Intel Capital - the chipmaker's investment arm - announced its funding of Israeli startup Sckipio on Tuesday at its annual Global Summit. Intel will invest $22 million in 10 startups from 5 countries, including Sckipio.
“With today’s announcement, we’re on track to invest more than $500 million in startups in 2015,” said incoming Intel Capital President Wendell Brooks. “Together with another robust group of exits, we’re poised for one of the organization’s strongest years ever.”
The announcement marked the beginning of the Intel Capital Global Summit, hosted in San Diego for its 16th iteration. The summit will bring together more than 1,000 entrepreneurs and CEOs for two days of networking and learning.
Sckipio is the leading manufacturer of G.fast modems, capable of handling the speeds required for a new ultra broadband standard over existing copper wiring.
The Ramat Gan-based startup was founded in 2012. It has since raised funds from Pitango, Gemini Israel Ventures, Genesis Partners, Amiti Ventures, and Aviv Ventures.
Its 30-person team of veteran experts have helped create many of the recent communications standards, and the company claims 20% of the G.fast standard was authored through Sckipio technical contributions.
The company also announced that another Israeli company, Parallel Machines, will be joining its portfolio. The early stage startup is building a high performance analytics platform and providing optimized environments for machine learning. It has offices in Tel Aviv, Boston, California, and Seattle.
Parallel Machines was founded in 2014 by a group of experienced entrepreneurs with extensive background in distributed computing, system programming, and machine learning.
In the last decade, Intel Capital has acquired 11 Israeli firms. Company officials said the fund has invested in 75 Israeli companies since the 1990s.
Published by Globes [online], Israel business news - www.globes-online.com - on November 3, 2015
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