Netanya-based incubator Targetech Innovation Center announced today that it raised over $1 million from a senior business delegation from Ohio.
Last week, Targetech hosted the prominent delegation of 30 government officials and businessmen from Ohio, among them Akron Mayor Donald Plusquellic, Ohio 17th District Representative US Congressman Tim Ryan, along with prominent doctors, legal advisors and businessmen from the greater Akron area.
The new investment in Targetech was announced at a reception hosted by US Ambassador to Israel Richard H. Jones.
Plusquellic said, "We intend to extend our financial support and assist in bringing those technologies to the commercial markets in the US through cooperation between Targetech and the Akron Civic and business community.”
Targetech was privatized in 2003 and is operating today under the High Tech Incubator program of the Office of the Chief Scientist. Several portfolio companies are active in the program, in the fields of bio-medical, communications, life sciences, information technology and chemistry.
Targetech is operated by the StartVest Venture Capital Fund. StartVest recently received a renewal of its franchise rights from the Office of the Chief Scientist.
Targetech will continue to support its six portfolio companies and is looking into new investment opportunities. Targetech plans to invest in at least five new startups during 2006.
Targetech Innovation Center manager Azriel Kadim said, "The support and encouragement of the Chief Scientist, along with the enthusiasm and confidence that was expressed by the Ohio delegation members, strengthens our ambition and enables us to further support our portfolio companies with a strong arm for business development and marketing overseas in the US."
Published by Globes [online], Israel business news - www.globes.co.il - on Monday, January 16, 2006