JERUSALEM The Israel Internet of Things (IoT) Innovations and i3 Equity Partners consortium established an investment vehicle with an initial sum of $20 million at Tel Aviv University to develop IoT technologies, the university said on Thursday.
The consortium is comprised of GE Ventures, HNA EcoTech, Microsoft Ventures, Qualcomm Ventures and Tata.
It will partner with Israel's Pitango Venture Capital and the university's company, Ramot, to launch the vehicle, the university said.
The group said is expected to select seed and pre-seed startups with "the optimal conditions for success," including financial investment of up to $1 million each.
It will also provide these ventures with access to multinational corporations at all stages of development.
(Reporting by Steven Scheer)