International telecommunications company Telefonica is to collaborate with the VLX Ventures technology incubator, which is owned jointly by Xenia Venture Capital Ltd. (TASE:XENA) and Van Leer Ventures Jerusalem. Telefonica will examine the incubator's projects in digital communications, and will invest up to $1 million in those projects that it finds of interest to it, and will also contribute its experience.
The collaboration is focused on video, cloud computing, big data, Internet of things, smart homes, wearable technology and future communications. VLX CEO Ori Choshen said, "Joining forces with Telefonica is a strategic move for Israeli start ups. The connection between Telefonica and VLX offers the companies that will be chosen a unique package of close professional support, seed investment, and partnership with a leading global company."
"As a digital company, Telefonica invests in many promising innovative companies around the world," said Doron Ariel Shpasser, who manages Telefonica's investment and collaboration activities in Israel. "The State of Israel, which is full of leading talents and innovative companies, is a perfect place for boosting potential investment," he added.
Telefonica has been active in Israel since 2010. In July 2013, the company signed an agreement with the Chief Scientist in the Ministry of the Economy on cooperation in industrial R&D.
Published by Globes [online], Israel business news - www.globes-online.com - on October 20, 2014
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