Ramot Tel Aviv University Ltd raised USD17 million in funding for its Technology Innovation Momentum Fund. The fund will invest in breakthrough technological innovations across a wide range of fields including healthcare, pharmaceuticals, high-tech and physical sciences. This was according to a report published by Globes.
The latest round is the Ramot's first closing. The fund is expected to start operating shortly with its three expert scientific committees. These committees will review the selected Tel Aviv University technologies to be financed. The Israel-based fund hopes to fund 20 to 40 projects in early 2014, the report said.
Tata committed up to USD5 million in the said investment round. The remaining balance was provided by Sandisk. Angel investors from South Africa, India, and the US also contributed to the round, Globes reported.
Dr. Giora Yaron, chairman of Ramot and the Tel Aviv University executive council, stated: "Direct work with major corporations will allow Tel Aviv University to provide innovative solutions to the real needs of industry and thus ensure the commercial potential of researchers."
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