Eric Schmidt's Innovation Endeavors expands Israeli activity

Former Google CEO Eric Schmidt, is expanding its Israeli operations and appointed Doron Alter to head its local team.

As the cash reserves of Israel's venture capital funds are emptying, high-tech companies struggle to raise capital, and they have found the doors open at foreign funds seeking to expand their Israeli operations. Innovation Endeavors LLC, which manages investments in start-ups out of the capital of former Google CEO Eric Schmidt, is expanding its Israeli operations and appointed Doron Alter to head its local team.

Innovation Endeavors was founded a year ago, and does not manage a predetermined amount of capital, but locates and invests in early-stage start-ups. It seeks to invest in entrepreneurs and teams who are realizing ideas; it does not invest in the ideas themselves.

Innovation Endeavors managing partner Dror Berman will closely supervise the fund's Israeli operations. "This is definitely a declaration of intent about our faith in the ability of Israeli entrepreneurs," he says. "We know that ideas constantly change, so we choose to invest in the brains behind the idea, in a person who has the ability to set up a business with influence and significance. Besides financing, we provide full support, focus, brainstorming, and networking."

Alter has an MBA from the Stanford Graduate School of Business and a BA in economics and management from Tel Aviv University. He served in the IDF Unit 8200 intelligence unit. He has founded and run several companies that developed software for games, tourism, and mobile payments.

Innovation Endeavors has invested in two Israeli start-ups: Eye.view Ltd., which is developing a personalized video ads platform; and Any.do Ltd., which is developing technology to translate the user’s natural language voice input to the mobile device into actions.

Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

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