Elbit Systems Ltd. (Nasdaq: ESLT; TASE: ESLT) has invested an undisclosed amount in HTC's Vive X accelerator. The defense electronics company will also sponsor the accelerator. Vive X Israel is managed by CEO Omri Cohen, the CEO of Touch Group and the importer of HTC's mobile devices in Israel.
Vive X manages a $100 million investment fund for augmented reality (AR), virtual reality (VR), and artificial intelligence (AI). The next round of startups for Vive X will begin in mid-September and last for four months. Elbit Systems' technology experts will accompany the startups participating in the program and enable them to benefit from decades of experience in leading these fields.
Cohen said, "We regard cooperation with Elbit Group as an important and significant connection that can help startups make rapid progress in AR and VR. Elbit Systems' technological depth in these areas and its accumulated know-how in open innovation processes will provide special added value for companies accepted to the accelerator and 1,000 more people indirectly involved in the matter. We have met with some of them and we were astounded at the wonderful capabilities and ideas that there are in Israel."
Elbit Systems VP corporate innovation Ran Bar-Sella said, "We are delighted to be part of the upcoming class of the Vive X accelerator and to contribute from our extensive experience in these areas to development of new technologies and breakthrough solutions. We see great potential in cooperation with startups in Israel in these areas."
Cohen added that the Vive X accelerator is the world's largest in VR, AR, and AI. He said that its portfolio contained over 85 startups. The Vive X accelerator operates in China, Taiwan, the US, and Israel (through Touch Group, which represents HTC in smartphones and VR).
Published by Globes [online], Israel business news - www.globes-online.com - on August 20, 2018
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