Israel Active

New York’s Yeshiva University has launched its new YU Innovation Lab in partnership with Yissum, the Hebrew University of Jerusalem’s technology transfer company. It will serve as an incubator for student entrepreneurs and a home for Israeli start-ups seeking to explore US markets.

Tel Aviv-Yafo Municipality has launched a pilot project to examine using a “digital city currency”. Residents who spend at least NIS 20 five times at local businesses using the Colu app get a reward of 25 digital coins. A youth musical charity also benefits from each transaction.

Israeli-founded SafeCharge has been acquired by multinational Nuvei Corporation for $890 million. SafeCharge is listed on London’s AIM and specializes in payment processing, smart payment, and risk management technologies. It has a research and development center in Tel Aviv.

Seattle’s Allen Institute for Artificial Intelligence is to open an Israeli branch with an initial investment of NIS 30 million ($8.4 million). The Israel branch will be the institute’s first outside of the U.S. and will focus on natural language processing.

Florida’s Republican Governor Ron Desantis is leading 90 state leaders on a business development mission to Israel. Simultaneously, Florida’s Democratic agriculture commissioner, Nikki Fried is in Israel seeking technology for agriculture, water, security and medicine.

Israeli startups raised a huge total of $1.55 billion during the first quarter of 2019. It represents a 28% increase on the first quarter of 2018. The strongest sectors were software and life sciences.

Israel’s ELTA Systems has won several contracts in the Caribbean (for Trinidad & Tobago and Barbados) to upgrade national coastal surveillance systems and provide radar systems to offshore oil rigs. ELTA also is to supply radar systems to Mexican offshore oil rigs.

The Israeli Transportation Ministry is piloting a scheme, initially with 500 drivers, to try to reduce traffic congestion. Each driver can earn up to NIS 2,000 if he/she doesn’t drive during the rush hour. More money can be obtained by giving lifts to carpoolers and by using public transport.

Walmart has partnered with Israeli-founded Kidbox to sell customers $48 boxes of leading children’s fashion brands at 50% discount to their regular retail price. The Israeli-developed software assesses the child’s preferences and taste, the time of year, and the latest fashions.

US retail electronics chain Best Buy has partnered with Israel’s TytoCare. US customers on-line and at stores in 4 states can purchase TytoCare’s all-in-one digital diagnostics kit consisting of thermometer, stethoscope, otoscope, tongue depressor and remote consultation service.