Israeli startup wins Chinese innovation contest

medical devices

DiaCardio, which develops software to improve EKG analysis, beat out 20 competitors in Beijing.

Israeli startup DiaCardio won first place in a global innovation competition held in Beijing. The final stage included 21 competitors from across the globe, three of which were based in Israel.

DiaCardio has developed software which significantly improves analysis of echocardiograms for which they received $200,000 without sacrificing any equity.

The startup's officials will be meeting with representatives from China's largest tech firms like Alibaba, Tencent, Baidu, and Xiaomi.

Wayerz, an Israeli startup specializing in inter-bank billing, placed in fifth.

The competition, which began eight months ago, is sponsored by Chinese consulting firm Shengjing 360 Group. The contest was led in Israel by Jerusalem-based venture capital firm JVP.

JVP partner Yoav Tzruya, who served as one of the judges in the final, said: "Innovation is still one of the Israeli economy's main competitive advantages, and we are pleased to see Israeli ventures receive such global recognition. The competition presented a unique opportunity for Israeli startup companies to penetrate the Chinese market as well as other international markets.

"In light of the latest macroeconomic developments, it is clear that technological innovation is key to continued solid growth and a country's ability to differentiate itself. Great powers, such as China, allocate extensive resources to create and leverage innovation. Israel should harness the startup culture and innovative ventures to gain a major foothold in this market. We were pleased to collaborate with Shengjing, an innovation pioneer in China, as well as with multinationals such as EMC and Deutsche Telekom, and academia in the form of the Hebrew University of Jerusalem and the Interdisciplinary Center Herzliya in order to select the ventures that represent Israeli innovation in various fields."

Published by Globes [online], Israel business news - www.globes-online.com - on August 26, 2015

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

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