JERUSALEM, Jan. 14 (Xinhua) -- Israel needs an artificial intelligence (AI) strategy and must close the gap with other countries in the sector, said the 2018-19 annual report issued by the Israel Innovation Authority (IIA) on Monday.
The report emphasized the importance of AI to the Israeli industry, saying leadership in AI will be a lever for the expansion of Israel's innovation ecosystem into other areas, such as personalized medicine.
AI-based technology is expected to be a key economic growth engine for countries, sectors and companies that will be at the forefront of this technology, according to the report.
As of the end of 2018, 17 countries have already declared such strategy, some with an investment of billions of dollars. "This is another sign that the race for taking a technological lead in this sector is already underway," said the report.
The fact that the race for leadership in artificial-intelligence-based technology has begun, said Aharon Aharon, CEO of IIA, the body in charge of setting out tech policies of Israel.
Aharon warned that Israel "must close the gap" with other countries who already make enormous investments in artificial intelligence infrastructures.
The report said the total annual capital raised in the Israeli high-tech industry is expected to exceed 6 billion U.S. dollars in 2018, compared to 5.2 billion dollars in 2017.
Only 770 start-up companies were established in 2017 and preliminary data indicated that the downward trend continued in 2018, said the report.
The decline in the pace of new startup launch in Israel reflects global changes in investors' preferences, said the report.
