The Israel-U.S. Binational Industrial Research and Development (BIRD) Foundation has approved $7 million in funding for eight new projects between American and Israeli companies.

The projects include innovations in areas of autonomous vehicles, biotechnology, digital health, homeland security, and nanotechnology.

“The BIRD Foundation is undoubtedly a major anchor in the international activity of the Israel Innovation Authority and in its 40 years of activity has contributed greatly to the development of valuable collaborations for hundreds of companies. The BIRD Foundation continues to implement a successful model for cooperation in industrial R&D, on the basis of which the Authority operates dozens of cooperation frameworks with partners in the US and around the world,” said Aharon Aharon, CEO of the Israel Innovation Authority.

The eight projects approved by the Board of Governors are in addition to the 940 projects that the BIRD Foundation has approved for funding during its 40-year history.

In addition to the grants from BIRD, the projects will access private sector funding, boosting the total value of all projects to approximately $18.5 million.

The BIRD Foundation promotes collaboration between US and Israeli companies in different technological fields. To date, BIRD’s total investment in joint projects has been about $340 million, helping to generate direct and indirect sales of more than $10 billion.

“Since the establishment of the BIRD Foundation, hundreds of successful joint projects have been launched creating opportunities for Israeli companies and Israeli innovations to enter into new markets, in the US and elsewhere. The Foundation’s support of these R&D ventures is evidence of the strong bond that exists between Israel and the US and is an important expression of trust that will enable Israel to continue to advance in these areas around the world,” said Eli Cohen, Minister of Economy and Industry.

(via Israel21c)

[Photo: 401(k) 2012 / Flickr ]