JTA NEWS
20 June 2019 - 17 Sivan 5779 - י"ז סיון ה' אלפים תשע"ט
JTA NEWS :
Business
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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Philippine Navy test-fires Israeli-made missile E-mail

The Philippine Navy testfired its first ship-borne missile in August, successfully striking a target six kilometres away.

The Israeli-made Spike ER missile is expected to give the Philippine Navy the ability to “strike a punch” at sea. The Philippines faces maritime challenges from China, which is expanding its military presence in the South China Sea, and from pirates in its southern waters.

Navy personnel aboard a multipurpose attack craft, or MPAC, operating in waters off Lamao Point in Bataan, launched a Spike Extended Range missile at a target, according to an announcement by the Philippine Navy. “The target was hit dead centre even if the sea state condition was moderately rough with a wave of at least one metre high but within the normal firing conditions of the missile,” Navy public affairs chief Commander Jonathan Zata told reporters.

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Trax Image Recognition raisies more capital funding E-mail

Trax Image Recognition, an Israeli-Singaporean company whose image-recognition technology is used by retailers to track their business, announced in July that it had completed its largest investment round to date, raising US$125 million.

The transaction was led by Boyu Capital, one of the largest private equity investment firms in Greater China. DC Thomson, a leading media organisation from the UK, also joined the investment round. A portion of the transaction will be used to buy the shares of some early investors.

Headquartered in Singapore, Trax is revolutionising the retail industry by delivering a single source of data for Consumer Packaged Goods (CPG) companies and retailers. Founded in 2010, the company was founded by Israelis Bar-El and Dror Feldheim. It employs 350 people, 150 of them in Israel.

To date, the company has raised approximately US$235 million in total funding and operates in over 50 countries with more than 175 client engagements.

Trax provides in-store execution, market-measurement and data-science solutions for CPG brands and retailers by harnessing its cutting-edge computer vision platform to process photos taken in store with mobile devices to deliver real-time, granular shelfand store-level insights.

“We could not be more thrilled to have Boyu Capital as a major backer of Trax alongside Warburg Pincus, our largest shareholder,” said Joel Bar-El, Trax CEO and co-founder. “Their experience and insights into the scale and pace of China’s retail technology environment will be incredibly valuable. The injection of funds from Boyu will allow us to drive continued innovation of our technologies at our computer vision center of excellence in Tel Aviv, Israel and to explore establishing an additional engineering center in China.”

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