The consortium called Israel IoT Innovations – i3 Equity Partners (“i3”) has established an investment vehicle at Tel Aviv University. The university said that the initially provided sum of $20 million will help develop IoT technologies, Reuters reports. The consortium will join forces with Israel's Pitango Venture Capital and the university's own company, Ramot, to launch the vehicle. According to Reuters, the group said it expected to select seed and pre-seed startups with “the optimal conditions for success.” This includes financial investments of up to $1 million each. In addition, the investment will also provide the group with the access to multinational corporations at all stages of development. “We are excited to be partners of such a unique worldwide syndication,” Microsoft Ventures said in a short statement on its website. “We intend to assist and collaborate with i3 and its portfolio companies while tapping the acclaimed ingenuity and know-how of the Israeli tech industry.”
Microsoft Ventures to Invest in Tel Aviv University IoT Projects
The company is a part of the consortium comprised of several companies. These include GE Ventures, HNA EcoTech, Qualcomm Ventures and Tata, according to Reuters.