Ramot, the tech transfer office of Tel Aviv University, has joined five corporate partners to form an investment consortium called Israel IoT Innovations – i3 Equity Partners with an initial $20m fund.
Software provider Microsoft, industrial conglomerate General Electric, mobile semiconductor producer Qualcomm, conglomerate Tata & Sons and aviation-focused group HNA are all involved, as is venture capital firm Pitango Venture Capital.
Microsoft, GE, Qualcomm and HNA committed capital through their Microsoft Ventures, GE Ventures, Qualcomm Ventures and HNA Ecotech subsidiaries respectively.
I3 will seek out early-stage internet of things (IoT) and industrial IoT opportunities in Israel and support their development and global expansion. The partners hope to back three to five pre-seed and seed-stage startups each year.
The venture is headquartered on Tel Aviv University’s campus and headed by managing partners Noga Kap and Eran Wagner, while Shlomo Nimrodi, chief executive of Ramot, has been apppointed chair.
Portfolio companies will benefit from up to $1m in funding each in addition to support such as mentoring, access to tools, business development and other services.
The corporates will offer help with validating technology, designing products and providing access to later-stage investments. They may acquire mature technologies and distribute them in markets such as China and India.
Startups will also gain access to a Center of Excellence, which offers office space and proximity to the university’s research and service centres.
– An earlier version of this article appeared on our sister site, Global University Venturing. Photo courtesy of Zachi Evenor via Wikimedia Commons.