Israeli tech companies raised $2.9 billion in the second quarter of 2024, according to a joint report by data-source company IVC Data and Insights and LeumiTech, which specializes in banking for high-tech firms.

The amount is is the most raised by Israeli tech firms since the second quarter of 2022 when $5 billion was raised, Israeli business site Globes reported.

Funds raised in the second quarter of this year were 47% higher than the corresponding quarter of 2023 and 78% higher than first quarter of this year ($1.62 billion), according to the report.

Of the $2.9 billion, a major chunk came from a $965 million deal by cybersecurity company Wiz in May.

Without that deal, Israeli tech companies still raised 19% more in the second quarter than in the first quarter.

“If such levels of activity continue, then at this pace the tech sector will end the year with an increase compared with last year,” LeumiTech CEO Maya Eisen Zafrir said.

“In the in-depth examination we did on the identity of the investors, it is encouraging to see foreign investors who have never invested in Israel taking part in deals, even after the start of the war,” she added.

The report found that there was a rise in the number of foreign investors making first investments in Israeli tech, reversing a consistent fall.

Added IVC-Research CEO Ben Klein, “The second quarter ends today with positive growth indicators. The volumes of activity in Israeli tech continued to grow moderately. This is not trivial given the circumstances. The growing presence of foreign investors shows the attractiveness of Israeli tech.”

In other words, Israeli high-tech has weathered the storm of Oct. 7 and the ensuing war.

“Despite recent challenges, Israel’s tech industry is not just surviving; investment flows and VC activities have remained robust, proving the sector’s unflagging innovation excellence,” according to a March report by Startup Nation Central, a nonprofit promoting Israeli high-tech on the global stage.

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