GE launches Israel accelerator

start-ups

The accelerator will focus on cloud computing and big data, with an emphasis on industrial Internet.

US corporation General Electric (GE) is maintaining its interest in Israeli innovation as the company today announced that it would operate an accelerator in Israel. The accelerator will focus on cloud computing and big data, with an emphasis on industrial Internet. GE, which is active in a broad range of areas, has a market cap of $245 billion and has already invested in a series of Israeli companies in the biomedical, energy, and cyber sectors.

The accelerator's first group of four software companies will get underway in July, and the second cycle will begin in December.

GE Software CTO and VP Harel Kodesh said, "Through software, we're enhancing the ability of companies to develop innovative solutions that will achieve progress in the industrial Internet, and we're supplying them with a digital channel for their relevant market. The creation of an eco-system of software companies will help us make progress in the industrial Internet.

GE software startups accelerator director Yinnon Dolev added, "Already in the first month of operation, we have seen a great deal of cooperation between companies and various divisions in GE, including an exchange of ideas, know-how, and experience, for achieving progress in the industrial Internet. For many startups, access to customers and creating marketing opportunities pose major challenges, and the accelerator program is designed to open these doors for them."

GE is also active in Israel through GE Ventures, its venture capital arm. Among other things, the fund invested in electric car venture Better Place, and SolarEdge, a solar energy company that went public six months ago, as well as other companies. SolarEdge established an Israel software development center in 2013.

Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2015

© Copyright of Globes Publisher Itonut (1983) Ltd. 2015

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