LGiLab, the Internet lab, a joint initiative by Gemini Israel Funds and US fund Lightspeed Venture Partners, today announced its first investment in bp Interactive Technologies (bp InTech), developer of online entertainment applications. The amount of the investment was undisclosed, however "Globes" has learned that LGiLab intends to invest in each company between several hundred thousand dollars and a maximum $1million.
bp InTech, was founded several months ago by Tal Ben-Simon and Tomer Pascal, (who together with an additional employee, comprise its workforce). The company aims to provide advanced online entertainment applications that will be powerful yet simple to use.
The company's first project is intended to revolutionize the way fantasy sports game fans around the world experience their game.
LGiLab's general manager Ouriel Ohayon, said today that the investment was meant to carry bp InTech through the launch of its product in 2007. In the framework of the financing round, Gemini partner Tali Aben, will join bp InTech's management.
Published by Globes [online], Israel business news - www.globes.co.il - on November 1, 2006
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