Israeli early stage venture capital Grove Ventures has announced the initial closing of $30 million out of a planned $100 million. The fund is managed by DiskOnKey inventor Dov Moran together with Guy Resheff, Sigalit Klimovsky and Lotan Levkowitz. Grove Ventures offers Israeli startups financial investment combined with hands-on mentorship and close professional support, focusing on Internet of Things, Cloud, and Machine/Deep Learning (Artificial Intelligence).
The fund is backed by investors in Japan, China, Taiwan, Europe, Israel and the US, which include strategic entities, financial investors and well-known figures from the high-tech scene.
Managing partner Moran said “Our fund was founded by entrepreneurs and company builders with extensive operational experience. We have established companies and created successful businesses from zero to hundreds of millions of dollars revenue. Our experience enables us to support entrepreneurs and early stage startups during their inception period and guide them through their growth to become global market leaders.”
Moran, 60, is the legendary inventor of the DiskOnKey and the founder and former CEO of flash storage data pioneer m-systems, which was sold to SanDisk for $1.6 billion in 2006.
Grove partner Guy Resheff said, “Our vision is to guide and support the entrepreneurs throughout their journey. As entrepreneurs we have experienced all of a startup’s phases; from strategy formation, throughout the challenges of execution and delivery, and into winning the market and creating an exceptional brand. We are here to share our extensive knowledge and the network we’ve gathered over the years to create a significant and unique value to our portfolio companies.”
Resheff cofounded fabless semiconductor company Provigent, which was acquired by Broadcom in 2011 for $340 million.
Published by Globes [online], Israel business news - www.globes-online.com - on May 20, 2016
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