ImageSat International, which develops satellite sensors, and the Incentive incubator, controlled by the Peregrine Ventures fund, are launching an accelerator for startups developing satellite information-based applications.
ImageSat and Incentive announced that they planned to invest NIS 15 million in five-six startups in this field over the next two years. Entrepreneurs must submit their candidacy by mid-May. Each venture will receive $600,000, with the possibility of a later follow-on investment by Peregrine. Incentive is an incubator that currently divides its activity between the life sciences, which account for the bulk of its activity, and computer and communications technologies.
Incentive now wants to expand its business to include special expertise in other fields. Incentive CEO Lior Shahory explains, "In recent years, we have seen rapid progress in the development of technologies making it possible to put satellites into space at ever-decreasing cost.
"The large number of satellites will constitute a technological platform for innumerable applications and services relating to processing the enormous quantities of information generated by those satellites, such as meteorological, geographical, and security information; information about vehicle traffic; military equipment; etc. The startups chosen for investment will gain access to satellite information, support in signal and image processing, and managerial and business guidance to help them penetrate the market."
ImageSat CEO Noam Segal said, "We're looking for innovative technologies that fit in with the solutions and services offered by ImagSat. We plan to invest in companies offering services to businesses that have the ability to grow rapidly in both development of technological infrastructure and market penetration."
ImageSat currently provides services in the analysis and exploitation of information in various realms: security, precision farming and the environment, smart cities, transportation, and infrastructure. The company has launched two satellites that currently provide services to governments and companies throughout the world.
Published by Globes [online], Israel business news - www.globes-online.com - on April 1, 2015
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