Israeli, U.S. venture firms open joint lab

March 2, 2006

An Israeli venture-capital firm and a U.S. venture-capital company announced Wednesday they would join forces to invest millions in 10 new tech startups.

Gemini Israel Funds and Lightspeed Venture Partners said they have founded a new joint lab to pour up to $1 million each into the new companies over the next year and a half to two years, according to a report in the Israeli business newspaper Globes.

"Our goal is to exploit Gemini's experience and know-how in Israeli seed-stage investment and our network of Israeli and global connections, while leveraging Lightspeed's vast network in the US. The two funds will invest in the venture in equal shares, demonstrating their full commitment to it," Gemini partner Danny Cohen said, according to the report.

Cohen added, "Speed is one of the purposes of the venture. We've created an efficient mechanism for approving investment in a company within weeks of the first meeting with it," the newspaper said.

In particular, representatives from the companies said they were interested in investing in new kinds of Internet search engines, according to the report.

The concept of nurturing technology startups in central labs is not new to Israel. The country has a technology incubator program, started by the government and still partially government-run, that has been investing in new technology ventures for over a decade.

The technology incubator program held its annual conference on Sunday in Shefayim, where acting Prime Minister Ehud Olmert announced that 2005 had seen near-record government investment in the technology incubators -- $30 million.

Copyright 2006 by United Press International

Explore further: Waze sale signals new growth for Israeli high tech

Related Stories

Israeli high tech adjusts to Asian challenge

November 16, 2010

(AP) -- It's well known that the emergence of India and China is casting a shadow on the developed economies of Europe and North America. Less famous is the challenge facing Israel: With the Jewish state having quietly prospered ...

Israeli hi-tech surfing wave of buyer interest

December 2, 2013

Israeli hi-tech has become the target of a buying frenzy, with startups sparking investment bids and a flurry of mergers and acquisitions unseen since the dotcom bubble burst in 2000.

Israeli tech incubators celebrate success

February 28, 2006

Airline passengers in Newark, N.J., and open-heart-surgery patients worldwide have the Israeli government to thank for the technological innovations that keep them safe and healthy, officials of the technology incubator program ...

Recommended for you

Quantum dots used to convert infrared light to visible light

December 1, 2015

(—A team of researchers at MIT has succeeded in creating a double film coating that is able to convert infrared light at modest intensities into visible light. In their paper published in the journal Nature Photonics, ...

Xbox gaming technology may improve X-ray precision

December 1, 2015

With the aim of producing high-quality X-rays with minimal radiation exposure, particularly in children, researchers have developed a new approach to imaging patients. Surprisingly, the new technology isn't a high-tech, high-dollar ...

Scientists overcome key CRISPR-Cas9 genome editing hurdle

December 1, 2015

Researchers at the Broad Institute of MIT and Harvard and the McGovern Institute for Brain Research at MIT have engineered changes to the revolutionary CRISPR-Cas9 genome editing system that significantly cut down on "off-target" ...


Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.