBC build permanent innovation centers in Israel. RBS’s 6.4 million customers are protected by Israeli cybersecurity technology as a result of RBS and the UK Israel Tech Hub working together for four years.
In February 2018, the hub launched the UK Israel Dangoor Health Initiative, aiming to bring Israeli healthcare innovations into the UK’s National Health Service in partnership with IBM Alpha Zone and DigitalHealth.London. Some 84 companies have expressed interest in joining this initiative.
Arab-Israeli startups that have benefited from the UK Israel Tech Hub include smart-home IoT company MindoLife, which closed a deal of $20M with international company; and AI disease-prevention platform Wikaya, selected among top 100 startups in Europe by WEBIT.
“We are pleased to see more and more UK companies tackling their innovation challenges and creating long term partnerships meant to incorporate Israeli innovation into their businesses and create sustainable value for them,” said Ayelet Mavor, director of the UK Israel Tech Hub. “RBS, HSBC as well as organizations such as the NHS are paving the way for their UK peers to work with innovators and create real win-win partnerships.”