Published By : 21 Jul 2017 | Published By : QYRESEARCH
Reliance Industries has just begun to support a tech incubator, named Jerusalem Innovation Incubator (JII), which has recently gained a license by the Israel Innovation Authority, Government of Israel. The company has undergone competitive bidding process to finalize the deal, states their stock market disclosure. According the report, Reliance Industries has proposed to invest around US$25 mn in this incubator and tech startups in small portions over a period of next eight years.
Reliance has partnered with OurCrowd, an Israel-based crowdfunding platform, Yissum, a Jerusalem-based technology transfer company, and Motorola Solutions to make this investment. The Indian giant stated that JII will be investing in early phase startups throughout the overall license period of eight years, focusing especially on the areas, such as storage, artificial intelligence, big data, FinTech, Internet of Things (IoT), and computer vision.
JII will hold a share of 20% in this partnership and will be kept in the form of a limited liability partnership. OurCrowd will hold 60% of the remaining stake while Motorola will account for a share of 20%. Yissum will provide research and development and various other support, being the non-investing partner. In September 2017, Reliance Industries has announced its plans to invest US$777.06 mn in digital startups over the course of the next five years. The investments are being directed through Jio Digital India Startup fund and are expected to be mostly directed towards digital and internet startups. The company also owns a startup accelerator named GenNext Innovation Hub in agreement with Microsoft Ventures.