The global consortium Israel Internet of Things Innovations-i3 Equity Partners (i3) has announced its investment vehicle at Tel Aviv University with the initial sum of $20 million to develop next-generation IoT and IIoT (Industrial Internet of Things) technologies.

Five global IoT industry leaders make up the consortium: GE Ventures, HNA EcoTech, Microsoft Ventures, Qualcomm Ventures and Tata.

The consortium is partnering with Pitango Venture Capital and TAU’s Business Engagement Center Company, Ramot, to launch the vehicle.

“This one-of-a-kind collaboration of some of the world’s largest corporations, Israel’s leading academic institution and its largest venture capital fund, is a testament to the palpable confidence in the ability of Israeli entrepreneurs to come up with the next big thing that will transform our world,” said Ramot CEO Shlomo Nimrodi.

i3 is expected to select high-potential seed and pre-seed startups. It is headquartered on TAU’s campus and is being co-managed by Noga Kap and Eran Wagner, entrepreneurs and investors well versed in early-stage investments, and chaired by Nimrodi.

“The Internet of Things is the heart of a brave new world,” said Wagner. “IoT brings together the various IT technologies developed over the past decades — big data and analytics, machine learning, cyber security, sensors and communications networks — to create the connected solutions that are already starting to change every aspect of our lives: from health through transportation and home appliances to aviation, agriculture, industrial manufacturing and much more. In Israel, we can find the unique combination of multidisciplinary skills and passion to innovate that is needed to create new big businesses that will impact large industries.”

“This novel IoT vehicle will be the first stop for IoT-related startups hoping to access the main global players in the IoT space,” said Karp. “With our unique and proprietary network, we will look for entrepreneurs who are adapting to changing markets in the IoT domain, and create products that matter. We will provide our portfolio companies with the resources they need to build great businesses by leveraging our partners’ strategic experience and extensive IoT industry connections.”