Elbit Systems inaugurates Incubit accelerator

Incubit Technology Ventures plans to invest in more than 20 ventures in the next eight years.

Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) today inaugurated its Incubit Technology Ventures accelerator at the Beersheva High-Tech Park. It plans to invest in more than 20 ventures in the next eight years.

"We are proud to inaugurate Incubits new office in Beersheva, which is the first technology incubator in Israel owned by a big corporation. Technological innovation and entrepreneurship are the leading values in Elbits vision; therefore, this activity comes natural to us. Cyber is a remarkably important growth engine in Elbit, and we will surely continue to invest in this field," said Elbit Systems president Bezalel Machlis. "The incubator is indeed owned by Elbit Systems, but we have many partners in this project - Beersheva City Hall, Ben Gurion University, the Chief Scientist. and many more. I am certain that Incubit will thrive, invest in new ventures and contribute significantly to the state of Israel."

Incubit CEO Ran Bar-Sela said, "The incubator will keep investing in the cutting-edge technologies for the civilian market. Such ventures will enjoy the incubators attention and support as well as royalties from Elbit for future application of the new technologies. Incubit already invested in two new ventures according to this model."

Published by Globes [online], Israel business news - www.globes-online.com - on May 18, 2014

Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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