Ido Anteby, CEO of the company, told a press conference in the Israeli city of Yehud that the probe would be launched from Cape Canaveral, Florida, aboard a SpaceX Falcon 9 rocket in December this year.
"Meet our spacecraft: small, smart and with a lot of Israeli", twitted SpaceIL in a second update.
Ido Anteby, SpaceIL's CEO, stands in front of an unmanned spacecraft in Yahud, Israel, on July 10.
South African-born Israeli billionaire Morris Kahn, who supplied funding for the project, said that he hoped that this mission would create the sort of enthusiasm that greeted the Apollo missions in the United States.More news: Chelsea fires manager Antonio Conte after 2 years in charge
The endeavor began, reports i24News, when Google Lunar XPrize, wanting to encourage innovation, offered a hefty sum ($30 million) for the person or company who could come up with a relatively low-priced mission to the moon.
To win, a privately funded team had to be the first to successfully land a spacecraft on the moon's surface, travel 500 meters and transmit high-definition video and images back to Earth.
So far, only the US, Russia and China have landed spacecrafts on the moon.
"It's going to show the way for the rest of the world" to send a spacecraft to the moon at a reasonable cost, said IAI's Ofer Doron.
Dr Anteby said: "We will put the Israeli flag on the moon".More news: Armless Miami man charged with stabbing Chicago tourist
SpaceIL plans to have Israel be the fourth country in the world to launch their spacecraft to the moon.
Israel Aerospace Industries, the country's prime aerospace and aviation manufacturer, has been a full partner in this project since its inception, along with other partners from the private sector, the government companies and the academia. Google Lunar prize was intended as reward for the first commercial organization which will land a spacecraft on the Moon.
The competition officially ended with no victor on March 31, with Google announcing that it would no longer sponsor it.
After succeeding in raising the critical funds to continue its activity, SpaceIL announced that it was determined to continue on its mission and to launch its spacecraft by the end of the year, regardless of the competition. The non-profit aims to change the discourse in Israel and to encourage boys and girls to regard science, engineering, technology and math as exciting opportunities for their future.More news: Israel sending rocket to the moon