18 February 2019 - 14 Adar I 5779 - י"ד אדר א' ה' אלפים תשע"ט
Lenovo Group looking to tap Israeli startups E-mail

China’s leading newspaper, the China Daily, reported in October that Lenovo Group Ltd., the world’s largest personal computer maker, will invest about US$100 million in Israeli startups over the next three years to better tap into local talents and cuttingedge technology to grow its core business.

“We will focus on the internet of things, cloud computing, cyber security, image recognition and other areas which Israel excels in,” said Song Chunyu, Vice President of Lenovo.

The move came after the Beijing-based firm has poured up to US$20 million into at least six Israeli startups and CPI, a local venture capital fund, over the past several years.

Israel, known for its innovative engineering, has become one of the most popular destinations for Chinese investment as China works hard to upgrade from a manufacturing hub into a tech centre boasting core technologies. Internet giants Baidu Inc. and Alibaba Group Holding Ltd., as well as traditional firms such as Ping An Insurance (Group) Company of China Ltd., are all spending big to fund local startups.

“Compared with their Chinese counterparts, Israeli firms are more willing to spend years and even a decade on the research and development of a key technology. That is the most appealing point,” Song said.

He added that Israel, which has a small domestic market, is quite open to foreign investors and it is relatively easy for Chinese firms to expand their presence there.

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