Former Ashkelon mayor Benny Vaknin mediated the deal with the Chamber of Commerce of Beechwood, near Cleveland.
Ashkelon Technological Industries (ATI) is about to raise $20 million in the US to develop its outstanding start-ups. ATI's management will sign an agreement in principle next week with the Beechwood Chamber of Commerce. Beechwood is a predominantly Jewish suburb of Cleveland, Ohio.
The agreement is designed to recruit entrepreneurs and investors for ATI. ATI officials and executive director Tom Sadow will sign the agreement in Israel. ATI managing director David Wazana said ATI was opening an interests office in Cleveland, the first of its kind by an Israeli technology incubator.
Former Ashkelon mayor Benny Vaknin mediated the deal with Beechwood Chamber of Commerce, which will represent and operate ATI's interests office in the US.
23 start-ups operate in ATI. All the start-ups are developing patent-protected and advanced-stage applied research projects.
Published by Globes [online], Israel business news - www.globes.co.il - on February 22, 2005