New Delhi: The Tata group has decided to set up a new technology incubator in Israel in partnership with General Electric Ventures, Microsoft Ventures, Qualcomm Ventures, HNA EcoTech, Pitango Venture Capital and RAMOT, the business engagement center of Tel Aviv University (TAU).

With the first closing of $20 million, the incubator called i3 Equity Partners (i3) will focus on developing next-generation IoT (Internet of Things) and IIoT (Industrial Internet of Things) technologies, the group said in a statement.

“We hope to provide guidance and mentorship to the start-ups based on our experience of operating across a range of sectors, across multiple geographies. We could also potentially help start-ups scale easily by facilitating better access to market," said K.R.S. Jamwal, executive director of Tata Industries Ltd.

The incubator will be based on the TAU campus. It will be headed by managing partners Noga Kap and Eran Wagner, both Israeli entrepreneurs as well as investors with extensive experience in early-stage investments, and chaired by Shlomo Nimrodi, chief executive officer of RAMOT, and a veteran of the Israeli high-tech industry.

Tata group, along with the other partners, will support early-stage Israeli ventures, enabling them to reach advanced phase of development, and ultimately strengthen their presence in global markets.

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