US-based cloud software and application producer Oracle is bringing its accelerator program to Israel to target cloud and related technologies, Reuters has reported.
The six-month Oracle Startup Cloud Accelerator will be run by the corporate’s research and development team. Startups will benefit from mentoring, advanced technology and access to Oracle’s clients, partners and investors.
The scheme follows a pilot initiative launched in India which is onboarding its second cohort this month. Oracle, which is putting several million dollars into the accelerators, is expected to announce additional locations in the near future.
Oracle does not take equity in participating startups, nor does it provide any funding, according to the accelerator’s website.
Oracle’s decision to open the accelerator in Israel builds on its excellence centre for local startups, opened in 2003 in collaboration with the Israeli government. The centre counts 36 graduates, with a total of more than $150m in estimated exits.