New high tech incubators to get millions in funding

Tel Aviv [Israel], July 20 (ANI/TPS): The Israel Innovation Authority (IIA) launched a competitive proceeding to establish new high-tech incubators with up to a 40 million Shekel (USD 11.9 million) investment per Incubator.

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As part of the IAA's program, funding will be provided to cover management fees over a five-year period and the establishment of a central laboratory.

The Incubators will focus on high-risk, innovation-intensive Deep-Tech fields such as: semiconductors, bio-convergence, agri-food tech, robotics, defence tech, or other domains characterised by high technological complexity, significant risk, and a lack of specialised investors in Israel.

In addition, the Authority will also offer non-dilutive investments from the Startup Fund at a total of approximately 100 million Shekels (USD 29 million) over the course of the franchise period, as well as providing support that will enable startups incubated within the program to receive grants of up to 21 million Shekels, from Pre-Seed stage through Round A financing. (ANI/TPS)

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