Meta has announced the launch of AI Accelerator TLV, a new program aimed at boosting the development potential of early-stage Israeli startups with a focus on AI capabilities and products. The registration process is currently open until July 31, with 10 startups set to be selected for the 15-session program, which will run from September to December 2024.

According to the company, the AI Accelerator TLV is designed to support the growth and development of Israeli startups that are centered on open-source artificial intelligence solutions.

Over three months, the chosen startups will receive support, mentoring and training from experts, including researchers and engineers from Meta’s Artificial Intelligence Research Lab. They’ll also gain access to advanced cloud computing resources and new AI technologies, and networking opportunities with partners, investors and other entrepreneurs.

The companies targeted by the new accelerator are in the Business-to-Consumer (B2C) sector. This means that the things being worked on by the accelerator companies are more likely to fall into the “cool tools and toys” box of AI products.

Adi Soffer Teeni, CEO of Meta in Israel, explained that AI, generative AI and open-source language models represent “an unparalleled opportunity” for the Israeli tech ecosystem — including the many companies that Meta has had a hand in growing.

“Since we established Meta’s Israeli office a decade ago, we have supported thousands of startups, from their early days through all stages of their growth,” she said. “The current generation of artificial intelligence technologies already holds tremendous potential for them, and the next generation will offer people and businesses even more value, and in new ways.”

The launch of Meta’s AI Accelerator in Israel represents a significant vote of confidence from the social media giant in Israel’s significant AI potential, framing Israel as a fertile ground for technological innovation, particularly in the field of artificial intelligence.

Dror Bin, CEO of the Israel Innovation Authority, praised Meta’s move.

“Meta’s initiative to establish an accelerator, to germinate and speed up innovative start-ups, will be a fertile ground for nurturing and promoting groundbreaking ventures,” he said. “Israeli high tech is the main engine for the growth of the economy and serves as a shock absorber. We are committed to continue working with the high-tech industry with all the means at our disposal.”

He went on to note that Israeli high tech companies “are the heart of the Israeli economy,” and that they “create quality employment, lead technological breakthroughs and generate significant income from taxation for the state coffers.”

“I believe that even now, despite the complex challenges that all of us in the industry are experiencing, Israeli high tech will overcome and continue to grow, and I congratulate Meta for the active part it takes in the Israeli ecosystem,” he concluded.