The amount of the grant, which comes from a programme run by the Ministry of Industry and Trade, has not been disclosed. The government will receive commissions from sales of the new software not exceeding the value of the grant.

Qmarkets said the new version of its software, to be released in August, will be more accurate, easier to use and will offer tailored solutions for different types of users, including market researchers, risk analysts and sales forecasters.

The firm aims to avoid the complexity often associated with prediction markets, and make the software accessible to “any employee or customers in the world”.

Noam Danon, CEO and founder of Qmarkets, said the firm had learned from the feedback it has received from customers of its software over the last few years. “We plan to apply these lessons to the new product, and I’m sure it will enable us to make prediction markets a common management tool for making better decisions,” he said.

Qmarkets is headquartered in Israel, with sales offices in the UK and Australia.