Mobilicom receives $3.65m investment from Israel’s largest institutional investor; shares see a slight rise

Shares in tech stock Mobilicom (ASX:MOB) rose as much as 20 per cent this morning after Israeli investment fund Psagot chipped in over $3.6 million.

Psagot is Israel’s largest pension fund manager, controlling NIS180 billion ($70 billion) of assets. It has agreed to invest $3.65 million in Mobilicom consisting of 64 million shares at 6 cents each and another 64 million options.

Mobilicom specialises in communications and technologies enabling drones to communicate with each other or send data back to a central database.

The global commercial drone market generally is tipped to explode in the coming years, predicted by Fortune Business Insights to hit US$8.5 million by 2027 which would represent five-fold growth from 2019.

The industry has been helped by increased defence spending as well as relaxation of restrictions on drones, particularly in Europe.

To read the complete article: Mobilicom receives $3.65m investment from Israel’s largest institutional investor; shares see a slight rise – Stockhead