Tata Industries and Ramot at Tel Aviv University (TAU), the university's technology transfer company, have entered into a strategic memorandum of understanding (MoU) to fund and generate leading-edge "commercialisation ready technologies".
Under the MoU, Tata Industries, through its wholly owned overseas subsidiary, will be the lead investor in Ramot's $20-million Technology Innovation Momentum Fund, which will invest in a wide range of technologies. These include engineering and exact sciences, environment and clean technology, pharmaceuticals and health care.
"Tata has taken the decision to partner with Ramot and TAU with a desire to enhance capabilities of Tata companies and leverage technology as a differentiator for our businesses." K.R.S. Jamwal, executive director of Tata Industries said in a statement.
According to Jamwal, an extensive due diligence process was conducted by chief technology officers from major Tata companies prior to this MoU. During this process, the Tata team was exposed to more than 70 promising innovations and had the opportunity to interact with leading scientists at TAU.
Shlomo Nimrodi, the CEO of Ramot said being a lead investor Tata would be able to see a pipeline of technologies and will have an option to commercialise certain promising opportunities from TAU.
The Embassy of Israel, in a statement here Tuesday, said: "Through this MoU, Tata Industries will attempt to scout Israeli technologies developed by Tel Aviv University's scientists, in an aim to apply commercial uses for their research."
