A delegation of 40 representatives of venture capital firms in California's Silicon Valley, representing an estimated USD 15 billion, has announced it would visit Israel.
The delegation is being organized by the California-Israel Chamber of Commerce, and includes some of the country's most important venture capital companies, including Lightspeed, Siliconn, Ernst &Young, Pillsbury and Withrop Shaw Pittman.
The delegation also includes representatives of the Silicon Valley Bank, which supplies financial services to high-tech and bio-tech companies.
The bank plans to open a branch in Israel to cater to local high-tech companies.
Lightspeed: at the forefront
The group is being led by venture capital firm Lightspeed, which manages USD 2.3 billion. The firm is looking to invest between USD 250,000 and 25 million in up to five Israeli firms.
Lightspeed has invested in Israel since 1995, and has profited nicely from its investments here. Important deals for the company have included the sale of Galileo to Marvel cooperation for UDS 2.7 billion.
"Lightspeed has been at the forefront of investors in Israeli technology. Despite security and economic instability endemic in the region, we continue to view Israel as our number one destination for foreign investments in the high tech sector," Lightspeed senior partner Yitzhak Applebaum said,
Applebaum maintains a positive view of the future of Israel's venture capital industry.
"This is the right time to invest in Israel," he said. "The economy is on the mend, and the market is recovering."
He also said another reason for optimism is the multitude of funds and businessmen.
"When Israeli venture capitals collect money, foreign funds join them. When there is money, there is no limit to the possibilities," he said.
During their visit, representatives are set to visit 20 Israeli start-ups, including CrossID, Xtellus, cVidya, DoubleFusion and Xloom.
