Tel Aviv University's tech transfer company Ramot has closed funding for a $23.5 million fund that will be called the Momentum Fund. Ramot has signed a strategic agreement with Temasek, a Singapore-based investment company, which will be the second investor in the fund after India's Tata. Temasek and Tata have each committed to invest at least $5 million.
Temasek is one of the world's largest investment companies and manages a portfolio worth $177 billion. Its main investments are in financial services, telecommunications, technology and media, communications and industry, life sciences, real estate, energy and resources.
In addition to Temasek and Tata, the Momentum Fund has raised investments from SanDisk, and private investors in South Africa, the US, India and Europe.
Ramot's Momentum Fund will invest in technologies developed by Tel Aviv University researchers with an emphasis on engineering and exact sciences, environment and clean technology, pharmaceuticals and health care. To date most of the university's researchers are commercialized by external bodies but now for the first time Ramot can set up companies and invest significant amounts in them.
The Momentum Fund already selected six leading technologies in the first quarter of 2014 and is in the process of selecting an additional 4-6 technologies in the fourth quarter of 2014, and expects to support 20-40 promising innovations over time.
Ramot CEO Shlomo Nimrodi will head the fund.
Tel Aviv University President Prof. Joseph Klafter said, "With support from both Tata and Temasek, TAU aims to develop groundbreaking advanced technologies that have the potential to positively impact communities across the world in many technological areas."
Published by Globes [online], Israel business news - www.globes-online.com - on November 20, 2014
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