The Israel-based startup accelerator run by the US multinational technology company is closing to cut costs.
Intel Ignite, the Israel-based accelerator run by US technology multinational Intel, is due to close down after five years, as part of a cost-saving initiative, according to a report from the Israeli technology magazine Calcalist.
Launched in 2019, Intel Ignite supports the growth of early-stage deep tech startups in Israel, Europe and the US. It took on two cohorts annually, with its last reportedly taken on in May 2024.
Over its lifetime, the accelerator has raised $2.5bn in funding for the startups in its programme. It covers AI, software development, next-gen compute, and autonomous machines.
Companies in its latest cohort include Booisi, a US company that makes AI for hardware design which can be applied to semiconductor manufacturing, and Flink, a Swiss company which makes robots for use in material handling during the manufacturing process.
In August Intel’s announcement it planned to cut 15,000 jobs led to its share price falling 26%.
