India’s Tata Industries will invest $5 million in Tel Aviv University’s Ramot technology fund, as part of a strategic Memorandum of Understanding (MoU) to generate leading edge ‘commercialization ready’ technologies in healthcare, pharmaceuticals, clean-tech, food security, the environment, engineering and software.
Tata, part of Indian conglomerate Tata Group, is the lead investor in a planned $20 million fund.
“Being a lead investor, Tata will be able to see a pipeline of technologies. They will have an option to commercialize certain promising opportunities from Tel Aviv University (TAU). The diversity of innovation at TAU, coupled with Tata’s uncompromising commitment, creates a major opportunity to impact communities across the world,” said Shlomo Nimrodi, CEO of Ramot.
Ramot has seen many successes, the biggest to date is flash memory.
Executive director at Tata Industries Rameshwar Jamwal said his company sees TAU as its Israeli research and development center.
“For Tata, we … see innovation and R&D as an area of focus and a source of competitive advantage going forward,” said Jamwal. “The Tata team was exposed to more than 70 promising innovations and had the opportunity to interact with leading scientists at TAU.”
Jamwal said it was Tata’s first major investment in Israel and that it would likely invest further. “This is our attempt to scout Israeli technology more deeply,” he told reporters. “This allows us over a period of time to show our commitment to Israel but we are interested in doing more.”
“We are extremely proud that Tata has selected TAU as its partner for innovation. Our joint initiative sets an example for others to follow. The MoU demonstrates TAU’s long-term commitment to enhancing India-Israel relations,” said TAU President Prof. Joseph Klafter.