JTA NEWS
21 October 2018 - 13 Heshvan 5779 - י"ג חשון ה' אלפים תשע"ט
JTA NEWS :
Business
Israel incubator partners with South Korean venture capital firms E-mail

OurCrowd Labs/02, a leading Israel-based seed-stage incubator focused on deep-tech innovation, has signed collaboration agreements with two of South Korea’s leading venture capital firms, DTNI and Yozma Group Korea.

The agreements, facilitated by the Korea-Israel Industrial R&D Foundation (KORILRDF), are aimed at strengthening bilateral strategic collaboration and investments, and promoting partnerships between companies in the two countries. The areas of collaboration specifically identified focus on rapidly growing deep-tech startups.

Moshe Raines, CEO of OurCrowd Labs/02, said: “The collaboration between OurCrowd Labs/02, DTNI and Yozma Korea, seeks to establish ‘landing pads’ in Israel and South Korea, with the intention of providing startups from both countries the network to establish themselves, connect with the local startups and innovation ecosystems, and forge meaningful collaborations.”

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Chinese bike-sharing company Ofo closes Israel operations E-mail

Chinese bicycle-sharing company Ofo has decided to leave the Israeli market after conducting a few pilot schemes in universities in Israel over the past year.

Initially, after a successful pilot scheme at Bar-Ilan University in Tel Aviv, Ofo opened a representative office in Israel, and appointed Imri Galai as general manager of the Israeli branch earlier this year. Ofo’s launch at Bar Ilan University received great support from the student union, teachers and students, and Ofo placed 100 bikes at 19 parking sites around the campus. There was also enormous interest in Herzliya after the launch of the mobile app.

The app enables a user to pick up and leave a bicycle at any point by scanning a QR code for unlocking and locking it. The user then returns the bicycle by locking it and reporting via the app that the bicycle is no longer in use. The app can also be used to monitor the use of the bicycles, the routes travelled, and more.

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Israel-India companies to receive technology fund E-mail

Four companies each from India and Israel will receive the first round of the India Israel Innovation India-Israel Industrial R&D and Technological Innovation Fund (I4F).

The companies will co-create affordable technologies in the areas of agriculture, healthcare, energy, water and Information and Communication Technology (ICT).

This is part of the US$40million fund under I4F, with equal contributions from India and Israel, for a period of five years to promote, facilitate and support joint R&D between the two countries.

The fund was established after the visit to Israel by Indian Prime Minister Narenda Modi to Israel in July 2017.

In the healthcare space, Appasamy Ocular Devices Pvt. Ltd. from India and Sanoculis from Israel will collaborate to create an affordable technology solution for the treatment of glaucoma.

While the Israeli company already has the technology, it will collaborate with the Indian company to create an affordable solution.

Sivagnanam Subbiah, General Manager of Appasamy Ocular Devices, said the company would be granted funding of Rs 1.4 crore [about US$200,400] for a period of two years till 2020. Other awardees include Frog Cellsat (India), Uniqam (Israel), Vyoda (India), Agrosolar and Energy Efficient Services (India) and Bacsoft (Israel).

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Former chief scientist to raise US$100 million fund in China E-mail

Avi Hasson, the former chief scientist at the Israeli Ministry of Economy, is raising a US$100 million fund backed by Chinese investors, in partnership with his former colleague and the founder of the Emerge Fund, Dovi Ollech.

The two announced the new fund, called Emerge II, in a press conference in Beijing in July, alongside several of the fund’s largest Chinese investors.

During his six-year tenure as the manager of the Israeli government innovation fund, Hasson –now replaced by Aharon Aharon, the former head of Apple Israel – made many efforts to advance and build Israeli-Chinese relations.

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AudioBurst receives investment from Japan E-mail

Israeli AI-powered voice search platform AudioBurst announced last month that it has raised US$3 million from Nippon Broadcasting System Inc.

This brings the Tel Aviv based company’s Series A financing round to US$14.4 million, led by Samsung Ventures and including investments from Japanese speech recognition technology company Advanced Media Inc., Flint Capital, 2BAngels and a consortium of Mobileye investors.

Nippon Broadcasting System and Audioburst will form a partnership for supporting and building new voice technology products relying on Audioburst’s AI-based voice search platform, especially for the Japanese market.

Audioburst is a voice search platform that harnesses the power of AI and NLP (Natural Language Processing) to listen, understand, segment and index millions of minutes of daily talk content from thousands of top audio sources, including radio, podcasts and TV. Audioburst enables the delivery of news and infotainment in a personalised, original, voice and screen-free way to consumers and businesses through partnerships with creators, media platforms and consumer brands, including Samsung, Harman and Bose.

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