The European Investment Fund (EIF), part of the European Investment Bank, has made its first equity investment in Israel, injecting up to $20 million into a fund being set up by Israel Cleantech Ventures (ICV). The EIF expects another two Israeli investments shortly.
BNP Paribas is partnering with Israeli startup Engie. The European bank’s UK subsidiary Warranty Direct (WD) will issue Engie’s car maintenance device and app free to customers who buy WD’s extended warranty policies. Engie remotely detects car malfunctions and finds suitable mechanics.
Israeli fintech Pagaya has developed an Artificial Intelligent (AI) asset management system that finds new opportunities for Institutional investors to manage fixed income funds. Pagaya has just raised $14 million of funds to expand its 20-person team.
Israel’s Spotinst helps businesses to manage mission-critical systems across different cloud providers but retaining high performance and availability. Spotinst promises savings of 80% on average on regular cloud computing costs. Spotinst has just raised $35 million of funds.
I reported previously about Israel’s center role in the tech conference at the 120th Paris Motor Show (Oct 2 – 6). Here are more details, and a video.
Another rare positive BBC article about increased trade between Israel and the UK. The UK Israel Tech Hub is at the core of this expansion, involving more than 150 UK and 490 Israeli firms.
The Bank of Israel’s analysis of the environment in which the domestic financial system operates, and its level of robustness, states that “it remains stable. This has improved over the years, supported by the economic environment and the positive business cycle enjoyed by the Israeli economy.”
Over the last 18 months, 16 multinational financial firms started operating in Israel, or increased previous business through strategic partnerships and investments. Newcomers include AXA SA, Bank of Montreal, Fosun, TD Bank, AmTrust, and Mastercard. The attraction? - Israeli technology. Plus two video reminders of the 4 multi-billion-dollar exits so far in 2018.
I reported previously about Israeli startup prooV and its service that allow companies to perform Proof of Concept (PoC) testing on new technology. The Business Intelligence Group has now named prooV a 2018 Stratus Award winner, for its unique cloud technology solution.
The Japanese External Trade Organization (JETRO) – a government agency - is opening a business center and accelerator program for Israeli startups to help them expand of their business to Japan.