The incubator, JII, will invest in startups focusing on areas like cloud, big data, IoT, fintech, artificial intelligence and storage, areas Reliance Industries too finds interesting
Reliance Industries Ltd (RIL) today said it is investing $25 million in an Israel based technology incubator named Jerusalem Innovation Incubator that will be focusing on startups that are working in the firled of new age technologies like computer vision, IoT, artificial intelligence and fintech etc.
The decision, perhaps, was taken during Prime Minister Narednra Modi’s recent visit to Israel where many Indian enterprises including Reliance Industries had accompanied the PM for bilateral business talks.
The incubator, JII, is licensed by Israel Innovation Authority (IIA) that functions under the ministry of economy of Israel.
For the incubation center, RIL will be co-investing along with Motorola Solutions, Yissuem and OurCrowd. While Motorola Solutions is a global company, the other two are based out of Israel. OurCrowd, a strtaup, is a crowd-fudning platform and Yissum is a part of Israel’s #1 University, the Hebrew University of Jerusalem.
In terms of stake, RIL and Motorola Solutions will hold 20% stake each and OurCrowd will hold the rest 60%. Yissum will not hold any stake as it is not investing in the company but will assist JII to provide R&D and other support.
The incubator, JII, will invest in startups focusing on areas like cloud, big data, IoT, fintech, artificial intelligence and storage.
“Most of these domains align with our businesses and strategic interests,” RIL said in a filing to the BSE, earlier Bombay Stock Exchange.
The incubator will invest in the startups every year upto 8 years. Reliance Industries’ investment will also be in tranches till the license period of 8 years, the company added.