Tel Aviv's TTO Ramot selects the first targets of its Technology Innovation Momentum Fund.
Tel Aviv University’s technology transfer company, Ramot, has completed the selection process for its Technology Innovation Momentum Fund.
Ramot received more than 60 applications and has selected six projects at the university. The submissions were reviewed by four experts committees, comprised of three scientific committees and one investment committee. Initial funding will be NIS5m ($1.44m) which, pending successful completion of milestones, can potentially increase to more than NIS20m ($5.76m).
The Momentum Fund, which has secured $18m out of its target $20m, is targeting breakthrough technologies in a wide range of industries from pharmaceuticals, healthcare, high-tech and physical sciences. Its lead investor is Tata Industries, part of India-based Tata Group, a multinational conglomerate, that has committed to an investment of up to $5m. The fund’s other main investor is SanDisk, along with other angel investors from South Africa, USA, India and the UK.
Shlomo Nimrodi, Ramot CEO and the Fund manager said: “Our goal is to take our most promising Tel Aviv University innovations from basic science and bring them to the point where they have a solid, proven concept, according to industry standards. At that stage, they are sufficiently attractive to multinational companies or venture capital funds prepared to commit substantial resources for funding the technologies all the way to commercialisation. At the same time, the potential licensing terms are maximized. This perfectly aligns with our vision of translating Tel Aviv University’s theoretical discoveries into useful products and applications in the real world.”
The next call for proposals is scheduled for Q3 2014 with the selection process in Q4 2014.
