OurCrowd Labs/02, a Jerusalem-based seed-stage incubator focused on deep-tech innovation, signed dual memorandums of understanding with South Korean venture capital firms DTNI and Yozma Group Korea.
Facilitated by the Korea-Israel Industrial R&D Foundation, the agreements aim to strengthen bilateral strategic collaboration and investments, as well as promote partnerships between companies in the two countries in the area of deep technology.
“The collaboration between OurCrowd Labs/02, DTNI and Yozma Korea seeks to establish ‘landing pads’ in Israel and South Korea, with the intention of providing startups from both countries the network to establish themselves, connect with the local startups and innovation ecosystems, and forge meaningful collaborations,” said Moshe Raines, CEO of OurCrowd LABS/02.
DTNI CEO Seungsuk Lee added, “This partnership is an important step towards strengthening South-Korean and Israeli VC ties, as the tech scene in both countries continues to grow. We believe that this partnership will further the mutual benefit of our funds and startups.”
The collaboration will allow for mutual sharing of information and networks between the venture capital ecosystems of South Korea and Israel and also support increased activity of venture funds co-created by private and governmental investment vehicles. This collaboration will also help South Korean stakeholders leverage the know-how and methodologies of the Israeli startup ecosystem.
OurCrowd Labs/02’s core mission is to advance cutting-edge technology in innovative areas including artificial intelligence, deep learning, autonomous transportation and smart cities. The incubator is a partnership between OurCrowd, Motorola Solutions, Reliance Industries and Yissum, the technology transfer company of The Hebrew University of Jerusalem, and is part of the Israeli incubator program administered by the Israel Innovation Authority.