Mumbai, Nov. 16, 2016: India’s Tata group has teamed up with General Electric Ventures, Microsoft Ventures, Qualcomm Ventures, HNA EcoTech, Pitango Venture Capital and RAMOT, the Business Engagement Center of Tel Aviv University (TAU), to establish a new technology incubator in Israel. With the first closing of US $20 million, the incubator called i3 Equity Partners (i3) will focus on developing next-generation IoT (Internet of Things) and IIoT (Industrial Internet of Things) technologies.
Through this collaboration, the Tata group along with the other partners will support promising early-stage Israeli ventures, enabling them to reach an advanced phase of development, and ultimately strengthen their presence in global markets. The partners, on their part, expect to tap the acclaimed ingenuity and knowhow of the Israeli tech industry, for growing their enterprises in the field of IoT, which is expected to transform how industry operates and how individuals live, work and play.
According to a press release by the Tata group, with headquarters at the TAU campus, i3 will be headed by Managing Partners, Noga Kap and Eran Wagner, both well-known Israeli entrepreneurs as well as investors with extensive experience in early-stage investments, and chaired by Shlomo Nimrodi, Chief Executive Officer of RAMOT, and a veteran of the Israeli high-tech industry.
Commenting on this partnership, Mr. K.R.S. Jamwal, Executive Director, Tata Industries, said, “The Tata group, since inception, has focused on developing new technologies in the spirit of innovation that is strongly embedded in its DNA. We could also potentially help start-ups scale easily by facilitating better access to market. This collaboration will help us identify and support breakthrough innovations in IoT, and look forward to having early access to new technologies with a focus on high quality products and ideas that will develop through this initiative.”
According to Shlomo Nimrodi, Chairman, i3 Equity Partners, this was a “one-of-a-kind” collaboration of some of the world’s largest corporations with Israel’s leading academic institution and largest venture capital fund.
i3 will annually provide 3-5 high-potential seed and pre-seed start-ups with optimal conditions for success including the following:
- Financial investment of up to US $1 million each, supplemented by high-value in-kind contributions including but not limited to technology, tools, mentoring, business development and other services
- Access to supportive multinational corporations at all stages of development: technology validation, design, proof-of-concept, later-stage investments, and ultimately the purchase of mature technologies and their distribution in high-potential markets – including China and India
- A center of excellence offering world-class office space right next to the TAU campus with its multiple research and service centers
- Active professional assistance in the crucial processes of business development, marketing, recruiting and product innovation.