The new consortium formed by Peregrine Ventures, which has won the tender for the Intensive Technology Incubator, has announced that it is committed to jointly invest NIS 300 million in the companies operating in or graduating from the incubator.
To date the Intensive Incubator has been operated by the Peregrine Ventures venture capital fund by itself but in the new tender it is now being joined by Bristol-Myers Squibb (BMS), medical devices and diagnostics company BD (Becton Dickinson), Elbit Systems, Tel Aviv University, Ben-Gurion University of the Negev, and Shaare Zedek Medical Center.
The Incentive Incubator has produced an impressive list of life sciences and medical devices companies including Valtech, which was sold to Edwards for $690 million, CartiHeal, which was sold to Bioventus for $500 million, Cardiovalve, which was recently sold to Venus Medtech, and Eximo Medical, which was sold to Angio Dynamics, and Neovasc.
Peregrine Ventures, which grew together with the Incentive Incubator, and due to the success of the graduate companies, already manages $600 million. Peregrine won the first tender from the Israel Innovation Authority following the reform of the incubator program, and has now teamed with strategic partners for the new tender.
The incubator was founded in 2002 and is managed by Lior Shahory.
To date, the incubator has mainly invested in high risk medical devices with an emphasis on implants and cardiology. Peregrine’s new Incentive Incubator will focus on targeted medical therapeutics, medical devices, pharmaceuticals, advanced diagnostics (innovative sensors, omics analysis, algorithmics) for identification, monitoring, and personalized medication, alongside breakthrough medical devices, such as AI-integrated robotics and sense-based specific therapies.
Peregrine Ventures cofounder and managing partner Eyal Lifschitz said, "The establishment of this consortium will enrich and diversify our ability to lead young life sciences ventures, support them financially in every phase of their lifecycle including follow-on investments in their growth stages, and lead them to success in the global market. This is an integrated, global, and elite team that has the confidence in the ability of Israeli entrepreneurs to develop the next generation of successful medical companies. All the while improving patients’ quality of life and lowering global mortality. Besides the extensive capital that is available as a result of this consortium, all parties will harness their professional networks, industry know-how, and business relations to ensure the success of these important medical technology startups."
Peregrine Ventures general partner and CEO Lior Shahory added, "The integration of all the strategic shareholders, research institutes, and technological partners will lead to a substantial leap forward in the initiation of global medical technology companies and their success."
Published by Globes, Israel business news - en.globes.co.il - on August 9 2022.
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