Tel Aviv University's TTO has joined forces with corporates such as Microsoft, GE and Qualcomm, and VC firm Pitango to launch a $20m investment consortium focused on the internet of things.
Ramot, the tech transfer office of Tel Aviv University, has helped establish investment consortium I3 Equity Partners, which has raised an initial $20m fund from its founders.
The partnership includes Microsoft Ventures, GE Ventures and Qualcomm Ventures, respective corporate venturing units of software company Microsoft, conglomerate General Electric and semiconductor manufacturer Qualcomm.
HNA Ecotech, the digital technology subsidiary of conglomerate HNA Group, industrial group Tata and VC firm Pitango Venture Capital are also supporting the initiative.
I3 is headquartered on Tel Aviv University’s campus and headed by managing partners Noga Kap and Eran Wagner. Shlomo Nimrodi, chief executive of Ramot, acts as chair.
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.
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 also offer help with validating technology, designing products, provide access to later-stage investments and may acquire mature technologies and distribute them in markets such as China and India.
Finally, startups will gain access to a Center of Excellence, which offers office space and proximity to the university’s research and service centres.
