India's Reliance Industries is investing $25 million in the Jerusalem Innovation Incubator, the company has notified the Bombay Stock Exchange. Reliance has a 20% stake in the incubator, Motorola Solutions has a 20% stake, and Jerusalem based crowdsourcing fund OurCrowd has a 60% stake while Hebrew University of Jerusalem technology transfer company Yissum will provide promising technology and support. OurCrowd announced the establishment of the consortium last month but did not disclose any financial details.
OurCrowd is replacing Jerusalem Venture Partners, who previously led the incubator, which is part of the Israel Innovation Authority (formerly the Office of the Chief Scientist). The incubator, which is located in OurCrowd's headquarters in the JVP Media Quarter campus in Jerusalem will invest in early stage startups in technologies such as big data, analytics, AI, fintech, storage, IoT and computer vision.
“Most of these domains align with our businesses and strategic interests,” Reliance Industries said in its notification to the Bombay Stock Exchange.
Published by Globes [online], Israel business news - www.globes-online.com - on July 23, 2017
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