Tata group teams up with global leaders to start technology incubator in Israel

tata

Christened i3 Equity Partners to focus on developing nextgen Internet of Things

Mumbai, November 14

The Tata group has teamed up with global leaders to set up a technology incubator in Israel. Along with General Electric Ventures, Microsoft Ventures, Qualcomm Ventures, HNA EcoTech, Pitango Venture Capital and Ramot, the Business Engagement Centre of Tel Aviv University (TAU), the Tata group aims to support early-stage Israeli ventures, enabling them to reach an advanced phase of development, and ultimately strengthen their presence in global markets.

Tapping ingenuity, knowhow

With the first closing of $20 million, the incubator called i3 Equity Partners (i3) is to focus on developing next generation Internet of Things (IoT) and Industrial Internet of Things technologies.

Through this collaboration, the partners expect to tap the ingenuity and knowhow of the Israeli tech industry for growing their enterprises in the field of IoT. The latter is expected to transform the way industry operates and how individuals live, work and play. IoT brings together the various IT technologies developed over the past decades such as big data and analytics, machine learning, cyber security, sensors and communications networks, to create connected solutions.

i3 will annually provide 3-5 seed and pre-seed start-ups with optimal conditions for success including financial investment of up to $1 million each, supplemented by tools, mentoring, business development and other services. It will also provide access to supportive multinational corporations at all stages of development, and ultimately the purchase of mature technologies and their distribution in high-potential markets including China and India, as well as an inspiring centre of excellence offering world-class office space right next to the TAU campus.

Focus on quality products

Commenting on the partnership in a statement, KRS Jamwal, Executive Director, Tata Industries, said the

firm looks forward to “having early access to new technologies with a focus on high quality products and ideas that will develop through this initiative.”

Published on November 14, 2016

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