JERUSALEM (Reuters) -Israeli defence technology startup Commcrete said on Tuesday it raised $29 million in early stage funding rounds, as the country’s defence sector faces supply challenges from abroad.
Commcrete develops handheld satellite communication systems, which are already deployed by defence, special operations, and emergency response teams, it said. One of its products converts any radio, from military-grade hardware to off-the-shelf walkie-talkies, into a satellite-enabled system.
Earlier this month, Prime Minister Benjamin Netanyahu spooked investors when he acknowledged Israel’s growing isolation over the two-year war against Hamas militants in Gaza and said the country should reduce its dependence on foreign trade and become more self-reliant, especially in defence. Some European countries have begun to hold back on military supplies to Israel.
Commcrete’s latest funding, which includes $21 million in a Series A round, was led by Greenfield Partners, with participation from Redseed Ventures and existing investors, building on a seed round backed by Amnon Shashua, founder of Mobileye, together with Q Fund and others.
The funding, Commcrete said, will support global expansion as its ultra-compact SATCOM systems gain adoption by defence, security, and emergency organizations in Europe, North America, East Asia, Australia, and the Middle East.
(Reporting by Steven Scheer; Editing by Emelia Sithole-Matarise)
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